Near Field Communication Market to Grow at 14.8% CAGR Owing to Increasing Popularity of Cashless Transactions
Growing demand for contactless payment solutions is driving the growth for near field communication market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 8, 2023 /EINPresswire.com/ — The global NFC market was worth $15,531 million in 2019 and is expected to grow to $54,521 million by 2028, at a CAGR of 14.8% from 2021 to 2028.
The global near field communication (NFC) market is expected to develop because to an increase in demand for convenient data transfer and security, a jump in demand for contactless payments due to the Covid-19 pandemic, and an increase in smartphone proliferation. However, security issues and a limited operational range hinder the expansion of the near field communication sector. Nonetheless, technological developments in NFC and increased usage of NFC-enabled wearable technologies are expected to open up new potential for the NFC market’s growth.
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Near Field Communication (NFC) technology is being driven by several factors, including the growing demand for contactless payment solutions. The increasing use of mobile devices and the rising preference for cashless transactions have led to a surge in the adoption of NFC-based mobile payment solutions. NFC technology enables mobile devices to communicate with payment terminals and other NFC-enabled devices, allowing consumers to make secure and convenient transactions. Moreover, the growing popularity of contactless payment solutions in retail, transportation, and hospitality sectors is expected to further drive the demand for NFC technology.
Another major driver of the NFC market is the increasing use of NFC technology in IoT devices. NFC enables secure and seamless communication between IoT devices, enabling them to exchange data and perform various functions. NFC technology is being used in smart homes, healthcare, automotive, and other sectors, enabling a range of innovative applications such as contactless access control, smart healthcare monitoring, and intelligent vehicle management. As a result, the demand for NFC technology in IoT devices is expected to grow significantly in the coming years, driving the overall growth of the NFC market.
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One of the key trends in the Near Field Communication (NFC) market is the integration of NFC technology in wearable devices. NFC-enabled wearables such as smartwatches and fitness trackers enable users to make contactless payments, access secure areas, and exchange data with other NFC-enabled devices. With the increasing popularity of wearable devices, the demand for NFC technology in wearables is expected to grow significantly in the coming years. Moreover, the integration of NFC technology in wearables is enabling a range of innovative applications such as contactless ticketing, access control, and healthcare monitoring.
Another trend in the NFC market is the use of NFC technology in the automotive industry. NFC technology is being used in vehicles for a range of applications such as keyless entry, contactless payment for tolls and parking, and vehicle-to-vehicle communication. Moreover, NFC technology is being integrated into smart road infrastructure, enabling communication between vehicles and the road network. The integration of NFC technology in the automotive industry is expected to enhance the overall driving experience, improve safety, and enable a range of new services and applications. As a result, the demand for NFC technology in the automotive industry is expected to grow significantly in the coming years.
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Some of the key near field communication industry players profiled in the report include Broadcom Inc., Identive, Infineon Technologies, MagTek, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Sony Corporation, Texas Instruments Incorporated, and Thales Group. This study includes NFC market trends, near field communication market analysis, and future estimations to determine the imminent investment pockets.
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