(MENAFN- EIN Presswire) Near Field Communication market Value
Due to increased use & awareness of NFC technology in transportation & retail industries, Asia-Pacific is expected to show highest CAGR during forecast period.
PORTLAND, PORTLAND, OR, UNITED STATES, February 15, 2023 /einpresswire.com / -- According to the report, the global near field communication (nfc) market was estimated at $15.53 billion in 2019, and is expected to hit $54.52 billion by 2028, registering a CAGR of 14.8% from 2021 to 2028.
Drivers, restraints, and opportunities
Increase in need for convenient transfer and security of data, surge in proliferation of smartphones, rise in focus toward providing improved customer experience, and growing demand for contactless payments due to the COVID-19 pandemic drive the global Near Field Communication (NFC) market. On the other hand, short operational range and security concerns restrain the growth to some extent. However, upsurge in adoption of NFC-enabled wearable technology and recent technological advancements in NFC are expected to pave the way for new opportunities in the future.
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The NFC Readers segment to lead the trail by 2028
Based on product type, the NFC readers segment accounted for more than one-third of the global Near Field Communication (NFC) market share in 2019 and is anticipated to retain its dominance by the end of 2028, due to its emerging application areas as well as surge in demand of NFC readers in access control and authentication applications. The NFC tags segment, on the other hand, would cite the fastest CAGR of 16.9% during the forecast period. The high demand from payments and access control applications fuel the growth of the segment.
The Read/Write Mode segment to dominate
Based on operating mode, the read/write mode segment contributed to around two-thirds of the global Near Field Communication (NFC) market revenue in 2019 and is expected to rule the roost by 2028. This is attributed to the fact that this mode is witnessing extensive range of applications in the access control, transactions, business cards, marketing, and asset tracking. Simultaneously, the card emulation mode segment would register the fastest CAGR of 15.9% from 2021 to 2028. The rising scope of an NFC enabled mobile device to function as a contactless smart card fuels the growth of the segment.
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North America had the major share in 2019
Based on region, North America garnered the major share in 2019, holding nearly two-fifths of the global Near Field Communication (NFC) market, owing to high spending on advanced technologies and developed network architecture in the province. The market across Asia-Pacific, at the same time, would exhibit the fastest CAGR of 16.5% throughout the forecast period. This is due to increased adoption and awareness of NFC technology into the transportation and retail industry.
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Frontrunners in the industry
.Identive
.Infineon Technologies
.MagTek
.Qualcomm Technologies, Inc.
.Samsung Electronics Co. Ltd.
.Thales Group
.Broadcom Inc.
.Sony Corporation
.NXP Semiconductors
.Texas Instruments Incorporated
Key Findings of the Study:
.By product type, in 2019 the NFC readers dominated the NFC market size. However, the NFC tags segment is expected to exhibit significant growth during the forecast period.
.By operating mode, the peer-to-peer mode generated the highest revenue in 2019. However, the card emulation mode segment is expected to witness highest growth rate in the near future.
.By end user, the consumer electronics segment accounted for the highest revenue in 2019, however, the medical & healthcare segment is expected to witness highest growth rate during the forecast period.
.By region, the near field communication market was dominated by Asia-Pacific in 2019.
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David Correa
Allied Analytics LLP
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