NFC Market is Expected to Reach USD 39.8 Billion by 2027
Published | January 2021
According to BlueWeave Consulting, the global NFC market is estimated to have reached USD
17.5 billion in 2020 and is further projected to reach USD 39.8 billion by
2027, growing at a CAGR of 12.4% during the forecast period. The factors which
are driving the growth of the NFC market are the increasing deployment of NFC
in the booming smartphones and smart camera market, increase in contactless
payments, improved user experience, and reduction in size and cost of
semiconductor chips. NFC technology is anticipated to be used in a host of
applications in the future due to the increasing demand for online and in-store
payments in a retail store, increasing demand for connectivity between devices for
information and data sharing.
Emerging trend of cashless transactions worldwide
The growing trend of cashless transactions worldwide is the key driver for the growth of the global NFC market. There is a rise in demand for multi-tasking devices globally, hence, consumer electronics enterprises are involved in integrating NFC technology in their tablets and mobile phones to provide a single solution to the consumers. Also, the global NFC market is bolstering due to the increase in the adoption of NFC technology in tablets, smartphones, and other similar devices. The global NFC market is highly driven by the increasing penetration of smartphone users for making secure online transactions and contactless payments facility. The rise in mobile internet users also contributes to the global NFC market growth.
Innovative patient monitoring to drive the growth
There are numerous advantages of patient observing through NFC, which incorporates Ideal Technology for medication for understanding checking, for example, keen sensor, which estimates the physical state of patients, and in this manner, transmits the information to close by checking gadgets, versatile systems, and clinical experts for observing and assessment. Answer for quiet checking can be standard or modified to get customized treatment and secure clinical information, consequently, numerous organizations are planning to redo NFCs for patients. Secure physical access is given by NFC labels to following patient information. Home observation by NFC-empowered gadgets is by and large progressively utilized, and therefore, clinical information can be transmitted to the doctor. This is the major factor that drives the growth of the global near field communication technology market from 2019 to 2027.
NFC tags and NFC readers occupy the major share of the global NFC market
NFC tags and NFC readers are expected to gain prominence over the coming years, which can be attributed to the high demand originating from payments and access control segments. The technology of combining the SD card with the near field communication technology has resulted in less cost infrastructure for the manufacturers, leading to enhanced demand in the industry. The near field communication cover is considered as an accessory for converting smartphones into NFC-enabled smartphones. The technology is yet to be deployed in emerging regions and has penetrated in developed countries such as the U.S., Canada, and the UK. The flexibility of the product for converting the devices to NFC-enabled is expected to lead the growth.
Global NFC market: Regional insights
The Asia Pacific NFC-based market is expected to remain the key revenue-generating region during the forecast period. The increasing penetration of smartphones and tablets is estimated to be the reason behind the adoption of NFC technology. The rapid diversification of mobile payment services has accelerated collaboration amongst the industry participants resulting in the development of the technology. The international banks have been enthusiastically investing in building the mobile payment network which is further expected to increase the application segment collaborating the financial service provider and retailers.
The leading players" in the global NFC market include NXP Semiconductors (The Netherlands), Qualcomm (US), Texas Instruments (US), STMicroelectronics (Switzerland), Thales Group (Sweden), Infineon Technologies (Germany), Sony (Japan), ams (Austria), Flomio (US), HID Global (US), MagTek (US), Avery Dennison (US), Identiv Group Inc (U.S), Broadcom Limited (A subsidiary of Avago Technologies) (U.S), Gemalto NV (Netherlands), Inside Secure (France) & other prominent players. The industry players are constantly introducing improved and advanced near field communication-enabled devices to increase the customer base and to expand the product offerings.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global NFC market size & forecast. The report promises to provide recent technology trends of the NFC market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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