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The global near field communication (NFC) market size reached US$ 19.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 46.07 Billion by 2027, exhibiting a growth rate (CAGR) of 14.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Near-field communication (NFC) refers to a short-range wireless technology that allows two devices to communicate using a low-power protocol. Tags, integrated circuits (ICs), SIM cards, and readers are some commonly used NFC devices. It is widely used for marketing, making payments, ticketing, and gaming applications in smartphones, tablets, laptops, wearables, cameras, and printers. NFC allows faster payment transactions and offers convenience, versatility, and seamless communication between devices, due to which it is widely adopted in retail, transportation, automotive, healthcare, hospitality, consumer electronics, banking, financial services, and insurance (BFSI) sectors.
The global near-field communication (NFC) market is primarily being driven by the increasing product utilization in contactless payment and information systems. In line with this, the rising practice of social distancing to minimize human contact due to the advent of COVID-19 disease has increased the adoption of intelligent payment solutions like cashless or contactless payments, which is propelling the market growth. Additionally, the integration of machine learning (ML) with NFC in retail marketing to enhance engagement and personalized shopping experience by providing detailed information about products and services, offering demos, and addressing queries are providing an impetus to the market growth. Furthermore, the increasing demand for smartphones enabled with NFC technology that allows consumers to make easier and faster mobile transactions is acting as another growth-inducing factor. Moreover, the introduction of NFC-enabled smart posters, boarding passes, and sensors is creating a positive outlook for the market. Other factors, including the integration of the Internet of Things (IoT) with NFC-compatible smart wearables, the implementation of various government initiatives promoting a cashless economy, and extensive research and development (R&D) activities, are anticipated to drive the market toward growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global near field communication (NFC) market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on offering, operating mode and end user.
Breakup by Offering:
Breakup by Operating Mode:
Breakup by End User:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Offering, Operating Mode, End User, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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.|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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