Tuesday, 2 February 2016

Near Field Communication Market Future Remains Promising Owing to Innovative Business Strategies

Set of technology and ideas that facilitates smartphones and other gadgets to establish radio communication is termed as NFC or Near Field Communication. Furthermore, near filed communication is a type of contactless communication, that empowers the consumers to wave their smartphone or other devices over gadgets that are NFC compatible. Thus, information can be easily send data without actually having to touch the equipment together. Besides this, the devices go through several steps in order to set up a connection. On the other hand, the Near Field Communication has several benefits that has enabled the market to occupy a major market share.
Key advantages of the market are as follows;


Facilities Contactless Payments – NFC technology is popular for enabling contactless payments. Buyers have to simply swipe their smartphone over the card reader. The technology saves the customers from fumbling through the time consuming debit or credit card payments or counting cash.

near field communication-market
Eases data sharing -NFC tags are small in size and depend only on RF signals. In simple terms they lack a battery and rely on signals that are sent from near field communication compatible devices to function.
Social Networking – Today social networking platforms are growing. NFC tags are ready to ready to explore it. Therefore, from just swiping their smartphone or other devices to simply check in at a specific location to exchanging contact information and more everything would be achievable by near field communication.

Health Care – The development in technology and medicine has created the need for designing paramount healthcare systems. Industry experts, believe that with NFC technology healthcare institutions can monitor and track patient data and physicians notes in real -time.
Bluetooth. Radio-frequency identification. QR codes. The modern world is ever expanding and with it comes new technologies that change the way we communicate and interact with each other.

Who reaps the maximum benefits?

Working mother checking out at a departmental or convenient store.
Business owners riding the subway to office.
Business owners seeking faster, convenient and extremely secure mode of payments for their customers.
Students taking a heritage walk
And many others

near field communication-market
Competitive Landscape

From creating awareness among individuals, small enterprises and large organizations to outlining the merits and how the technology operates, prominent market players are doing everything to stay competitive. Recently Tech Mahindra made news by launching a near field communication digital wallet called MoboMoney. According to an article published in ‘Gadgets 360’ the head of consumer business Vivek Chandok said "In our endeavour towards a less-cash environment, we are taking the lead to setup an ecosystem, wherein digital payments can be accepted irrespective of form factors or service providers in an inter-operable and device-agnostic manner."

Another company Telit, a key market player of IoT (Internet of Things) made it known that the company is determined to acquire Stollmann Entwicklungs und Vertriebs Gmbh’s NFC, BLE and Bluetooth assets in both hardware and software. Telit revealed that the acquisition would empower the company to enhance its reach in low – power IoT.  This year Wells Fargo also has plans to launch another form of cardless solution that would access near field communication technology.

Eyeing the huge potential of the near field communication technology, an off – the -shelf report publisher Allied Market Research has published a report titled “Near Field Communication Market - Opportunities and Forecasts, 2014 -2020.” The report studies the different segments of the market such as product and application. Region -wise performance of the market is also discussed in the report. Research analysts preparing the report also focus on the key market players including Broadcom, Infineon Technologies, Inside Secure and NXP Semiconductors among others.

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