Near Field Communication (NFC) Market to Reach US$ 44.7 Billion by 2032, Driven by Rising Adoption in Automotive and Contactless Payment Sectors

The "Near Field Communication (NFC) market" is poised for substantial growth, with an estimated absolute dollar opportunity of US$ 19 billion by the end of 2022 and projected sales to reach US$ 44.7 billion by 2032, exhibiting a robust Compound Annual Growth Rate (CAGR) of 15% during the forecast period 2022-2032. This surge in market demand is primarily attributed to the increasing adoption of NFC technology in automotive and contactless payment sectors.

Unlock Precious Insights: Download Our Sample Now! : https://www.futuremarketinsights.com/reports/sample/rep-gb-464

NFC Technology: Bridging Proximity Communication Gap

Near Field Communication (NFC) is a wireless technology that enables short-range communication between devices within a proximity of 4cm or less. Utilizing this technology, devices can efficiently share small data payloads or establish connections between Android-powered devices and NFC tags. The communication is established through radio waves when devices are brought into the required proximity or touched simultaneously. As NFC provides a convenient and efficient way for devices to exchange information, it has gained prominence as an effective alternative to other short-range communication technologies like Wi-Fi and Bluetooth.

Pandemic-driven Adoption Boosts NFC Market

The global outbreak of the COVID-19 pandemic has acted as a catalyst for the NFC market's growth. In response to health concerns, consumers have increasingly embraced wireless payment solutions such as touch-and-go credit or debit cards for in-store transactions. Given that NFC technology is integral to these contactless payment methods, the market has experienced a surge in demand. The adoption of wireless payment solutions is expected to drive the market's expansion further.

Market Competition

Some of the leading players in the near field communication market are

-Gemalto N.V.,
-DeviceFidelity, Inc.,
-Visa Inc.,
-Broadcom, Inc.,
-STMicroelectronics N.V.,
-Toshiba Corp.,
-Samsung Electronics Co. Ltd.,
-Identive Group, Inc.,
-NXP Semiconductor,
-Infineon Technology, and
-On Track Innovation Ltd.

Attributed to the presence of such high number of participants and growing research and developments (R&D) activities for innovation in NFC technology, the market is highly competitive.

Regional Trends and Future Prospects

The NFC market's growth is not only limited to a specific region but has a global impact. As the technology becomes more ubiquitous, industries and sectors across the world are incorporating NFC technology to enhance user experience, security, and convenience.

Tailored Insights Await: Request Your Personalized Report on Regional Data and Competition : https://www.futuremarketinsights.com/customization-available/rep-gb-464

Drivers and Opportunities

The growth of the NFC market is underpinned by several key drivers, including:

Automotive Integration: NFC technology is finding substantial use in the automotive industry for functions such as keyless entry and secure vehicle information transfer.
Contactless Payments: The increasing preference for contactless payment methods is driving the demand for NFC-enabled devices and solutions.
Efficient Data Sharing: NFC's capability to establish quick and secure data connections is appealing to a wide range of industries, from retail to healthcare.
Enhanced User Experience: NFC's ability to facilitate seamless interactions between devices is leading to improved user experiences in various applications.
Market Outlook

With the current trajectory and ongoing innovations in NFC technology, the market is set to witness continued growth. The expanding use cases across industries and regions highlight the technology's versatility and potential.

Invest in Insights: Secure Your Copy of the Comprehensive Report Today! : https://www.futuremarketinsights.com/checkout/464

Key Segments Profiled in the NFC Market Survey

By Product Type:

Non-Auxiliary Products
Auxiliary Products

By Application:

Contactless Payment
Data Sharing
Infotainment
Access Control and Authentication
Medical & Healthcare
Transportation

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan
Japan
Middle East and Africa

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.