NFC Market Size, Top Companies, Industry Share and Forecast Report 2023-2028

IMARC Group, a leading market research company, has recently releases report titled "Near Field Communication (NFC) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global near field communication (NFC) market growth, trends, size, share and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global near field communication (NFC) market size reached US$ 22.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 36.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.03% during 2023-2028.

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Factors Affecting the Growth of the Near Field Communication (NFC) Industry:

• Integration in Smart Devices:
The growing integration of NFC in smart devices and the Internet of Things (IoT) for enabling seamless communication between devices is offering a favorable market outlook. This technology is increasingly being used in home automation systems, healthcare devices, and wearables, allowing for effortless data exchange and improved user experiences. The low power consumption, ease of use, and secure connectivity of NFC makes it an ideal choice for smart devices. This integration not only facilitates convenient device control but also opens new avenues for personalized customer experiences and innovative service delivery.

• Enhancements in Mobile Commerce:
The increasing focus on the ability of NFC to engage users through smart posters, NFC tags, and interactive advertisements adds a new dimension to marketing campaigns and is consequently supporting the market growth. Businesses are leveraging NFC for enhanced in-store experiences, providing users with detailed product information, promotional offers, and seamless checkout processes. This immersive interaction not only enriches the individual journey but also provides businesses with valuable insights into consumer behavior. Additionally, NFC-enabled mobile wallets are becoming increasingly popular, offering people a more integrated and convenient shopping experience. This integration of NFC in mobile commerce simplifies transactions, fosters loyalty, and drives sales.

• Government Initiatives and Smart City Projects:
The rising number of initiatives and investments by various governing agencies in smart city projects are promoting cashless economies and digitalization, which include the deployment of NFC technologies in various public services. NFC plays a crucial role in smart city infrastructures, facilitating services like smart parking, e-governance, and public transportation. Moreover, NFC-enabled identity cards are streamlining access to government services and verify transactions securely. These initiatives not only encourage the adoption of NFC technology but also promote its integration into new public domains.

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Near Field Communication (NFC) Market Report Segmentation:

Breakup by Offering:
• Non-Auxiliary Products
o NFC ICS and Antennas
o NFC Tags
o NFC Readers
• Auxiliary Products
o NFC Micro Sd Cards
o NFC SIM/UICC Cards
o NFC Covers
• Software

Non-auxiliary products are the most popular due to their widespread adoption and use across various industries.

Breakup by Operating Mode:
• Read and Write Mode
• Peer-To-Peer Mode
• Card Emulation Mode

Peer-to-peer holds the largest segment as it facilitates direct communication between NFC-enabled devices, making it a popular choice for various applications.

Breakup by End User:
• Retail
• Transportation
• Automotive
• Residential and Commercial
• Medical and Healthcare
• Consumer Electronics
• Banking and Finance
• Hospitality
• Others

Consumer electronics account for the biggest share based on the integration of NFC technology in smartphones, tablets, and other consumer devices.

Breakup by Region:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

Asia Pacific dominates the market supported by the growing technological advancements and increasing adoption of NFC technology in various sectors.

Global Near Field Communication (NFC) Market Trends:

The increasing integration of NFC in wearable devices, such as smartwatches, fitness trackers, and health monitors, to facilitate contactless payments and seamless data exchange is propelling the market growth. This trend is driven by the growing need for convenience and connectivity in everyday life. NFC-enabled wearables allow users to make payments, access secure locations, and sync data with other devices effortlessly, making the technology more ingrained in daily activities.
Besides this, the rising trend of smart packaging in the retail and consumer goods sectors for embedding NFC tags in product packaging is allowing users to interact with products through their smartphones. This interaction provides additional product information, authenticates product origin, offers promotional content, or even enhances user engagement through augmented reality (AR) experiences.

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:

Avery Dennison Corporation, Broadcom Inc., Hid Global Corporation (Assa Abloy AB), Identiv Inc., Infineon Technologies AG, Magtek Inc., NXP Semiconductors N.V., Samsung Electronics Co. Ltd., Sony Group Corporation, STMicroelectronics, Texas Instruments Incorporated and Thales Group.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.