Near Field Communication (NFC) Market to be Led by Rise of the Internet of Things (IoT) across the Globe Through 2028
Proliferation of Contactless Payment Systems is driving the Implementation
of Near Field Communication (NFC) market across the Globe.
According to
TechSci Research report, “Near Field Communication (NFC) Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” The global Near Field
Communication (NFC) market has witnessed remarkable growth and transformation
in recent years, driven by the proliferation of mobile devices, contactless
payment systems, and the expanding Internet of Things (IoT) ecosystem. NFC
technology enables short-range wireless communication between devices when
placed in close proximity, allowing for seamless data exchange, secure
transactions, and simplified interactions. One of the primary drivers behind
the growth of the NFC market is the widespread adoption of mobile payment
solutions. NFC-enabled smartphones and wearable devices have enabled users to
make contactless payments, transforming the way transactions are conducted in
various industries. This trend has been further accelerated by the increasing
emphasis on convenience, security, and digitalization in payment methods.
Furthermore, NFC technology's
integration with IoT applications has opened new avenues for innovation. The
ability of NFC to establish quick and secure connections between devices has
facilitated the growth of smart home systems, connected cars, and industrial
automation. In retail, NFC-enabled smart shelves and product tags enhance the
shopping experience by providing real-time information and personalized offers
to customers. Moreover, NFC's versatility has found applications in areas like
healthcare, where it aids in patient identification and data sharing, and in
logistics, where it enhances supply chain management through improved tracking
and authentication.
NFC's influence is not
confined to commercial sectors; it has also played a crucial role in enhancing
user experiences. From sharing files and contacts with a simple tap to
accessing public transportation with digital tickets, NFC technology has
seamlessly integrated into daily routines. Additionally, NFC-enabled access
control and authentication systems are being adopted for secure entry to
premises, vehicles, and even personal devices.
While the NFC market
showcases immense potential, challenges remain. Security and privacy concerns
are paramount, especially as NFC technology is widely used for payments and
personal data exchange. Ensuring secure authentication and encryption protocols
is crucial to prevent unauthorized access and data breaches. Moreover, the
diversity of devices, standards, and platforms can create compatibility issues,
necessitating industry collaboration to establish consistent standards and
seamless user experiences.
In conclusion, the global NFC
market stands at the forefront of technological innovation, reshaping the way
we interact with devices, conduct transactions, and experience the world around
us. Its integration with mobile payments, IoT applications, and personalized
experiences has cemented its relevance across various sectors. As technology
continues to evolve and consumer demands shift, the NFC market is expected to
expand further, driving advancements in connectivity, convenience, and security
across industries and daily life.
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The
global near field communication (NFC) market is segmented into operating mode, organization
size, product type, and end user. Based on operating mode, the market is
segmented into reader emulation, peer-to-peer, card emulation. Based on organization
size, the market is segmented into SMEs, large enterprises. Based on product
type, the market is segmented into non-auxiliary products, auxiliary products.
The non-auxiliary products are bifurcated into NFC tags, NFC readers, NFC ICS
& antennas. Whereas, the auxiliary products are bifurcated into NFC UICC
Cards/SIM, NFC micro-Sd cards, NFC covers. Based on end users, the market is
segmented into BFSI, IT & Telecommunications, retail, medical &
healthcare, residential & commercial, hospitality & transportation,
others.
Based on operating mode, the reader
emulation segment emerges as the dominant and steadfast force, maintaining a
commanding influence that is projected to persist throughout the forecast period.
Reader emulation, a key operating mode of near field communication (NFC)
technology, allows NFC-enabled devices to imitate the functionality of traditional
contactless card readers. This emulation capability empowers smartphones,
tablets, and other devices to initiate and manage NFC-based transactions, data
exchanges, and interactions. As the world embraces digital payments, access
control, and other NFC-driven applications, the reader emulation mode plays an
instrumental role in transforming everyday devices into conduits for secure and
convenient interactions. Given its integral role in shaping the landscape of
NFC applications and user experiences, the reader emulation segment is
positioned to uphold its commanding position and steer the trajectory of the
NFC market, providing users with efficient and seamless interactions while
advancing the technology's integration into diverse sectors.
Key market players in the global
near field communication (NFC) market include:
- NXP
Semiconductors N.V.
- STmicroelectronics
N.V.
- Infineon
Technologies AG (Infineon)
- Shanghai Fudan
Microelectronics Group Company Limited
- Smartrac N.V.
- ASSA ABLOY Global
Solutions (US) Inc.
- Texas Instruments
Incorporated
- Toshiba
Electronic Devices & Storage Corporation
- Marvell
Technology Group Ltd.
- Zebra
Technologies Corporation
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“Asia Pacific undeniably
emerges as a dominant force in the global Near Field Communication (NFC)
market, robustly solidifying its preeminent position, and unequivocally
influencing the direction of the industry's evolution. With a potent
combination of burgeoning economies, rapid technological advancement, and a
massive population, the Asia Pacific region has established itself as a nucleus
of NFC adoption and innovation. This vast and diverse market showcases an
exceptional embrace of mobile technology and digital solutions, resulting in
widespread NFC integration across various sectors. From transformative
contactless payment systems to enhanced user experiences through seamless data
exchange, Asia Pacific's robust embrace of NFC is reshaping the way
transactions are conducted and interactions are facilitated. The region's
dominance underscores its commitment to shaping the future of secure and efficient
communication, and it serves as a beacon for the global NFC market's evolution,
illuminating pathways for industries worldwide to harness the potential of this
transformative technology.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Global Near Field Communication (NFC) Market, by Operating
Mode (Reader Emulation, Peer-to-Peer, Card Emulation), By Organization Size (SMEs,
Large Enterprises), By Product Type (Non-Auxiliary Products (NFC Tags, NFC
Readers, NFC ICS & Antennas), Auxiliary Products (NFC UICC Cards/SIM, NFC
Micro Sd Cards, NFC Covers), By End User (BFSI, IT & Telecommunications,
Retail, Medical & Healthcare, Residential & Commercial, Hospitality &
Transportation, Others), By Region, Competition,
2018-2028”, has evaluated the future growth potential of near
field communication (NFC)
and provides statistics and
information on market structure, size, share, and future growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global near field communication (NFC) market.
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