According to the global near field communication (NFC) market report by IMARC Group, the market reached a value of US$ 22.4 Billion in 2022, and it is projected to reach a value of US$ 36.6 Billion by 2028, exhibiting a CAGR of 13.6% during 2023-2028.
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.
Near field communication (NFC) Market Overview?
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.
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Market Trends 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.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating 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.
|Near field communication (NFC) Market Report Scope|
|Market size value in 2022||US$ 22.4 Billion|
|Market forecast in 2028||US$ 36.6 Billion|
|Growth Rate||CAGR of 13.6% from 2023 to 2028|
|Base year for estimation||2022|
|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.|
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
Breakup by Operating Mode:
- Read and Write Mode
- Peer-To-Peer Mode
- Card Emulation Mode
Breakup by End User:
- Residential and Commercial
- Medical and Healthcare
- Consumer Electronics
- Banking and Finance
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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