Global Near Field Communication
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to cognitive market research-"Global Near Field Communication market size 2023 was XX Million. Near Field Communication Industry compound annual growth rate (CAGR) will be XX% from 2024 till 2031."
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Near Field Communication Market Sales Revenue 2020 | $ 15339.2 Million |
Global Near Field Communication Market Sales Revenue 2030 | $ 62914.5 Million |
Global Near Field Communication Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 15.16% |
Market Split by Product Type |
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Market Split by End-User |
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Market Split by Operating mode |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Near Field Communication Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Near Field Communication (NFC) is a collection of short-range wireless technologies that typically require a 4 cm or less distance to establish a connection. NFC allows you to transfer small amounts of data between an NFC tag and an Android-powered device, or between two Android-powered devices.
Tags can vary in complexity. Simple tags provide simply read and write semantics, often with one-time programmed sections that render the card read-only. More complicated tags support math operations and include cryptographic hardware for sector authentication. The most sophisticated tags include operational environments, which enable intricate interactions with code running on the tag. The data saved in the tag can be written in a variety of forms, although many of the Android foundation APIs are based on a NFC Forum standard called NDEF (NFC Data Exchange Format) .
The growing popularity of mobile devices and online shoppers is driving up demand for e-commerce. Near field communication technology is commonly utilised in pay terminals, with merchants such as Target, Macy's and Walgreens utilising Google wallet technology. India, China, Japan, Taiwan, and Malaysia are localising mobile content to increase sales. Mobile transactions in developed markets are facilitated by well-established infrastructure and high device penetration. Demand for improved government policies and security concerns is propelling market growth. The advancement of NFC technology enables users to make payments with mobile devices, prompting non-payment technology companies to enter the payment space.
Increasing use of contactless payment to drive the market growth
The growing demand for secure and contactless information systems and payments is one of the primary drivers of the global near-field communication (NFC) industry. The introduction of contactless near-field communication (NFC) has considerably helped the customer service, transportation, social networking, and healthcare sectors. According to a Gartner forecast from 2020, 36 billion IoT devices will support NFC-enabled mobile payments. The GSMA predicts that by 2025, smartphones with near-field communication (NFC) will account for 80% of all connections worldwide. This powerful combination of NFC and smartphones significantly propels the near-field communication (NFC) market.
https://nfc-forum.org/news/2019-12-fresh-smartphone-statistics-and-what-they-mean-for-you-nfc-and-the-world/
In March 2022, Paytm, a digital payments startup, introduced "Paytm Smart POS" for Android phones, allowing merchants to accept credit and debit card payments using NFC technology.
https://business.paytm.com/pos-restaurants
Furthermore, an increase in the use of smart wearables and IoT-based devices is expected to drive market growth. As a result, the increasing adoption of contactless payment methods has boosted the market CAGR in recent years.
NFC enhances workplace collaboration by allowing for the quick and secure sharing of data, documents, and critical information. NFC is substantially better and faster than competing technologies such as Bluetooth, which takes many seconds to establish the same connection because it takes approximately 100 milliseconds. When a customer makes a transaction, their credit card information is stored on the mobile device in a secure element. This part could be a Subscriber Identity Module, protected chips, or a secure digital card. It is one of the most secure payments since it includes hardware encryption and can only be used near the point of sale. The amount of data utilised annually has increased by up to 40% year on year as a result of increased mobile use, social media, and other sensors. Companies in every industry want high-speed data transmission infrastructure more than ever to move an ever-increasing volume of content from one location to another.
https://www.weforum.org/agenda/2021/05/rise-of-media-on-mobile-phone-chart/
NFC's peer-to-peer mode can be utilized not just for seamless money transfers between people, but also to exchange other types of data. The Android operating system includes a function called Android Beam. Android developers can use this feature to transfer films, photos, websites, and other files by just holding two compatible phones together.
NFC can only communicate over small distances, like 10 to 20 centimetres. Because of its limited working range, it is more vulnerable to inadvertent or intentional signal interference. Furthermore, the interruptions may prevent two NFC devices from connecting with each other. These issues are expected to impede the global near-field communication market's growth. Furthermore, because NFC allows for contactless information transfer, consumers may be exposed to security concerns such as hacking, data manipulation, and eavesdropping. Although the range of NFC devices is only a few centimetres, depending on the signal mode, an attacker can get usable credentials from 1 to 10 metres away. Thus, the risk of data theft and hacking limits this industry.
NFC-enabled rings, smartwatches, bracelets, fitness trackers, wristbands, and key fobs are gaining popularity worldwide. The benefits of NFC-enabled wearable gadgets, such as the ability to anticipate consumer requirements, boost customer engagement, and enhance merchant payment tracking, have significantly increased their adoption. Numerous technological advancements have occurred in the NFC business.
For example, Apple iOS 14 allows customers to wirelessly start and unlock cars by storing a digital car key in their Apple Watch, iPhone, or Apple Wallet. Its purpose is largely complementary to NFC. Furthermore, numerous industry participants are offering innovative, cost-effective NFC solutions.
https://support.apple.com/en-in/118271
NFC's advancements in patient monitoring include "MiniME," a biometric gadget designed by Ergonomi design monitors, with metrics such as ECG, blood pressure, heart rate, body temperature, and many other characteristics that communicate data via NFC cloud. Similarly, Impak Health has created home-based cardiac, pulmonary, and sleep monitoring devices, as well as incorporating NFC into "Rhythm Track," which monitors ECG and sleep cycles. Furthermore, an increasing number of NFC breakthroughs has resulted in technological advancements.
https://www.vynzresearch.com/semiconductor-electronics/near-field-communication-market
These advances are expected to open up new prospects for NFC market growth.Furthermore, greater use ofcloud-enabled rings for low-value transactions by end users worldwide is anticipated to create good potential for market expansion.
The COVID-19 epidemic has boosted the nearfield communication market. Smart payments, such as cashless or contactless, are becoming increasingly popular as people prioritise social distancing and avoiding personal touch. Internet of Things, NFC, and other communication technologies are in great demand due to their widespread acceptance worldwide. These factors are projected to drive market expansion in the approaching years.
The latest estimate is expected to be greater than the pre-COVID-19 estimations. The COVID-19 epidemic has accelerated the growth of the near field communication business due to increased demand for contactless solutions. During the pandemic, businesses confront obstacles like as moving supply chains, adjusting work hours, and prioritising employee safety and public health. Contactless technology, like NFC tags, are in high demand during the pandemic. During the pandemic, market participants improved client experiences by introducing novel near field communication solutions. This aspect fuels market expansion.
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The market for near-field communication (NFC) will continue to grow as leading industry participants spend heavily on R&D to broaden their product offerings. Market participants are pursuing a variety of strategic measures to strengthen their global footprint, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the near field communication (NFC) business must provide reasonably priced products if they are to prosper and survive in a difficult environment with increasing competition and market size.
One of the key business methods used by manufacturers in the near-field communication (NFC) industry to support customers and develop the market sector is local production to lower operational costs.
Top Companies Market Share in Near Field Communication Industry: (In no particular order of Rank)
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Which Region will dominate the Market in 2024, and Which Region is Expanding at the Fastest CAGR?
North America is the largest shareholder in the worldwide near field communication (NFC) market, which is predicted to expand at a CAGR of XX% over the forecast period. This region's near-field communication environment is continually evolving. Along with the broad acceptance of NFC solutions in retail, healthcare, banking, and finance, the near-field communication business is expected to grow dramatically throughout North America, particularly in the United States and Canada. North America is also likely to lead the market due to the high degree of adoption and development of NFC solutions, as well as the large number of rivals.
Asia-Pacific is predicted to develop at a CAGR of xx%, earning USD XX million over the projection period. Asia-Pacific is expected to have the quickest growth rate throughout the forecast period, owing to increased NFC technology knowledge and acceptance in the retail and transportation sectors. Furthermore, the region's near-field communication industry is developing as smartphone penetration increases in countries such as China and India. Furthermore, the rise in demand for mobile payments and NFC wireless applications is driving a significant chunk of the market expansion in this sector.
The current report Scope analyzes Near Field Communication Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Near Field Communication Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Near Field Communication Industry growth. Near Field Communication market has been segmented with the help of its Product Type, End-User Operating mode, and others. Near Field Communication market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
The NFC readers segment contributes the most to the market and is estimated to develop at a CAGR of XX% over the forecast period. NFC transactions demand active engagement from NFC readers. They can communicate with other devices, read and write cards and tags, and interact with NFC phones. In addition, an NFC reader is ideal for network authentication, e-transactions, toll road fare collection, secure access control e-payment, and e-ticketing for events and mass transit. This market's growth is primarily driven by the increased adoption of NFC readers to improve customer experiences in enterprises. NFC readers can help businesses streamline payment options, increasing productivity and efficiency.
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The consumer electronics sector is the market's largest contributor and is predicted to develop at a CAGR of XX% over the forecast period. The consumer electronics industry manufactures, distributes, and sells communication and entertainment equipment such as digital and video cameras, stereos, MP3 players, phones, game consoles, wearables, and television sets. The consumer electronics sector is seeing an increase in the number of NFC applications as NFC technology becomes more widely available in smartphones, smart TVs, media tablets, set-top boxes, and gaming consoles. Furthermore, end-user demand for NFC technology is driven by a need for easier handling of consumer products and appliances. NFC is rapidly becoming a feature of consumer items, including Bluetooth speakers and headsets, projectors, set-top boxes, printers.
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The NFC readers segment currently holds the largest market share and is predicted to grow at a CAGR of XX% over the forecast period. In reader/writer mode, a passive NFC tag or inlay communicates with an active NFC reader or smartphone in one direction. The NFC device acts as an interrogator by energising the passive NFC device and creating a magnetic field while in reader/writer mode (active). Using the scanner's magnetic field, the passive device, which is a tag or inlay, reacts to the stored information. As a result, the demand for communication between active and passive NFC devices drives the reader/writer mode market's growth.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modeling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
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Consumers are increasingly using mobile devices to make small and large payments, thanks to advancements in NFC technology. The development and adoption of mobile payments, including digital wallets, as well as app usage, has pushed non-payment technology firms to enter the payment environment, which is projected to drive market growth even further. Furthermore, the increased use of cell phones in developing economies has resulted in technological advancements.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Product Type | NFC Tags, NFC ICs, SIM Cards, NFC Readers, Others |
End-User | Retail, Transportation, Automotive, Residential and Commercial, Medical and Healthcare, Consumer Electronics, Banking and Finance, Hospitality, Others |
Operating mode | Read/ Write Mode, Peer to Peer Mode, Card Emulation Mode |
List of Competitors | NXP Semiconductors, Samsung Electronics, Mediatek, Broadcom, Inside Secure, Stmicroelectronics, Huawei Technologies, Gemalto, Texas Instruments |
This chapter will help you gain GLOBAL Market Analysis of Near Field Communication. Further deep in this chapter, you will be able to review Global Near Field Communication Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Product Type Analysis 2019 -2031, will provide market size split by Product Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Product Type Analysis 2019 -2031
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Chapter 11 Market Split by End-User Analysis 2019 -2031
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Chapter 12 Market Split by Operating mode Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Near Field Communication market
Chapter 13 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why NFC Tags have a significant impact on Near Field Communication market? |
What are the key factors affecting the NFC Tags and NFC ICs of Near Field Communication Market? |
What is the CAGR/Growth Rate of Retail during the forecast period? |
By type, which segment accounted for largest share of the global Near Field Communication Market? |
Which region is expected to dominate the global Near Field Communication Market within the forecast period? |
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