Market Research Future published a research report on “NFC Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Research Future (MRFR) has announced a new release on the global NFC Market. The global NFC Market is examined from all angles in the report, which presents a comprehensive view of the market’s historical movement, present growth dynamics, and likely future growth trajectory. According to the report, the NFC Market is expected to reach a valuation of USD 30 billion by 2022, at a CAGR of 17% over the forecast period.
Near field communication, or NFC, is an electronic communication technology developed in collaboration by Phillips and Sony. NFC allows two devices to share varied kinds of information when brought into close proximity with each other. This information can be files or documents to be transferred between two users, or ticketing or payment information that can pass through a user’s mobile phone to a receiving device that tracks the payment and approves it. The use of NFC tags and chips to enable payment through near field communication technology has become a widely popular application of near field communication technology and is likely to remain a major driver for the global NFC Market over the forecast period.
The increasing use of smartphones for cashless transactions is likely to remain a major driver for the global near field communication market over the forecast period. Smartphones have become a ubiquitous tool, particularly in urban areas, rendering them convenient for person-to-person or person-to-business transactions. The strong security framework behind near field communication technology has made it a popular choice when it comes to cashless transactions. Rising awareness about the benefits of near field communication technology in cashless transactions is likely to drive the global near field communication market over the forecast period. At present, awareness about the full potential of near field communication technology is lacking, especially in developing regions, leading to a relatively slow market growth.
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Prominent players in the global NFC Market include NXP Semiconductors (Netherlands), Broadcom Corporation (US), SAMSUNG (South Korea), Intel Corporation (US), Qualcomm Inc. (US), ams AG (Austria), STMicroelectronics (Switzerland), Texas Instruments Incorporated (US), MStar Semiconductor, Inc. (Taiwan), Flomio, Inc. (US), among others.
Other players in the market includes Blue Bite LLC, HID Global Corporation, Cellotape Smart Products, Advanced Card Systems Holdings Limited, Thinfilm, Smartwhere, LLC., SMARTRAC N.V., among others
The global near field communication market is segmented on the basis of type, device type, and application.
- By type, the near field communication market is segmented into non-auxiliary and auxiliary. The non-auxiliary segment is further sub-segmented into NFC ICs & antennas, NFC tags, and NFC readers. The auxiliary segment is further sub-segmented into NFC micro SD cards, NFC SIM/UICC cards, and NFC covers.
- By device, the market is segmented into smartphones, tablets, laptops & computers, and others.
- By application, the market is segmented into NFC-based payments, ticketing, booking, data sharing, authentication and access control, healthcare, and games and toys.
The global near field communication market is segmented by geography into North America, Europe, Asia Pacific, and rest of the world.
North America is likely to dominate the global near field communication market over the forecast period due to the widespread adoption of NFC-based payment systems in the region. The widespread use of smartphones in the U.S. and Canada has given the near field communication market the perfect platform to build on, and the requisite infrastructure to make it possible to make cashless NFC-based transactions across a wide range of POS has also been put in place in these developed countries. This has ensured a dominant role for the North America market in the global near field communication market. The strong presence of several leading players in the near field communication market has also helped the North America market, as key players in the region have made vital advances in the near field communication market and are likely to lead from the front in the coming years, ensuring steady growth of the near field communication market in North America.
Asia Pacific is likely to grow at the fastest rate in the global near field communication market over the forecast period due to the growing adoption of near field communication technology in cashless transactions and ticketing. The infrastructure needed to enable widespread incorporation of NFC technology is being put in place in leading countries such as India, China, Thailand, Indonesia, Korea, Australia, and Japan, leading to steady growth of the near field communication market over the coming years.
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TABLE OF CONTENTS
LIST OF FIGURES
FIGURE 1 Global Near Field Communication Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Near Field Communication Market
FIGURE 4 Value Chain Of Global Near Field Communication Market
FIGURE 5 Share Of Global Near Field Communication Market In 2017, By Country (In %)
FIGURE 6 Global Near Field Communication Market, 2018–2023
FIGURE 7 Sub-Segments Of Type
FIGURE 8 Global Near Field Communication Market Size, By Type, 2017
FIGURE 9 Share Of Global Near Field Communication Market, By Type, 2018 To 2023
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