Expert Market Research’s new report titled, “Global NFC Market Report and Forecast 2022-2027”, gives an in-depth analysis of the global NFC market, assessing the market based on its segments such as product, applications and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Historical market size (2021): USD 17.1 billion
- Forecast CAGR (2022-2027): 4%
- Forecast market size (2027): 76.7 billion USD
The NFC market is driven by the upward trend in mobile commerce. In apps, using NFC on a smartphone to make payments and other transactions is very simple. It has a wide range of applications in a variety of areas including banking, reservations and ticketing. Meanwhile, the growing application of the product in the medical sector as it helps in tracking patient medical records. The companies have unveiled innovative healthcare solutions, such as wearable NFC tags. Automatic timestamps that help capture patient activities and enable easy maintenance and updating of patient records in the medical and healthcare industry serve to improve patient care. During the pandemic, NFC has contributed to a greater extent to smoother and cashless transactions. The product is expected to witness high demand over the forecast period supported by various IT companies.
Industry definition and major segments
Near Field Communication, abbreviated as NFC, is a short-range wireless technology. It allows compatible devices to communicate over relatively short distances. At least one transmitter device and one receiver device are required to send the signal. The NFC standard can be used by a wide variety of devices, passive and active. Tags and other small transmitters in passive devices can send data to other NFC devices without requiring their own power. These devices cannot process data from other sources and cannot communicate with other passive components. These gadgets are capable of both sending and receiving data in active devices. They are able to communicate with active and passive devices.
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The NFC Market, on the basis of Product, can be segmented into:
- SD cards
- SIM cards
- NFC covers
- NFC ICs
- NFC tags
- NFC readers
On the basis of application, the market can be categorized into:
- Access control
- Data sharing
- Medical equipement
- Product identification
Regional NFC markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The growing demand for mobile commerce has been visible for some time now. NFC technology is now used by smartphone users to make payments. Additionally, with technologies such as NFC-enabled PoS systems, mobile devices have become an essential means of data transfer. Various financial institutions are working with mobile app developers to create apps that will allow customers to transact business. Moreover, increasing efforts of companies investing in NFC technology is the key trend supporting the growth of the market over the forecast period.
Main market players
The major market players are Thales Group, Broadcom Inc., Infineon Technologies AG, Identitv, Inc., NXP Semiconductors NV, etc. the
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