The global near field Communication (NFC) market size reached US$ 22.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 36.6 Billion by 2028, exhibiting a CAGR of 7.03% during 2023-2028.
What is Near Field Communication (NFC)?
Near field communication (NFC) represents a short-range wireless technology that enables two devices to communicate using a low-power protocol. Some of the common product types include NFC integrated circuits (ICs), NFC tags, NFC SIM cards, NFC readers, and others. These NFC systems facilitate faster payment transactions, ensure convenience, provide versatility, and offer seamless communication between devices. They prove instrumental in marketing, ticketing, making payments, ticketing, and gaming applications in smartphones, laptops, tablets, wearables, cameras, and printers. As a result, NFC solutions find widespread utilization across numerous sectors, such as retail, healthcare, automotive, banking, hospitality, consumer electronics, etc.
What Are The Key Factors Driving The Global Near Field Communication (NFC) Market?
The escalating need for intelligent and digital payment solutions and the increasing product usage in contactless payment and information systems are among the key factors driving the near field communication (NFC) market. Moreover, the growing integration of machine learning (ML) with NFC in retail marketing for enhancing engagement and personalized shopping experience by offering detailed information about products and services, presenting demos, and addressing queries is acting as another significant growth-inducing factor.
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Besides this, the rising demand for smartphones incorporated with NFC technology that allows consumers to make easier and faster mobile transactions is also positively influencing the global market. Additionally, the introduction of NFC-enabled smart posters, sensors, and boarding passes, the elevating integration of the internet of things (IoT) technology with NFC-compatible smart wearables, and the launch of various policies by government bodies, especially in developing countries, aimed at promoting a cashless economy are expected to bolster the near field communication (NFC) market over the forecasted period.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Offering:
- Non-Auxiliary Products
- NFC ICS and Antennas
- NFC Tags
- NFC Readers
- Auxiliary Products
- NFC Micro Sd Cards
- NFC SIM/UICC Cards
- NFC Covers
- Software
Breakup by Operating Mode:
- Read and Write Mode
- Peer-To-Peer Mode
- Card Emulation Mode
Breakup by End User:
- Retail
- Transportation
- Automotive
- Residential and Commercial
- Medical and Healthcare
- Consumer Electronics
- Banking and Finance
- Hospitality
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Competitive Scenario with Key Players:
- Avery Dennison Corporation[NYSE: AVY]
- Broadcom Inc.[ NASDAQ: AVGO]
- Hid Global Corporation (Assa Abloy AB)
- Identiv Inc.[ NASDAQ: INVE]
- Infineon Technologies AG
- Magtek Inc.
- NXP Semiconductors N.V.
- Samsung Electronics Co. Ltd.[ KRX: 005930]
- Sony Group Corporation [TYO: 6758]
- STMicroelectronics [EPA: STMPA]
- Texas Instruments Incorporated [NASDAQ: TXN]
- and Thales Group.[ EPA: HO]
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Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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