By the end of 2022, the global near field communication (NFC) market is predicted to have an absolute monetary potential of US$ 19 billion. Revenues from NFC are anticipated to grow at a 15% CAGR between 2022 and 2032 to reach $44.7 billion. Its use in the car and contactless payment sectors is most likely what will drive the market.
Using NFC, devices can transfer information within a 4 cm radius using short-range wireless communication techniques. The development of a link between two Android-powered devices, an NFC tag and an Android-powered device, or the exchange of small data payloads are made possible by NFC technology.
A wireless communication technology is called near field communication (NFC). NFC is a short-range communication method that enables information sharing between devices. In comparison to other short-range communication technologies like Bluetooth and WiFi, NFC has proven to be a potent substitute. In NFC technology, devices are brought close together or touched simultaneously to start radio connection. Because smartphones and smart cameras are incorporating NFC technology more frequently, its market share is expanding quickly.
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NFC Market Dynamics
NFC technology is gaining popularity because of its various advantages such as safety, versatility and convenience. NFC is much more secure for transaction than other techniques as it requires PIN and does not provide physical access of your credit card information to retailers. Versatility refers to a wide range of industrial applications of NFC.
NFC is very convenient as it is easy to use and NFC enabled devices can be carried anywhere without much hassle. As stated earlier, NFC technology has wide range of application, such as contactless payments, information sharing, information reading from smart posters and also for providing authentication of information whenever required.
Global Near Field Communication (NFC) market share is expected to grow rapidly in the near future. Factors which are driving the growth of NFC market are increasing deployment of NFC in the booming smartphones and smart camera market, increase in contactless payments, improved user experience and reduction in size and cost of semiconductor chips.
On the other hand, factors which are restraining the growth of NFC market are security concerns due to hacking of smartphones, PCs or tablets etc. devices, short range communication, strong competition to NFC from alternative payments methods, high development cost, and lack of consumer awareness about potential benefits of NFC technology. NFC technology is anticipated to be used in a host of applications in the future due to the increasing demand of online and in store payments in retail store, increasing demand of connectivity between devices for information and data sharing.
Impact of COVID-19 on Near Field Communication (NFC) Market
The pandemic has placed an enormous strain on the chemicals & materials industry including its workforce, supply-chain, infrastructure, and market players. The first wave of COVID-19 that hit the regions across the globe, compelled the chemicals & materials industry to adapt and develop its infrastructure and innovate in a short period of time. Against this backdrop, FMI tracks the changes, improvement, profits and losses in the industry among the existing players as well as the new entrants within the industry.
The FMI’s recently published report presents detailed insights into the impact of COVID-19 on the Near Field Communication (NFC) Market and innovative strategies adopted by the market players to tackle the challenges encountered due to the pandemic.
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Market Competition
Some of the leading players in the near field communication market are Gemalto N.V., DeviceFidelity, Inc., Visa Inc., Broadcom, Inc., STMicroelectronics N.V., Toshiba Corp., Samsung Electronics Co. Ltd., Identive Group, Inc., NXP Semiconductor, Infineon Technology, and On Track Innovation Ltd.
Attributed to the presence of such high number of participants and growing research and developments (R&D) activities for innovation in NFC technology, the market is highly competitive.
Key Segments Profiled in the NFC Market Survey
By Product Type:
- Non-Auxiliary Products
- Auxiliary Products
By Application:
- Contactless Payment
- Data Sharing
- Infotainment
- Access Control and Authentication
- Medical & Healthcare
- Transportation
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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