Brandessence Market Research has published a new report title and According to the Study “Global Near Field Communication Market was valued at USD 20.52 Billion in 2021 and expected to reach USD 53.59 Billion by 2028 with the CAGR of 14.7% over the forecast period.""
Near Field Communication Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027. The demand of secure payments is a key driving factor for the growth of the NFC Market.
The contactless communication between different devices is known as Near Field Communication (NFC). These devices can be smart phones, tablets or any NFC-compatible device. It works on the principle of electromagnetic radio fields by sending information from transmitter to receiver within close proximity to each other. The rough range for NFC devices to communicate with each other is within 10cm. Due to this short range it is good for secure communication between NFC enable devices and hence is more convenient and versatile in nature. Worldpay, leader in NFC technology helps other businesses to adopt the fast and secure NFC communication for payment methods reported in 2019 US Consumer Behavior Report that 66% of US consumer believes that traditional payment cards will be replaced by smart phones in coming years.
The COVID-19 Pandemic has drastically affected several industries all around the globe with some positive and negative outcomes. Awareness among citizens for social distancing and minimizing human contact has increased the adoption of smart payments like cashless or contactless payments. Technologies like IoT, Near Field Communication and other similar communications, are in demand due to these applications and have positive impact as it is accepted all around the world.
Global Near Field Communication Market report is segmented on the basis of Technology, devices, mode, applications and region & country level. On the basis of technology, it is classified as Type A, Type B and FeliCa. Based upon devices, global NFC market is classified into Passive NFC devices and Active NFC devices. Based upon the mode, global NFC market is classified into the peer-to-peer mode, read/write mode, card emulation. The market is classified on the basis of Application as payment cards, mobile phones, ATMs, vending machines and others.
The regions covered in this Global NFC Market report are North America, Europe, Asia-Pacific, and the Rest of the World. On the basis of country level, the market of NFC is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc.
Some major key players for the Global NFC Market are
News: Low cost Flexible NFC drug Labels released by Tech companies
January 19, 2021; PragmatIC Semiconductor (flexible electronics company), Avery Dennison (inlay manufacturer) and Schreiner MediPharm (pharmaceutical packaging company) incorporated low cost solution: NFC enabled smart label for medications. This will enable to monitor medications and healthcare products by improving and identifying any possible tampering, authentication and allowing patients to reorder instructions and information.
January 18, 2021; Infineon, a semiconductor company has implemented a new smart card solution which integrates MasterCard contactless payments with building access employee ID. This card called as Campeon Card will use Near Field Communication (NFC) technology. The card was created in partnership with MasterCard, PayCenter and petaFuel.
The major factors driving the growth of global NFC market is rising demand for secure & contactless payments and information systems. The rise in NFC communication for contactless information sharing has significantly contributed in healthcare sector, transportation, social networking and improved the customer service. NFC is rising along with the demand of smart phones, as now everything is possible with smart phones. The report by Gartner in 2020, predicted the use of 36 billion IoT devices for NFC enabled mobile payments. Also GSMA predicted the 80% of global connections will be enabled by NFC and smart phones by 2025. This powerful combination of NFC with smart phones is driving the NFC market significantly. Furthermore, surge in the adoption of smart wearable devices and IoT based devices is also expected to contribute the market growth. However, rising safety concerns, availability of substitute payment methods and short-range communication is likely to restrain the market growth. On the other hand, rising demand for contactless payment as well as growing demand for connectivity between devices followed with increasing urbanization is expected to create ample opportunities in the NFC market.
Asia-Pacific is expected to dominate the global Near Field Communication market within the forecast period attributed to rising demand for contactless information exchange. The Mobile payment in this region has a significant growth due to advanced technologies like IoT, Big Data, NFC and others. These technologies contributed to many applications like contactless payments cards, mobile wallet, healthcare sector and public transit. Some of the top NFC cards manufacturers in Asia-Pacific are Dai Nippon Printing, Sony Corporation and others have significantly contributed to NFC market growth in the region. Europe and North America is also expected to grow in contactless exchange of information after the hard hit of COVID-19 pandemic as more people are opting for these contactless mobile payments.
|2015 - 2020
|2021 - 2028
|Market Size in 2020:
|USD 20.52 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 53.59 Billion
|Tables, Charts & Figures:
|NXP semiconductors, Gentag, Dukosi, Go To Tags, Toro Development, AncomAS, TapSpaces, NFC21, Wearifi, Amyko, Agate Studios, and others
|By Technology, By Devices, By Modes, By Application Type
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
Middle East and Africa
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