According to a new report by Expert Market Research titled, “Global NFC Market Share, Size, Report and Forecast 2024-2032″, the global NFC market size is projected to grow at a CAGR of 28.4% between 2024 and 2032. Aided by the widespread adoption in various industries and the evolution of contactless payment methods, the market is expected to grow significantly by 2032.
NFC, known as near field communication, is a set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within 4 cm (1.6 in) of each other. Used in contactless payment systems, similar to those used in credit cards and electronic ticket smart cards, NFC allows for custom, secure communication between devices.
The NFC market growth is propelled by several factors. The primary driver is the escalating demand for contactless payment solutions, especially in the wake of health concerns where touchless transactions have gained prominence. The integration of NFC in smartphones and wearable devices, enabling easy and secure payment options, is a significant growth contributor.
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Additionally, the expanding applications of NFC in healthcare, retail, and transportation are bolstering the NFC market demand. In healthcare, NFC tags are used for patient tracking and medication verification. In retail, they enhance customer experience through quick checkouts and personalised promotions. In transportation, NFC simplifies ticketing and access control processes.
NFC technology finds its utility in a wide range of sectors. In the consumer electronics sector, NFC is primarily used in smartphones and tablets for quick data transfer and contactless payments. The banking and finance sector relies on NFC for secure and swift transactions. According to the NFC market analysis, the technology plays a vital role in access control and identity verification in security and government sectors.
The advent of smart homes and the Internet of Things (IoT) also presents a burgeoning opportunity for NFC, as it facilitates the seamless interaction between various smart devices, enhancing user convenience and automation.
The market exhibits significant regional variations. North America and Europe are leading the market, attributed to high smartphone penetration, advanced payment infrastructure, and the presence of key market players. Asia-Pacific is expected to witness rapid growth due to increasing smartphone adoption, growing e-commerce, and expanding contactless payment infrastructure, particularly in countries like China, Japan, and India.
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Market Segmentation
The market can be divided based on product, application, and region.
Market Breakup by Product
• SD Cards
• SIM Cards
• NFC Covers
• NFC ICs
• NFC Tags
• NFC Readers
Market Breakup by Application
• Access Control
• Ticketing
• Data Sharing
• Medical Devices
• Transaction
• Product Identification
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global NFC market. Some of the major players explored in the report by Expert Market Research are as follows:
• Thales Group
• Broadcom Inc.
• Infineon Technologies AG
• Identiv, Inc.
• NXP Semiconductors N.V.
• Others
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