NFC Market grow with a CAGR of 12.4% | PESTEL Analysis, SWOT Analysis Size, Growth, and Key Manufacturers – HID Global (US), MagTek (US), Avery Dennison (US), Identiv Group Inc (U.S)

Report Ocean releases its latest report on the global NFC market. A combination of information gathered from first-hand sources, qualitative and quantitative assessments of industry analysts, and insights from experts and participants across the value chain is used to calculate the global NFC market.

Global NFC Market Overview:

Near field communication (NFC) is a wireless technology that offers an exchange of data between the NFC technologies-enabled devices. NFC is a short-range communication technique and an efficient alternative to communication technologies such as Wi-Fi and Bluetooth. NFC transfers data by bringing the devices closer or by touching them together.

NFC enables the users to seamlessly share data between devices, use their mobile phone as an e-ticket, or pay bills wirelessly. The important benefit of NFC over Bluetooth is a shorter set-up period. Also, NFC works on devices that are not driven by a battery such as smart credit cards. NFC technology has various advantages such as versatility, safety, and convenience. 

The global NFC market is forecast to grow at a compound annual growth rate (CAGR) of  12.4%  during the forecast period from 2020-2026.

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Growth Drivers 

Growing adoption of wearable technology

Smart wearables and IoT devices are becoming increasingly popular by adding more functions, despite severe space and power limitations. When equipped with NFC capabilities, a wearable device allows payment at a store, accessing a mass transport system, or office building. For instance, SECORA Connect, an Infineon brand portfolio, is a solution family addressing the rising popularity of smart wearables and IoT devices. It is a system solution designed for being embedded into smart wearables to provide contactless secured payment, transportation ticketing, and other applications via Near Field Communication (NFC).

Increasing trend of mobile commerce

Mobile commerce is a rapidly expanding tech area that has witnessed unprecedented growth during the last decade. Nowadays, smartphone users use NFC technology to make payments. Moreover, with products such as NFC enabling POS systems, the mobile becomes an important means to transfer data. Various financial institutions are collaborating with mobile application developers to develop applications to enable consumers to carry out business transactions. The increasing trend of mobile commerce is boosting the growth of the global NFC market.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global NFC Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global NFC Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the NFC Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the NFC Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected NFC Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global NFC Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the NFC Market provides insight into the factors influencing its growth. This market study breaks down the NFC Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the NFC Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the NFC Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global NFC Market are:

NXP Semiconductors (The Netherlands), Qualcomm (US), Texas Instruments (US), STMicroelectronics (Switzerland), Thales Group (Sweden), Infineon Technologies (Germany), Sony (Japan), ams (Austria), Flomio (US), HID Global (US), MagTek (US), Avery Dennison (US), Identiv Group Inc (U.S), Broadcom Limited (A subsidiary of Avago Technologies) (U.S), Gemalto NV (Netherlands), Inside Secure (France) & other prominent players.

Scope of the Report

The global NFC Market segmentation focuses on:

By Device operating mode:

Ø  Reader Emulation

Ø  Peer-To-Peer

Ø  Card Emulation

By Product:

Ø  SD Cards

Ø  SIM Cards

Ø  NFC Cover

Ø  NFC ICs

Ø  NFC Tags

Ø  NFC Readers

By Application:

Ø  Access Control

Ø  Ticketing

Ø  Data Sharing

Ø  Medical Devices

Ø  Transaction

Ø  Product Identification

Ø  Others

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This release was published on openPR.