The Top 5 NFC Technology Trends That Will Define The Future
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The Future Will Be Defined By These Top 5 NFC Technology Trends.
Every day, new technologies are developed that have an impact on almost every industry. Although it can be challenging to foresee the effects of these new trends, companies that stay informed and proactively adopt new technologies will benefit in the long run. One of these new technologies that is expected to grow significantly over the coming years is NFC technology.
The market for Near Field Communication (NFC) cards is actually expected to grow at a CAGR of more than 25% by 2021, according to a recent study by research firm Technavio. Although NFC technology may not be well-known to many businesses, it is becoming more prevalent in our daily lives as a result of its extensive use in products like public transportation tickets, hotel key cards, payment systems (like Apple Pay), and even school ID cards.
What is NFC technology?
Data can be exchanged between two devices thanks to NFC technology when they are close together. The gadgets could be anything, such as a laptop, smartphone, car, or smartwatch. In order for two devices to communicate using either near-field communication (NFC) or radio frequency identification (RFID), NFC Reader/Writer (R/W) technology acts as a bridge.
The use of this technology has expanded into numerous industries over the past few years, including retail, logistics, supply chain management, public transportation, and public safety.
NFC-capable gadgets can be used to access digital content, unlock doors, and make contactless payments. The reader is connected to a network that can transfer data to a host system, and readers are accustomed to starting the process and converting data between devices.
The Top 5 NFC Technology Trends
NFC in the Consumer Space
Smartphone manufacturers have made switching between devices simpler than ever, which is a big reason why smartphones have become a mainstay in most people’s daily lives. The user experience of smartphones still lacks something, despite quick release cycles and modern, sleek designs. We still use physical plastic cards to make purchases, which is one of the most obvious problems.
In actuality, despite their enormous popularity, the most widely used mobile payment systems, such as Apple Pay and Google Pay, continue to rely on physical cards. These payment methods still have a few shortcomings despite being very practical. Many people dislike both having to carry around physical payment cards and the idea of entering their credit card information into a third-party app.
Thankfully, a brand-new technology called NFC (Near-Field Communication) is quickly taking off and might be the answer to these issues.
NFC in the Business World
NFC technology is being used in the business world to improve efficiency and streamline processes. Inventory tracking and asset management are two of NFC technology’s most widely used applications in the business world. When tracking individual items on the sales floor, for instance, retailers can use NFC tags to determine whether an item has sold and when it needs to be restocked. Similar to other industries, the healthcare industry can track and manage equipment using NFC technology.
This can involve anything from unlocking doors to keeping an eye on vital signs. Security is improved by the use of NFC technology. Numerous applications, such as access control systems, employee ID badges, and even payment systems, can fall under this category. Employers, for instance, can identify specific employees and grant them access to particular areas using NFC badges. Similar to personal digital wallets, businesses can use NFC technology to implement safe payment methods.
AI and IoT Integration
The Internet of Things (IoT) and artificial intelligence (AI) are two technologies that are increasingly used in tandem.
Through improved customer service and a better shopping experience, these two technologies can help businesses operate more effectively and generate more revenue.
The fusion of AI and IoT can power services like inventory management, logistics, and even retail. Retailers are already beginning to profit from the combination of AI and IoT, with about 40% of them planning to adopt the technology within the next three years.
By combining IoT and AI, retailers can tailor the shopping experience for each customer. For example, AI can be used to identify customer preferences and recommend products they might like. Information gathered from sensors and other devices can also be used by the IoT. The data can then be analyzed by AI to yield insightful results. AI and IoT integration can also power payment systems using quick and secure techniques like NFC technology.
Smart Buildings and Infrastructure
The use of technology to increase energy effectiveness, security, and sustainability is referred to as the “smart buildings and infrastructure trend.” Buildings are becoming more technologically advanced and connected in order to enhance internal operations. For instance, security systems and building management systems (BMS) are intended to help businesses run more efficiently and spend less money.
Lighting, emergency gear, and other systems are all managed by BMS, along with HVAC and ventilation systems. Similar to this, access points, emergency alarms, and surveillance systems are all managed by security systems. By incorporating these systems into a centralized communication network, these systems can be improved even more. All devices are linked together in a single network by a centralized communication system to enhance communication.
Businesses that want to stay competitive will need to change their business models in order to stay on top of the game. This includes implementing new technologies to aid businesses in remaining productive and boosting sales. Implementing digital payment systems, such as NFC technology, is one of the most common ways businesses are increasing their revenue.
NFC technology can power secure and functional payment systems, which has attracted the interest of many businesses. For instance, businesses can set up digital payment systems that let customers pay with just a tap of their smartphone using NFC technology. Similarly to this, public transportation services can use NFC technology to let customers pay with just a tap of their smartphone.
Over the past few years, NFC technology has become more and more widespread, and in the years to come, it is anticipated to grow significantly more. This technology is anticipated to have a particularly significant impact on the retail and business sectors, where it can be used to streamline processes and offer clients more effective services. Plus, read this PlayStation.