India
Near Field Communication Market is anticipated to grow at a high CAGR during
the forecast period. Near-field communication (NFC) is a wireless technology
that enables secure and fast communication between two devices in proximity. In
recent years, the uptake of NFC technology in India has grown significantly,
driven by factors, such as increased adoption of mobile payments, government
initiatives, and growing smartphone penetration. However, the NFC market in
India also faces several challenges, including low awareness, limited
infrastructure, security concerns, interoperability issues, and cost. These
tests are mostly performed on universal, servo-hydraulic, hardness, and impact
test equipment and are used for manufacturing, quality control, research, and
laboratory purposes Numerous technological breakthroughs, such as the
development of testing equipment with multi-stage testing capabilities and
picture-video recording functions, are boosting market expansion. Near-field
communication (NFC) is a short-range wireless connectivity technology that
simplifies the exchange of digital content, transactions, and connections with
various electronic devices for users all over the world. It is mostly used for
short-range data sharing in cell phones, laptops, and tablets (up to 10 cm or
less). This technology is employed in marketing and payment applications, but
it is also used in a variety of other applications such as chip-enabled mobile
marketing, ticketing, identity and access, and gaming. The Near Field
Communication (NFC) market in India is expected to grow significantly in the
coming years, driven by factors such as increased adoption of mobile payments,
government initiatives, growing smartphone penetration, e-commerce growth, and
improved user experience, the market for Near Field Communication is expected
to grow significantly in the coming years.
Overall,
the NFC market in India is growing due to a combination of factors such as
government initiatives, rising smartphone penetration, e-commerce growth,
improved user experience, and the increasing adoption of digital payments. As
more businesses and consumers adopt NFC technology, it is expected to become a
key player in the digital payment ecosystem in India.
Increased
Adoption of Mobile Payments
Near
Field Communication (NFC) technology is rapidly gaining popularity in India,
and its market is expected to see a surge in demand in the coming years due to
the growing adoption of mobile payments. NFC is a contactless technology that
enables wireless communication between devices over a short range. It is used
in various applications such as contactless payment, ticketing, and access
control systems. The increasing adoption of mobile payments in India is one of
the key drivers for the growth of the NFC market. With the rapid expansion of
the digital economy, mobile payment platforms have become more accessible and
popular among consumers. This has led to an increased demand for secure and
reliable payment systems, which NFC technology can provide.
The
Indian government's push towards a cashless economy has also contributed to the
growth of the NFC market. The government's demonetization initiative in 2016
led to a surge in digital payments, and since then, the use of mobile payment
platforms has continued to rise. This trend is expected to continue in the
coming years, creating more opportunities for NFC technology. Moreover, the
increasing penetration of smartphones in India is also a significant factor
driving the growth of the NFC market. The proliferation of low-cost smartphones
has led to a surge in the number of people using mobile payment platforms. As
more people switch to smartphones, the demand for NFC-enabled devices is
expected to rise, further boosting the growth of the NFC market. Additionally,
the growing use of NFC technology in other applications such as ticketing and
access control systems is also expected to contribute to the growth of the NFC
market in India. NFC-based contactless systems are more convenient and secure
than traditional methods, which is driving the adoption of this technology in
various applications.
In
conclusion, the increased adoption of mobile payments, government initiatives,
the proliferation of smartphones, and the use of NFC technology in other
applications are all expected to contribute to the growth of the NFC market in
India in the upcoming forecasting period. The NFC market is poised for
significant growth, and businesses that adopt this technology early on are
likely to benefit from the increased demand for contactless payment systems in
India.
Government
Initiatives
The
Indian government has taken several initiatives to promote digital payments and
a cashless economy, which is expected to boost the market for Near Field
Communication (NFC) technology in India in the upcoming forecasting period. One
of the most significant government initiatives is the Digital India program,
which aims to transform India into a digitally empowered society and knowledge
economy. Under this program, the government has launched various initiatives
such as the Bharat Interface for Money (BHIM) app, which is a digital payment
platform that uses NFC technology for contactless payments. In addition to the
Digital India program, the Indian government has also launched various other
initiatives to promote digital payments, including the introduction of the
Unified Payments Interface (UPI), which is an instant payment system that
enables users to transfer money between bank accounts using their mobile
phones. The UPI has become a popular payment method in India, and its use is
expected to drive the adoption of NFC technology, which is used for contactless
payments through mobile phones. Furthermore, the Indian government's
demonetization initiative in 2016 led to a significant increase in the use of
digital payments and mobile wallets, which has further increased the demand for
NFC-enabled devices in India. The government's push towards a cashless economy
and digital payments is expected to create a favorable environment for the
growth of the NFC market in India during the forecast period.
In
conclusion, the Indian government's initiatives to promote digital payments and
a cashless economy are expected to boost the market for Near Field
Communication (NFC) technology in India in the upcoming forecasting period. The
increasing adoption of digital payments and mobile wallets, combined with the
government's initiatives, is likely to drive the demand for NFC-enabled
devices, which will create new opportunities for businesses operating in the
NFC market in India.
Growing
Smartphone Penetration
The
growing penetration of smartphones in India is expected to drive the market for
Near Field Communication (NFC) technology in the upcoming forecasting period.
As more people switch to smartphones, the demand for NFC-enabled devices is
expected to rise, which will create new opportunities for businesses operating
in the NFC market.
India
is one of the fastest-growing smartphone markets in the world, with millions of
new users joining every year. With the growing adoption of smartphones, the
demand for mobile payment platforms is also expected to rise, which will drive
the adoption of NFC technology.
NFC
technology is an essential component of mobile payment platforms as it enables
contactless payments between devices. As more people switch to mobile payments,
the demand for NFC-enabled devices is expected to rise, which will create new
opportunities for businesses operating in the NFC market. Moreover, the
increasing affordability of smartphones is also expected to drive the adoption
of NFC technology in India. With the proliferation of low-cost smartphones,
more people can now afford to purchase NFC-enabled devices, which will increase
the adoption of NFC technology in various applications such as contactless
payments, ticketing, and access control systems.
In
conclusion, the growing penetration of smartphones in India is expected to drive
the market for Near Field Communication (NFC) technology in the upcoming
forecasting period. With the increasing adoption of mobile payment platforms
and the affordability of smartphones, the demand for NFC-enabled devices is
expected to rise, which will create new opportunities for businesses operating
in the NFC market in India.
Recent
Developments
- In
January 2023, Renesas Electronics Corporation (TSE:6723), a leading
provider of advanced semiconductor solutions, announced that its
wholly-owned subsidiary has reached an agreement with the shareholders of
Panthronics AG ("Panthronics"), a fabless semiconductor company
specializing in high-performance wireless products, under which Renesas
will acquire Panthronics in an all-cash transaction. The acquisition will
broaden Renesas' connectivity technology portfolio by expanding its reach
into high-demand Near-Field Communication (NFC) applications in fintech,
IoT, asset tracking, wireless charging, and automotive has become a de
facto norm in the digital economy, impacting many facets of daily life.
Fintech applications, such as mobile point-of-sale (mPoS) terminals and
contactless payment, IoT, asset tracking, and wireless charging, are
examples of NFC's growing influence.
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Market
Segments
The
India Near Field Communication market is segmented based on Product Type,
device operating mode, end-use industry, and region. Based on Product Type, the
market is segmented into Non-Auxiliary Products, and Auxiliary Products. Based
on Device Operating Mode, the market is divided into Reader Emulation, Card
Emulation and Peer-to-Peer. Based on Device Type, the market is segmented into
Smartphones & Tablets, Laptops & Personal Computers (PCs) and Others,
Based on Application, the market is segmented into Mobile/Contact Less Payment,
Information Sharing, User Authentication & Access Control, Monitoring
Healthcare Systems and Others. Based on End-Use Industry, the market is
segmented into Retail, Transportation, Healthcare, BFSI, Others.
Market
Players
Major
market players of India Near Field Communication Market are Nokia Corporation,
NXP Semiconductors, MTS SYSTEMS CORPORATION, Google Inc., Gemalto NV, Infineon
Technologies AG, YELDI Softcom, Sony Corporation, Identive Group Inc., Mstar
Semiconductor Inc. To achieve good market growth, businesses that are active in
the market employ organic tactics such as product launches, mergers, and
partnerships.
|
Attribute
|
Details
|
|
Base Year
|
2023
|
|
Historic Data
|
2019 –
2022
|
|
Estimated Year
|
2024
|
|
Forecast Period
|
2025
– 2029
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2019-2023 and 2024-2029
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments covered
|
By Product Type
By Device Operating Mode
By Device Type
By Application
By End-Use Industry
By Region
|
|
Regional scope
|
East
India, West India, North India, South India
|
|
Key companies profiled
|
Nokia Corporation, NXP
Semiconductors, Marvell Technology Group Ltd, Google Inc., Gemalto NV, Infineon
Technologies AG, YELDI Softcom, Sony Corporation, Identive Group Inc., Mstar
Semiconductor Inc.
|
|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
|
Report
Scope:
In this report,
India Near Field Communication Market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
- Near Field Communication Market, By
Product Type
o Non-Auxiliary Products
o Auxiliary Products
- Near Field Communication Market, By
Device Operating Mode
o Reader Emulation
o Card Emulation
o Peer-to-Peer
- Near Field Communication Market, By
Device Type
o Smartphones & Tablets
o Laptops & Personal Computers
o Others
- Near Field Communication Market, By
Application
o Mobile/Contact Less Payment
o Information Sharing
o User Authentication & Access Control
o Monitoring Healthcare Systems
o Others
- Near Field Communication Market, By
End-Use Industry
o Retail
o Transportation
o Healthcare
o BFSI
o Others
- Near Field Communication Market, By
Region:
o
East
India
o
West
India
o
North
India
o
South
India
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in India Near Field Communication
Market
Available
Customizations:
India Near
Field Communication Market with the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
India Near
Field Communication Market is an upcoming report to be released soon. If you wish
an early delivery of this report or want to confirm the date of release, please
contact us at
[email protected]