According to a new market research report "Near Field Communication (NFC) Market by Product (IC/Chips, Tags, Readers, and Auxiliary), Application (Payment, Transportation, Booking, Data Sharing, Service, Access Control, Health Care, and Tag applications) & by Geography – Global Forecasts to 2022", published by MarketsandMarkets, the total NFC Market is expected to reach $16.25 Billion by 2022 at an estimated CAGR of 8.83% from 2014 to 2022.

The Near Field Communication Market is expected to flourish in the near future.

The report also includes an in-depth analysis of the products, applications, and geography.

The NFC is a very dynamic market and entails a great potential across many industry verticals.

The advancements in technology due to the never ending R&D in this sector, makes it one of the prominent segments in the current industrial scenario.

The NFC products have been experiencing continuous developments right since their inception.

The technology has a major role to play in this sector due to the cost effective matrix and this results into a longer life cycle of products and systems, along with greater reliability.

The highlighting features of the NFC technology include high rate of communication with other NFC-enabled devices, better properties to withstand rough environmental conditions, and a longer life that is best suited for the payment, ticketing, booking, and data sharing applications.

This report describes the market trends, drivers, and challenges with respect to the NFC market and forecasts the market up to 2022.