NFC market size to reach $ 54,521 million by 2028, registering a cagr of 14.8%

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BANGALORE from India, November 19, 2021 / PRNewswire / – Near Field Communication Market by Product Type (NFC Tags, NFC ICs / Chips, SIM Cards, NFC Readers and Others), Mode of Operation (Read / Write Mode, Peer-to-Peer Mode, and Mode card emulation) and end user (retail, transportation, automotive, residential and commercial, medical and healthcare, consumer electronics, banking and finance, hospitality and others): analysis of global opportunities and industry forecasts, 2021-2028. It is published in Evaluate reports under the Internet & Telecom Category

The size of the global NFC market has been estimated to be $ 15,531 million in 2019, and is expected to reach $ 54,521 million by 2028, registering a CAGR of 14.8% from 2021 to 2028.

The major factors driving the growth of the NFC market are

The growing trend of mobile commerce and the increasing use of wearable technology are two major reasons for the growth of the NFC market.

The demand for convenient and secure data transfer, along with the widespread use of smartphones, is expected to propel the near-field communication market forward.

Additionally, due to the COVID-19 outbreak, there is an increase in demand for contactless payments, which in turn is expected to propel the growth of the NFC market.

The rapid use of NFC-enabled wearable technology, as well as recent technological developments in NFC, the current lucrative growth potential for the near-field communications market.

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TRENDS AFFECTING THE GROWTH OF THE NFC MARKET

The expansion of the NFC market is expected to be fueled by the growing trend of mobile commerce. Mobile commerce is a rapidly growing technology sector that has experienced unprecedented growth over the past decade. NFC technology is now used by smartphone users to make payments. Additionally, with technologies such as NFC point-of-sale systems, mobile devices have become an important medium for data transfer. Various financial institutions work with mobile application developers to create applications that will allow customers to conduct business transactions.

Due to the increased need for contactless solutions, the COVID-19 outbreak has accelerated the growth rate of the near-field communication market. In addition, factors such as the increasing use of NFC technology in smart packaging for healthcare and the increase in demand for NFC in emerging medical applications in the wake of the pandemic have provided lucrative potential prospects. for industry.

Despite significant space and power constraints, smart wearable devices and IoT devices are becoming more and more popular by adding additional functions. When a wearable gadget has NFC capabilities, it can be used to pay in a store, use public transportation, or enter an office building.

The focus on improving the customer experience is expected to further drive the growth of the NFC market. Businesses can build customer loyalty by offering NFC-enabled contactless payments and a wide range of other applications that can help them improve their workflow and customer experience. In addition, new applications of NFC, such as smart posters, NFC-enabled smart automobiles, and smart sensors, have gained popularity among consumers, especially among young people and tech enthusiasts, enabling established businesses to expand into new areas. In addition to payments and device-to-device sharing, NFC technology is used for boarding passes and secure airline access, as well as keyless entry for businesses, buildings and cars. , offering growth potential to the NFC industry.

However, the growth of the near-field communications market could be hampered by its short operational range and security concerns.

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ANALYSIS OF NFC MARKET SHARES

On the basis of product type, NFC readers segment held the largest market share during the forecast period. This is due to the growing demand for NFC readers in access control and authentication applications, as well as its new applications. In addition, the NFC reader is small and offers a variety of functions, including access control, payments, transit, and attendance tracking.

Based on the end user, due to the advent of consumer electronics products that incorporate NFC technology, the consumer electronics segment dominated the NFC market share in the world in 2019 and is expected to continue to do so in the years to come.

Depending on the region, due to the increased use and awareness of NFC technology in the transportation and retail sectors, Asia Pacific is expected to develop at the fastest rate throughout the projection period. In addition, the region’s near-field communication industry is being boosted by the increasing prevalence of smartphones in countries like India and China.

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NFC market by region

  • North America
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

NFC Market by Type

  • BROADCOM INC.
  • IDENTIFIER
  • INFINEON TECHNOLOGIES
  • MAGTEK
  • SEMICONDUCTORS NXP
  • QUALCOMM TECHNOLOGIES, INC
  • SAMSUNG ELECTRONICS CO. LTD
  • SONY COMPANY
  • TEXAS BUILT-IN INSTRUMENTS
  • THALES GROUP

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SIMILAR REPORTS:

– The Global Automotive NFC Marketplace the size should reach $ 3,379.6 million by 2027, from $ 742.6 million in 2020, at a CAGR of 24.0% in 2021-2027.

– The mobile wallet market the height was evaluated at $ 1,043.1 billion in 2019, and is expected to reach $ 7,580.1 billion by 2027, with a CAGR of 28.2% from 2020 to 2027.

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