Near Field Communication Market Report | Industry Trends, Market Share, Size, Growth and Opportunities 2028
Increasing penetration of the internet has led to a significant rise in sales of smartphones, tablets, laptops, and others.
PORTLAND, PORTLAND, OR, UNITED STATE, October 27, 2022 /EINPresswire.com/ — 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.
The increase in the need for convenient transfer and security of data, the surge in the proliferation of smartphones, a 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, 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.
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Covid-19 scenario
• 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.
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.
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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 fuel the growth of the segment.
Major industry players such as – Broadcom Inc., Identive, Infineon Technologies, MagTek, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Sony Corporation, Texas Instruments Incorporated, and Thales Group.
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