NFC Market to Reach Over Ten Billion US Dollar in 2016

According to a recent report from MarketsandMarkets, NFC market will reach more than ten billions US dollar in 2016, with a CAGR (compound annual growth rate) of 38% from 2011.

Major NFC applications include mobile payment, ticketing, data sharing, access control, advertisement and others.

MarketsandMarkets expects that mobile payment will be the main application of NFC from 2011 to 2016, which drives the development of smart card market. At present, security and lack of standards are two main obstacles for the development of NFC payment.

NFC industry includes NFC chips, NFC tags, NFC readers, NFC-SD cards, NFC-SIM cards, etc. In general, NFC market is highly dispersed. For example, NXP takes up more than 80% in the NFC chip market while there is no leading manufacturer in the tag market. With more and more NFC-enabled devices come into the market, there will be less demands for NFC-SD cards and NFC-SIM cards in the future.