Near Field Communication Market 2023 Expected to Outperform Competitors with Exceptional Revenue Growth

Introducing the Most Recent Research Report [2023-2032] on the Near Field Communication Market: Size, Emerging Trends, Market Share, Remarkable Growth, Segmentation, Comprehensive Analysis, and Forward-Looking Projections for 2032. This report presents an in-depth examination of the critical drivers propelling global market sales. Within its 120 pages, the report delivers a comprehensive evaluation of the industry's current status, encompassing aspects such as market size, market share, anticipated trends, growth rate, distribution channels, and more.

The global near field communication market is expected to have a significant compounded annual growth rate of 21.30% and reach a market size of USD 23.82 Bn by 2023.

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Near Field Communication is a technological innovation that uses magnetic field induction to allow communication between devices to exchange information when they are tapped together, or brought within a few centimetres of each other.

The near field communication (NFC) market is gaining traction due to its broad adoption in smartphones and tablets. NFC is widely used to pair devices like headphones and speakers and to exchange data between smartphones/tablets or other NFC enabled devices. NFC technology is making payments and transactions much more convenient since it enables contactless payments by swiping credit cards and electronic ticket smartcards, instead of inserting and entering pins for card payments.

The market is expected to grow at a strong rate as it has made its way into various fields of applications like retail, transportation, healthcare, etc. Wide adoption in systems like Samsung Pay and Android Pay are expected to make NFC technology a commonplace by creating mass awareness. Also, its recent integration with mobile giant Apple (iOS 11) is expected to help the growth of the market. Not only is NFC being incorporated in consumer electronics like smartphones and televisions, but also in the healthcare sector. Implantable medical devices require high energy efficiency and conservation. NFC technology is suitable for such uses as the NFC reader can activate the tag only when it is necessary and transfer power wirelessly.

Based on the end user industry, the market is segmented into retail, transportation, healthcare and banking and financial services. Among these segments, the retail segment accounted for the most significant share of the market in 2017, as retailers like Burberry, Harvey Nichols, etc., are continuously adopting NFC technology to enhance shopping experiences in brick and mortar stores. Beyond reforming payments, NFC is creating opportunities for retailers to inform and persuade shoppers.

By product type, the global near field communication market is categorized into NFC controller chips, NFC tags, NFC readers, and NFC secure elements. The NFC controller chips are expected to have the highest growth rate owing to its wide adoption in contactless payment systems within various industries.

By mode of operation, the market is segmented into peer to peer, card emulation, and reader/writer segments. The peer to peer segment has the largest market share while the card emulation segment is expected to show the highest growth rate during the forecast period as card emulation mode provides the scope for an NFC enabled mobile device to function as a contactless smart card, and will go on to cater to the raised demand for making cashless transactions smoother in the near future.

By regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Asia-Pacific is projected to grow with the highest CAGR through the forecast period of 2018-2023.

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Key growth factors

The growing proliferation of smartphones across the globe and the demand for smooth and prompt cashless transactions are driving the near field communication market forward. Mobile transactions as a percentage of all retail store transactions have risen manifolds in developed countries over the last few years. The use of smart passes/cards while travelling within the transportation industry is also driving the market forward. Also, the integration of the NFC technology by Apple and Android is expected to create more scope for the development of the market.

NFC technology is less prone to hacking compared to other forms of wireless connectivity solutions like Bluetooth, Wi-Fi, etc., since NFC connections can be enabled only when two devices are brought close to one another, thus, driving the adoption of NFC in companies involved in money transactions.

Threats and key players

Although the global near field communication market is expected to have significant growth, the biggest challenge to the growth of the market is low awareness among people of many regions about its uses. Also, the high cost of NFC chips often deters its adoption especially by those in developing regions of the world. The rising concern over data security and privacy while using NFC is another significant challenge for the adoption of the technology. The probable data security attacks like eavesdropping, data corruption or modification, interception attacks, and physical thefts are possible while using near field communication technology.

Some of the major players in the global near field communication market are NXP Semiconductors, Broadcom, Gemalto and Inside Secure.

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What's covered in the report?

1. Overview of the global near field communication market
2. Historical, current and forecasted market size data for NFC controller chips, NFC tags, NFC readers, NFC secure elements markets
3. Historical, current and forecasted market size data for retail, transportation, medical, banking and financial services markets
4. Historical, current and forecasted market size data for peer to peer, card emulation, reader/writer markets
5. Historical, current and forecasted regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data for the near field communication market segmentations (by product - NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end-user industry - retail, transportation, medical, banking and financial services , by mode of operation - peer to peer, card emulation, reader/writer)
6. Market trends in the global near field communication market
7. Qualitative analysis of the key drivers and challenges affecting the global near field communication market and its segmentations (by product - NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end user industry - retail, transportation, medical, banking and financial services , by mode of operation - peer to peer, card emulation, reader/writer)
8. Analysis of the competitive landscape and profiles of major players operating in the market

Why buy?

1. Get a broad understanding of the global near field communication market
2. Get region-specific market size and observations for the global near field communications market and its segmentations (by product - NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end user industry - retail, transportation, medical, banking and financial services , by mode of operation - peer to peer, card emulation, reader/writer)
3. Get specific drivers and challenges for the global near field communications market and its segmentations (by product - NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end user industry - retail, transportation, medical, banking and financial services , by mode of operation - peer to peer, card emulation, reader/writer)
4. Recognize major competitors' business and market dynamics, and respond accordingly

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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The following are significant aspects of the industry that may be relevant:

Market Size and Growth: The size of the market and its projected growth rate are essential factors that can provide valuable insights into the industry's potential.

Competition: The level of competition in the market is a significant factor that can impact the pricing and profitability of companies operating in the industry.

Technology: Technology plays a critical role in the industry as search algorithms and consumer behavior continue to evolve rapidly.

Consumer Behavior: Understanding consumer behavior, such as search habits and preferences, can help companies optimize their marketing strategies and drive sales.

Regulatory Environment: The industry is subject to various regulatory requirements, including data protection and privacy laws, which can impact the way companies operate in the market.

Economic Factors: Economic factors, such as GDP, inflation, and consumer spending, can affect the growth and profitability of the industry.

Emerging Trends: Staying updated with emerging trends, such as voice search and artificial intelligence, can help companies stay ahead of the curve in the industry.

Reasons to Buy This Report

(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.

(B) The report offers comprehensive analysis of Near Field Communication market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.

(C) The research includes segmentation of the Near Field Communication market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.

(D) Analysis of the Near Field Communication market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.

(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.

(F) The study helps evaluate Near Field Communication business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.

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This release was published on openPR.