Global Market for Near Field Communication is USD 36.8 Billion during the Forecast Period 2021-2027

Posted January 5, 2022 by industryno1

VynZ Research is a global market intelligence company providing research reports.

The global near-field communication market is expected to witness a CAGR of 14.5% during the forecast period. Near Field Communication Market is based on a wireless interface that allows all communication equipment and electronic gadgets to communicate with one another by establishing radio connectivity under proximity. This technology is mostly utilized for short-range data sharing on smartphones, computers, laptops, and tablets.

Moreover, the businesses are facing many challenges like fluctuation in the supply chain, a shift in working hours, and protecting their employees, resulting in the adoption of NFC tags. Moreover, the industry players are innovating NFC-enabled products during the outbreak to improve the customer experience. Near-field communication (NFC) technology is widely employed in mobile payment terminals. Google wallet technology has been adopted by retailers such as Target, Macy's, and Walgreens. The rising need for convenient transfer and data security along with the proliferation of smartphones will propel the growth of the NFC market.

Nevertheless, the leading and emerging countries like the US, Germany, China, India will be the major markets for NFC during the projected period. Thus, the rising mobile penetration along with enhanced payment infrastructure and data connectivity will provide significant opportunities for the growth of NFC-enabled mobile payment.

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In October 2021, Infineon a prominent leader for payment ICs has announced a novel SECORA™ Pay portfolio on 40 nm technology with best-in-class contactless performance.

The rising demand for NFC in contactless payment via mobile and POS during the COVID-19 crisis has accelerated the growth of the NFC market.

Based on offering, the global near-field communication market is divided into non-auxiliary products, auxiliary products, and software. The non-auxiliary products are further sub-divided into NFC ICs & antennas, NFC tags, NFC readers. NFC micro-SD cards, NFC SIM/UICC cards, and NFC covers are some of the auxiliary products. NFC reader is anticipated to witness the largest share owing to the rising demand for NFC readers in network access and authentication applications. Furthermore, the NFC reader is compact and has capabilities such as access control, payments, mass transit, and attendance tracking.

APAC is anticipated to have a high CAGR owing to the world’s fastest-growing and leading industrialized economies as there are novel technologies and developments across industry verticals. The increased penetration of smartphones in the countries like India and China, mounting investment in R&D activities for the innovation of novel NFC devices will fuel the growth in the region.

Some of the major players in the global Near Field Communication Market include NXP Semiconductors, Broadcom, Qualcomm Technologies, Inc., Texas Instruments Incorporated, STMicroelectronics, Infineon Technologies AG, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Thales Group, Identiv, Inc., and MagTek Inc.
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Last Updated January 5, 2022