Juniper Research has released a new report projecting North America as the top NFC market in five years, according to Internet Retailer.
According to Juniper’s report, The NFC Briefing 2011-2016, there will be approximately $113 billion made in NFC transactions worldwide in 2016. Of that sum, North America will account for $47 billion, or 41.6% of the global share, the Far East and China will make up $31 billion (27%), and Western Europe will trail at $23 billion (20%), with the rest of the world making up the remaining 12%.
Juniper points to an “insatiable” demand for smart phones as a driving growth factor for NFC. The company predicts there will be more than 23 million NFC-equipped smart phones in use by the end of 2011, and nearly 300 million by 2014 – most of which will be in North America and Western Europe.
Despite the optimistic numbers, Juniper says there are still missing pieces to the puzzle, including a shortage of NFC complaint payment terminals, lack of a business model that ensures shared revenue between wireless telecoms and payment companies (with the exception of Isis), and a general lack of merchant involvement.
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