According to a new report published by Allied Market Research, titled, “Near Field Communication (NFC) Tags Market by Tag Types, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global near field communication (NFC) tags market size was valued at $3.80 billion in 2020, and is projected to reach $15.58 billion by 2030, registering a CAGR of 15.6%. Asia-Pacific is expected to be the leading contributor toward the global market during the forecast period, followed by Europe and LAMEA.
NFC (Near field communication) tag are RFID transponders which consist of antenna, IC (integrated circuits), PET (Polyethylene terephthalate) substrate, adhesive package and release liner. In these NFC tags, IC contains unique ID & a part of rewritable memory, and antenna permits the IC to interact with an NFC scanner/reader, like an NFC smartphone.
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The growth of the global near field communication (NFC) tags market share is anticipated to be driven by factors such as rising popularity for NFC tag-based payment, and growing penetration of NFC-enabled mobile phones. In addition, growth in need for convenient transfer and security of data boosts the overall market growth. However, the availability of alternatives to NFC tag act as major restraints of the global NFC tags industry. On the contrary, high demand from Asia-Pacific region is expected to create lucrative opportunities for the NFC tags industry.
Moreover, developing nations tend to witness high penetration of NFC tags products, especially in banking & finance sector, which is anticipated to augment the market growth. Factors, such as increase in demand for contactless payments, accelerate the market growth.
The global near field communication (NFC) tags market share is segmented into tag types, application, industry vertical, and region. By tag types, the market is classified into type 1, type 2, type 3, type 4, and type 5. Depending on application, it is categorized into smart card, tracking, payments, and others. On the basis of industry vertical, the market is fragmented into automotive, transportation, retail, medical & healthcare, banking & finance, agriculture, aerospace & defense, consumer electronics, and others.
Region-wise, the near field communication (NFC) tags market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2030, the Asia-Pacific Near field communication (NFC) tags market is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging countries such as India, China, Japan, Taiwan, and South Korea.
Covid-19 Impact Analysis
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases, and are expected to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufacturers to reach customers.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of supply chain, and increasing panic among the customer segments.
Asian and European countries under lockdowns have suffered major loss of business and revenue due to shutdown of manufacturing units. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted the growth of the Near field communication (NFC) tags market.
In addition, the COVID-19 pandemic has impacted the electronics sector, as production facilities have stalled, which, in turn, boosted the demand for electronics and semiconductor products in the industries. Its major impact includes large manufacturing interruption across Europe and interruption in Chinese parts exports, which may hinder the Near field communication (NFC) tags market.
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Key Findings Of The Study
- The payments segment is projected to be the major application, followed by smart card.
- Asia-Pacific and North America collectively accounted for more than 67% of the Near field communication (NFC) tags market share in 2020.
- Japan is anticipated to witness the highest growth rate during the forecast period.
- U.S. was the major shareholder in the North America Near field communication (NFC) tags market, accounting for approximately 68% share in 2020.
- Region-wise, the Near field communication (NFC) tags market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
The key players profiled in the report include Broadcom Inc., Identiv Inc., Infineon Technologies, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Sony Corporation, STMicroelectronics, Texas Instruments Incorporated, and Thales Group. These players have adopted various strategies, such as product launch, collaboration, and acquisition, to strengthen their foothold in the Near Field Communication (NFC) Tags industry.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research 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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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