BANGALORE, India, Nov. 19, 2021 /PRNewswire/ -- Near Field Communication Market by Product Type (NFC Tags, NFC ICs/Chips, SIM Cards, NFC Readers, and Others), Operating Mode (Read/Write Mode, Peer-to-peer Mode, and Card Emulation Mode), and End User (Retail, Transportation, Automotive, Residential & Commercial, Medical & Healthcare, Consumer Electronics, Banking & Finance, Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Internet & Telecom Category
The global NFC market size was valued at USD 15,531 million in 2019, and is projected to reach USD 54,521 million by 2028, registering a CAGR of 14.8% from 2021 to 2028.
Major Factors Driving The Growth Of The NFC Market Are
The increasing trend of mobile commerce and the growing usage of wearable technology are two important reasons driving the growth of the NFC market.
The demand for convenient data transfer and security, as well as the widespread use of smartphones, are expected to propel the near-field communication market forward.
Furthermore, due to the COVID-19 epidemic, there is an increase in demand for contactless payments, which in turn is expected to propel the NFC market to grow.
The rapid use of NFC-enabled wearable technology, as well as recent technological developments in NFC, the present lucrative growth potential for the near-field communication market.
The expansion of the NFC market is projected to be fueled by the growing trend of mobile commerce. Mobile commerce is a rapidly growing technology sector that has grown at an unparalleled rate over the last decade. NFC technology is now used by smartphone users to make payments. Furthermore, with technology like NFC enabling PoS systems, mobile devices have become a significant means of data transfer. Various financial institutions are working with mobile app developers to create apps that will allow customers to conduct business transactions.
Because of the increased need for contactless solutions, the COVID-19 epidemic has accelerated the growth pace of the near-field communication market. Furthermore, factors such as the increasing usage of NFC technology in smart packaging for healthcare and the increase in demand for NFC in emerging medical applications as a result of the pandemic have provided lucrative potential prospects for the industry.
Despite significant space and power constraints, smart wearables and IoT devices are becoming increasingly popular by adding additional functions. When a wearable gadget has NFC capabilities, it can be used to pay at a store, use public transportation, or gain entrance to an office building.
The surge in focus toward providing improved customer experience is expected to further boost the NFC market growth. Companies can keep their customers by offering NFC-enabled contactless payments and a diverse range of other apps that can help them enhance their workflow and customer experience. Furthermore, novel applications of NFC, such as smart posters, NFC-enabled smart automobiles, and smart sensors, have acquired popularity among consumers, particularly among the young and technically minded, allowing established firms to expand into new areas. Aside from payments and device-to-device sharing, NFC technology is being used for boarding passes and security access by airlines, as well as keyless entry for businesses, buildings, and cars, providing the NFC industry with growth potential.
However, the near-field communication market's growth might be hampered by its short operational range and security concerns.
Based on product type, the NFC readers segment held the largest market share during the forecast period. This is due to the increasing 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, mass transit, and attendance tracking.
Based on end-user, because of the advent of consumer electronics products that integrate NFC technology, the consumer electronics segment led the worldwide NFC market share in 2019 and is likely to continue to do so in the future years.
Based on region, due to increased use and awareness of NFC technology in the transportation and retail industries, Asia-Pacific is predicted to develop at the fastest rate throughout the projection period. Furthermore, the region's near-field communication industry is being driven by the rising prevalence of smartphones in countries like India and China.
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