The Global NFC Transaction Market is expected to post a staggering CAGR of 47.47 percent from 2015-2019, thanks to growth of the NFC ecosystem across market segments such as device manufacturing, telecom, finance and IT, according to a new report from research firm TechNavio.

The NFC mobile payment market is largely driven by its rapid adoption and soaring popularity in the APAC region and African countries, according to a press release about the report. In many APAC countries such as China, Japan and South Korea, manufacturers, network operators, and governments are aggressively advertising the benefits of NFC technology.

"Growing consumer preference towards NFC-enabled smartphones is providing significant traction to the NFC transaction market over the forecast period," said Faisal Ghaus, vice president of TechNavio, in the announcement. "The increased number of mobile Internet users is another major driver contributing to such rapid market growth."

The latest report from TechNavio also highlights key growth drivers, market challenges and trends expected to impact the market over the projected period.