IMARC Group has recently released a new research study “Near Field Communication (NFC) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of Near Field Communication (NFC) market?
The global near field communication (NFC) market size reached US$ 19.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 46.07 Billion on by 2027, exhibiting a growth rate (CAGR) of 14.50% during 2022-2027.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What is a Near Field Communication (NFC) Market?
Near-field communication (NFC) represents a short-range wireless technology that allows two devices to communicate by using a low-power protocol. Some of the commonly available NFC devices are tags, integrated circuits (ICs), SIM cards, readers, etc. Near-field communication is widely used for marketing, making payments, ticketing, and gaming applications in smartphones, tablets, laptops, wearables, cameras, printers, etc.
In addition to this, it allows faster payment transactions and offers ease of convenience, improved versatility, seamless communication between devices, etc. Consequently, near-field communication is widely utilized in several sectors, such as retail, banking, financial services, and insurance (BFSI), transportation, automotive, healthcare, hospitality, consumer electronics, etc., across the global.
What are the major market drivers in the Near Field Communication (NFC) Market ?
The inflating need for social distancing to minimize human contact, on account of the sudden outbreak of the COVID-19 pandemic, is augmenting the adoption of intelligent payment solutions, including cashless or contactless payments, which is primarily driving the near field communication (NFC) market.
Additionally, the escalating demand for smartphones enabled with NFC technology that allows consumers to make easier and faster mobile transactions is also catalyzing the market growth. Besides this, the rising integration of the Internet of Things (IoT) with near field communication-compatible smart wearables is acting as another significant growth-inducing factor.
Moreover, the introduction of NFC-enabled smart posters, boarding passes, sensors, etc., and extensive investments in R&D activities are further positively influencing the global market. Apart from this, the launch of numerous favorable policies by government bodies to promote a cashless economy is anticipated to fuel the near field communication (NFC) market over the forecasted period.
Near Field Communication (NFC) Market Report Scope
Report Coverage
Details
Market size value in 2021
US$ 19.2 Billion
Market forecast in 2027
US$ 46.07 Billion
Growth Rate
CAGR of 14.50% from 2022 to 2027
Base year for estimation
2021
Historical data
2016-2021
Forecast period
2022-2027
Report coverage
Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends
Segments covered
Offering, Operating Mode, End User, Region
Regional scope
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Key companies profiled
Avery Dennison Corporation, Broadcom Inc., Hid Global Corporation (Assa Abloy AB), Identiv Inc., Infineon Technologies AG, Magtek Inc., NXP Semiconductors N.V., Samsung Electronics Co. Ltd., Sony Group Corporation, STMicroelectronics, Texas Instruments Incorporated and Thales Group.
Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Click here to view detailed information with table of content: https://www.imarcgroup.com/near-field-communication-market
Breakup by Offering:
Non-Auxiliary ProductsNFC ICS and AntennasNFC TagsNFC ReadersAuxiliary ProductsNFC Micro Sd CardsNFC SIM/UICC CardsNFC CoversSoftwareBreakup by Operating Mode:
Read and Write ModePeer-To-Peer ModeCard Emulation ModeBreakup by End User:
RetailTransportationAutomotiveResidential and CommercialMedical and HealthcareConsumer ElectronicsBanking and FinanceHospitalityOthersBy Geography:
North America: (United States, Canada)Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)Latin America: (Brazil, Mexico, Others)Middle East and AfricaList of Major Key Players:
The major players in the market Avery Dennison Corporation, Broadcom Inc., Hid Global Corporation (Assa Abloy AB), Identiv Inc., Infineon Technologies AG, Magtek Inc., NXP Semiconductors N.V., Samsung Electronics Co. Ltd., Sony Group Corporation, STMicroelectronics, Texas Instruments Incorporated and Thales Group.
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