NFC (Near Field Communication) Market Revenue to Cross USD 53.59 Billion to 2028, says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

May 06, 2022, 08:30 ET

LONDON, May 6, 2022 /PRNewswire/ -- The Global Near Field Communication Market size reached USD 20.52 Billion in 2021. The NFC (Near Field Communication) Market is growing at robust CAGR of 14.7%, and reach size of USD 53.59 Billion by 2028 Research Report Added by Brandessence Market Research & Consulting Pvt ltd.

Demand of secure payments as well as growing adoption of wearable smart technology is a key driving factor for the growth of the NFC Market

The major factors driving the growth of global NFC market is rising demand for secure & contactless payments and information systems. The rise in NFC communication for contactless information sharing has significantly contributed in healthcare sector, transportation, social networking and improved the customer service. NFC is rising along with the demand of smart phones, as now everything is possible with smart phones. The report by Gartner in 2020, predicted the use of 36 billion IoT devices for NFC enabled mobile payments. Also GSMA predicted the 80% of global connections will be enabled by NFC and smart phones by 2025. This powerful combination of NFC with smart phones is driving the NFC market significantly. Furthermore, surge in the adoption of smart wearable devices and IoT based devices is also expected to contribute the market growth. However, rising safety concerns, availability of substitute payment methods and short-range communication is likely to restrain the market growth. On the other hand, rising demand for contactless payment as well as growing demand for connectivity between devices followed with increasing urbanization is expected to create ample opportunities in the NFC market.

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Scope of Global NFC Market:

The contactless communication between different devices is known as Near Field Communication (NFC). These devices can be smart phones, tablets or any NFC-compatible device. It works on the principle of electromagnetic radio fields by sending information from transmitter to receiver within close proximity to each other. The rough range for NFC devices to communicate with each other is within 10cm. Due to this short range it is good for secure communication between NFC enable devices and hence is more convenient and versatile in nature. Worldpay, leader in NFC technology helps other businesses to adopt the fast and secure NFC communication for payment methods reported in 2019 US Consumer Behavior Report that 66% of US consumer believes that traditional payment cards will be replaced by smart phones in coming years.

The COVID-19 Pandemic has drastically affected several industries all around the globe with some positive and negative outcomes. Awareness among citizens for social distancing and minimizing human contact has increased the adoption of smart payments like cashless or contactless payments. Technologies like IoT, Near Field Communication and other similar communications, are in demand due to these applications and have positive impact as it is accepted all around the world.

Near Field Communication Market Key Player Analysis:

Some major key players for the Global NFC Market are

NXP Semiconductors
Gentag
Dukosi
Go To Tags
Toro Development
AncomAS
TapSpaces
NFC21
Wearifi
Amyko
Agate Studios

Recent Developments:

News: Low cost Flexible NFC drug Labels released by Tech companies

January 19, 2021; PragmatIC Semiconductor (flexible electronics company), Avery Dennison (inlay manufacturer) and Schreiner MediPharm (pharmaceutical packaging company) incorporated low cost solution: NFC enabled smart label for medications. This will enable to monitor medications and healthcare products by improving and identifying any possible tampering, authentication and allowing patients to reorder instructions and information.

Employee Card, MasterCard Payment card introduced by Infineon

January 18, 2021; Infineon, a semiconductor company has implemented a new smart card solution which integrates MasterCard contactless payments with building access employee ID. This card called as Campeon Card will use Near Field Communication (NFC) technology. The card was created in partnership with MasterCard, PayCenter and petaFuel.

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Global Near Field Communication Market report is segmented on the basis of Technology, devices, mode, applications and region & country level. Based upon devices, global NFC market is classified into Passive NFC devices and Active NFC devices. Based upon the mode, global NFC market is classified into the peer-to-peer mode, read/write mode, card emulation. The market is classified on the basis of Application as payment cards, mobile phones, ATMs, vending machines and others.

By Devices:

Active NFC
Passive NFC

By Modes:

Peer-to-peer mode
Read/write mode
Card emulation

By Application Type:

Payment cards
Mobile phones
ATMs
Vending machines
Others

Reginal Analysis of NFC Market:

Asia-Pacific is expected to dominate the global Near Field Communication market within the forecast period attributed to rising demand for contactless information exchange. The Mobile payment in this region has a significant growth due to advanced technologies like IoT, Big Data, NFC and others. These technologies contributed to many applications like contactless payments cards, mobile wallet, healthcare sector and public transit. Some of the top NFC cards manufacturers in Asia-Pacific are Dai Nippon Printing, Sony Corporation and others have significantly contributed to NFC market growth in the region. Europe and North America is also expected to grow in contactless exchange of information after the hard hit of COVID-19 pandemic as more people are opting for these contactless mobile payments.

On Special Requirement NFC Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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