Allied Market Research published a report, titled, “Near Field Communication (NFC) Market” and according to the report, the global Near Field Communication (NFC) industry 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.
Drivers, restraints, and opportunities nfc market
The increase in the need for convenient transfer and security of data, the surge in the proliferation of smartphones, the rise in focus toward providing an improved customer experience, and the growing demand for contactless payments due to the COVID-19 pandemic drive the global Near Field Communication (NFC) market. On the other hand, short operational range and security concerns restrain the growth to some extent. However, an upsurge in the adoption of NFC-enabled wearable technology and recent technological advancements in NFC is expected to pave the way for new opportunities in the future.
Covid-19 scenario nfc market
- The outbreak of COVID-19 has given way to an increase in demand for contactless solutions, thereby boosting the global Near Field Communication (NFC) market.
- Also, the rise in the use of smart packaging for healthcare and the increase in demand for NFC in emerging medical applications have supplemented the market growth.
The NFC Readers segment to lead the trail by 2028
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 for payments and access control applications fuels the growth of the segment.
The Read/Write Mode segment to dominate
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 an extensive range of applications in 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.
North America had the major share in 2019
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 in the transportation and retail industry.
Frontrunners in the industry
- Infineon Technologies
- Qualcomm Technologies, Inc.
- Samsung Electronics Co. Ltd.
- Thales Group
- Broadcom Inc.
- Sony Corporation
- NXP Semiconductors
- Texas Instruments Incorporated