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NFC Tags Market To Garner $15.58 billion by 2030, Driven by Rising Popularity for NFC Tag-based Payment

03-08-2024 04:15 AM CET | IT, New Media & Software

Press release from: Allied Analytics LLP

NFC Tags Market To Garner $15.58 billion by 2030, Driven by Rising

According to a new report published by Allied Market Research, titled, NFC Tags Market Analysis Report by Tag Type (Type 1, Type 2, Type 3, Type 4, and Type 5), Application (Smart Card, Tracking, Payments, and Others), and Industry Vertical (Automotive, Transportation, Retail, Medical & Healthcare, Banking & Finance, Agriculture, Aerospace & Defense, Consumer electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

The global near field communication (NFC) tags market size was valued at $3.80 billion in 2020, and is projected to reach $15.58 billion by 2030, registering a CAGR of 15.6%. Asia-Pacific is expected to be the leading contributor toward the global market during the forecast period, followed by Europe and LAMEA.

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NFC (Near field communication) tag are RFID transponders which consist of antenna, IC (integrated circuits), PET (Polyethylene terephthalate) substrate, adhesive package and release liner. In these NFC tags, IC contains unique ID & a part of rewritable memory, and antenna permits the IC to interact with an NFC scanner/reader, like an NFC smartphone.

The growth of the global near field communication (NFC) tags market share is anticipated to be driven by factors such as rising popularity for NFC tag-based payment, and growing penetration of NFC-enabled mobile phones. In addition, growth in need for convenient transfer and security of data boosts the overall market growth. However, the availability of alternatives to NFC tag act as major restraints of the global NFC tags industry. On the contrary, high demand from Asia-Pacific region is expected to create lucrative opportunities for the NFC tags industry.

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Moreover, developing nations tend to witness high penetration of NFC tags products, especially in banking & finance sector, which is anticipated to augment the market growth. Factors, such as increase in demand for contactless payments, accelerate the market growth.

The growing demand for secure and contactless information systems and payments is one of the main factors propelling the growth of the worldwide NFC tag market. The development of contactless near field communication (NFC) has greatly benefited the customer service, transportation, social networking, and healthcare industries.

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 mass transport system or office building.

For instance, SECORA Connect, an Infineon's 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 NFC.

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The global near field communication (NFC) tags market share is segmented into tag types, application, industry vertical, and region. By tag types, the market is classified into type 1, type 2, type 3, type 4, and type 5. Depending on application, it is categorized into smart card, tracking, payments, and others. On the basis of industry vertical, the market is fragmented into automotive, transportation, retail, medical & healthcare, banking & finance, agriculture, aerospace & defense, consumer electronics, and others.

Based on tag type, the type 2 segment contributed to the largest share in 2020, holding more than one-fourth of the total share, and is estimated to continue its dominance in terms of revenue during the forecast period. However, the type 5 segment is expected to manifest the highest CAGR of 20.3% from 2021 to 2030.

Region-wise, the near field communication (NFC) tags market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2030, the Asia-Pacific Near field communication (NFC) tags market is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging countries such as India, China, Japan, Taiwan, and South Korea.

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The key players profiled in the report include Broadcom Inc., Identiv Inc., Infineon Technologies, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Sony Corporation, STMicroelectronics, Texas Instruments Incorporated, and Thales Group. These players have adopted various strategies, such as product launch, collaboration, and acquisition, to strengthen their foothold in the Near Field Communication (NFC) Tags industry.

Key Findings Of The Study
• The payments segment is projected to be the major application, followed by smart card.
• Asia-Pacific and North America collectively accounted for more than 67% of the Near field communication (NFC) tags market share in 2020.
• Japan is anticipated to witness the highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America Near field communication (NFC) tags market, accounting for approximately 68% share in 2020.
• Region-wise, the Near field communication (NFC) tags market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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