Near Field Communication Market Size, Share, Industry Growth, Trends and Top Key Players

According to a recent report published by Allied Market Research, titled, "Near Field Communication Market Share by Product Type, Operating Mode, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2028,"

The global NFC market size was valued at $15,531 million in 2019, and is projected to reach $54,521 million by 2028, registering a CAGR of 14.8% from 2021 to 2028.

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Increase in demand for convenient transfer & security of data, surge in demand for contactless payments due to the COVID-19 pandemic, and rise in proliferation of smartphones are the factors anticipated to boost the growth of the global near field communication (NFC) market. However, security concerns and short operational range limit the near field communication market growth. Nevertheless, technological advancements in NFC and rise in adoption of NFC-enabled wearable technology are the factors anticipated to make way for new opportunities for the growth of the NFC market.

Asia-Pacific is expected to observe highest growth rate during the forecast period, due to increased adoption and awareness of NFC technology into transportation and retail industry. In addition, high penetration of smartphones in the countries such as India and China drives the growth of the near field communication market in the region. For instance, as per the study by Omidyar Network, the mobile phone penetration in India is set to rise to 85-90% by 2020 from the levels of 65-75% in 2017.

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Competitive Analysis:
The competitive environment of Near Field Communication Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Near Field Communication Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Broadcom Inc.
Identive
Infineon Technologies
MagTek
NXP Semiconductors
Qualcomm Technologies, Inc.
Samsung Electronics Co. Ltd.
Sony Corporation
Texas Instruments Incorporated
Thales Group and Many More

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Region wise, By region, the near field communication market was dominated by Asia-Pacific in 2019.

The current estimation is expected to increase as compared to pre-COVID-19 estimates by 2028. The COVID-19 pandemic has significantly increased the growth rate of the near field communication market due to surge in requirement of contactless solutions in different areas. This in turn boosts the NFC market growth. In addition, the market players focus on introduction of innovative near field communication enabled products to ensure better customer experiences. For instance, in May 2019, Samsung Electronics launched a vertical TV that uses NFC functionality to work as a standard TV in horizontal mode and as a mirror of a user's phone when in vertical mode. Such innovations are anticipated to drive the market growth.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" 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.

This release was published on openPR.