Near Field Communication Global Market Report 2024 - By Report, Share, Demand, Size, Trends, Outlook By 2033

The near field communication market size has grown rapidly in recent years. It will grow from $26.78 billion in 2023 to $30.47 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to mobile device integration, contactless payment adoption, transportation ticketing solutions, smart access and security systems, marketing and advertising applications..

The near field communication market size is expected to see rapid growth in the next few years. It will grow to $51.24 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to collaborative efforts in standards development, growth in retail and loyalty programs, security and access control innovations, healthcare records and wearable integration, expansion in transport and ticketing solutions.. Major trends in the forecast period include biometric authentication integration, focus on smart packaging solutions, expansion in smart home applications, rise in health and wellness tracking, integration with public services..

Market Overview -
Near-field communication refers to a short-range wireless communication technology that allows data exchange between devices when they are brought into close proximity, typically within a few centimeters. It is used for a wide range of applications and purposes due to its versatility, simplicity, and security.

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Increased Smartphone Adoption Boosting The Nfc Market
The increased smartphone adoption is expected to propel the growth of the near-field communication market. Smartphone adoption refers to the rate or extent to which people acquire and use smartphones. It represents the %age of the population, or a specific group that owns and regularly uses smartphones as their primary mobile communication and computing devices. Near-field communication (NFC) technology is a short-range wireless technology that allows devices to communicate with each other nearby. NFC is used in smartphones for various purposes, including mobile payments, exchanging digital content, and connecting electronic devices. For instance, in March 2023, according to a report published by Cybercrew, a UK-based company developing and providing cybersecurity solutions for businesses of all sizes, as of 2021, 91.43% of households in the United Kingdom were using mobile internet. This %age is projected to increase to 93.8% by 2026, indicating a steady rise in smartphone usage. Therefore, the increased smartphone adoption is driving the growth of the near-field communication market.

Competitive Landscape -
Major companies operating in the near field communication market report are Google LLC, Samsung Electronics Corporation, Microsoft Corporation, At and T Inc., Verizon Communications Inc., Sony Group Corporation, T-Mobile US Inc., Qualcomm Technologies Inc., Toshiba Electronic Devices and Storage Corporation, Broadcom, Nokia Corporation, Royal Philips Electronics, Texas Instruments Incorporated?, Thales Group, MediaTek Inc., Infineon Technologies, STmicroelectronics N.V.?, NXP Semiconductors N.V., Renesas Electronics Corporation, Avery Dennison, Motorola Solutions Inc., Omron Healthcare, Ams-OSRAM AG, HID Global, A and D Company Limited, Impak Health Nedap, Identive Group, MagTek Inc., Gentag Inc.

Increasing Focus On Product Innovation To Drive The Revenues
Major companies operating in the near-field communication (NFC) market are developing innovative products, such as NAC1080, to provide a cost-effective and easy-to-use platform for developing smart actuators. NAC1080 is a single-chip solution that integrates an H-bridge, energy harvesting module, NFC frontend, sensing unit, and motor driver. This makes it a very versatile and easy-to-use platform for developing smart actuators. For instance, in July 2022, Infineon Technologies AG, a Germany-based semiconductor manufacturer, introduced the NAC1080, a programmable 32-bit ARM Cortex-M0 microcontroller with an embedded near-field communication (NFC) frontend, allowing for the affordable creation of smart actuators like passive locks. It is a single-chip solution that integrates an H-bridge, energy harvesting module, NFC frontend, sensing unit, and motor driver. It serves as a highly flexible and user-friendly framework for creating smart actuators. Additionally, it has many security features, like a real random number generator, a protected section in a flash, and a 128-bit AES accelerator. Furthermore, it uses near-field communication, a wireless technique that enables data sharing between two devices while they are close.

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Key Segments -
The near field communication market covered in this report is segmented -
1) By Type: Non-Auxiliary, Auxiliary
2) By Operating Mode: Read And Write Mode, Peer-To-Peer Mode, Card Emulation Mode
3) By End-User: Cloud Service, Telecom Service, Enterprise

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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