It is predicted that the global near field communication (NFC) industry would generate an absolute dollar potential of US$ 19 Bn. By 2032, it is anticipated that NFC sales will total US$ 44.7 billion, growing at a CAGR of 15% from 2022 to 2032. Its use across the automotive and contactless payment sectors is projected to drive the market.
NFC is a short-range wireless communication technology that enables devices to share information when they are 4 cm or closer apart. With the use of NFC technology, two Android-powered devices or an NFC tag and an Android-powered device can connect and exchange tiny data payloads. By placing devices into close proximity to one another, radio communication is established in this wireless technology.
Near Field Communication (NFC) is a wireless communication technology that enables communication between two devices when they are brought close together, typically within a few centimeters. The NFC market has been growing steadily in recent years, driven by the increasing adoption of mobile payments, contactless transactions, and the proliferation of NFC-enabled devices.
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The NFC market is segmented by product type, application, and geography. By product type, the market is segmented into NFC tags, NFC readers, and NFC chips. By application, the market is segmented into payment and banking, transportation, healthcare, retail, and others.
Geographically, the NFC market is dominated by North America, followed by Europe, Asia Pacific, and the rest of the world. The growth of the NFC market in North America is driven by the increasing adoption of mobile payments and contactless transactions, the presence of major NFC solution providers, and the high penetration of NFC-enabled devices in the region.
What difficulties does the NFC market face?
For NFC technology to provide flawless & error-free wireless transactions to customers, multiple hardware, software, and continual maintenance must be installed. This is extremely expensive for small and medium size businesses and retailers.NFC industry expansion is being hampered by consumers’ growing propensity to use other wireless payment methods including UPI, QR scan payments, and online payment methods.
However, the market’s sales of NFC-enabled gadgets are being hampered by their expensive prices when compared to Bluetooth and Wifi, their inability to operate at distances greater than 12 cm and their low data transfer speeds.
Market Competition
Some of the leading players in the near field communication market are
- Gemalto N.V.,
- DeviceFidelity, Inc.,
- Visa Inc.,
- Broadcom, Inc.,
- STMicroelectronics N.V.,
- Toshiba Corp.,
- Samsung Electronics Co. Ltd.,
- Identive Group, Inc.,
- NXP Semiconductor,
- Infineon Technology, and
- On Track Innovation Ltd.
Attributed to the presence of such high number of participants and growing research and developments (R&D) activities for innovation in NFC technology, the market is highly competitive.
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Key Segments Profiled in the NFC Market Survey
By Product Type:
- Non-Auxiliary Products
- Auxiliary Products
By Application:
- Contactless Payment
- Data Sharing
- Infotainment
- Access Control and Authentication
- Medical & Healthcare
- Transportation
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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