NFC Market Worth £30.4 Billion By 2014

Posted on Jun 7 2011 - 5:05pm by Robert

We have talked about NFC technology before, which despite being useful is arguably still in its infancy. New research has suggested that mobile contactless payments will grow considerably over the next three years and be worth a staggering £30.4 billion ($50 billion) by 2014.

The report was compiled by Juniper Research, they suggest that after the Orange Mobile payments launches full scale other services will fall inline in 2012 and 2013. The research also suggested that NFC payments and technology prospects had increased at a record pace over the last six months, not surprising for such a new technology.

Senior Analyst David Snow, explained: “Based on our analysis and interviews with key industry players our view is that the next 18 months will see launches in up to 20 countries. As a result Juniper is forecasting that North America and Western Europe together will exceed the Far East region in under three years based on transaction value.”

Despite the lofty predictions, Juniper has warned that merchants and operators will need to adopt the new technology to ensure that NFC goes mainstream. The same goes for mobile phone manufactures because at the moment only a handful of NFC handsets exist.

The hottest areas for growth will be in North America and Europe, the report suggests that these two areas will account for 50% of the entire NFC market by 2014.

Do you think NFC will feature heavily in shops in the future?

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