Increase in need for convenient transfer and security of data and surge in proliferation of smartphones drive the global Near Field Communication (NFC) market.
PORTLAND, Ore., June 1, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Near Field Communication (NFC) Market by Product Type (NFC Tags, NFC ICs/Chips, SIM Cards, NFC Readers, and Others), Operating Mode (Read/Write Mode, Peer-to-peer Mode, and Card Emulation Mode), and End User (Retail, Transportation, Automotive, Residential & Commercial, Medical & Healthcare, Consumer Electronics, Banking & Finance, Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028." 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
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. On the other hand, short operational range and security concerns restrain the growth to some extent. However, 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.
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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.
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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 from payments and access control applications fuel 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 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.
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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 into the transportation and retail industry.
Frontrunners in the industry
- Identive
- Infineon Technologies
- MagTek
- Qualcomm Technologies, Inc.
- Samsung Electronics Co. Ltd.
- Thales Group
- Broadcom Inc.
- Sony Corporation
- NXP Semiconductors
- Texas Instruments Incorporated
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