Upsurge in adoption of NFC-enabled wearable technology and recent technological advancements in NFC are expected to pave the way for new opportunities in the future. Increase in need for convenient transfer and security of data, surge in proliferation of smartphones, rise in focus toward providing improved customer experience, and growing demand for contactless payments due to the COVID-19 pandemic drive the global Near Field Communication (NFC) market.
Key industry players – Broadcom Inc., Identive, Infineon Technologies, MagTek, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Sony Corporation, Texas Instruments Incorporated, and Thales Group.
The global near field communication market was estimated at $15.53 billion in 2019, and is expected to hit $54.52 billion by 2028, registering a CAGR of 14.8% from 2021 to 2028.
Based on region, North America garnered the major share in 2019, holding nearly two-fifths of the global Near Field Communication (NFC) market, owing to high spending on advanced technologies and developed network architecture in the province. The market across Asia-Pacific, at the same time, would exhibit the fastest CAGR of 16.5% throughout the forecast period. This is due to increased adoption and awareness of NFC technology into the transportation and retail industry.
Based on product type, the NFC readers segment accounted for more than one-third of the global Near Field Communication (NFC) market share in 2019 and is anticipated to retain its dominance by the end of 2028, due to its emerging application areas as well as surge in demand of NFC readers in access control and authentication applications. The NFC tags segment, on the other hand, would cite the fastest CAGR of 16.9% during the forecast period. The high demand from payments and access control applications fuel the growth of the segment.
Download Sample Report (Get Full Insights in PDF – 273 Pages) at:
https://www.alliedmarketresearch.com/request-sample/759
Based on operating mode, the read/write mode segment contributed to around two-thirds of the global Near Field Communication (NFC) market revenue in 2019 and is expected to rule the roost by 2028. This is attributed to the fact that this mode is witnessing extensive range of applications in the access control, transactions, business cards, marketing, and asset tracking. Simultaneously, the card emulation mode segment would register the fastest CAGR of 15.9% from 2021 to 2028. The rising scope of an NFC enabled mobile device to function as a contactless smart card fuels the growth of the segment.
Covid-19 scenario
- The outbreak of covid-19 has given way to increase in demand for contactless solutions, thereby boosting the global Near Field Communication (NFC) market.
- Also, rise in use of smart packaging for healthcare and increase in demand for NFC in emerging medical applications have supplemented the market growth.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/759
If you have any special requirements, please let us know and we will offer you the report as per your requirements.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.