Near Field Communication (NFC) Market Worth USD 30 Billion by 2026, at 17% CAGR - Report by Market Research Future (MRFR)

Global Near Field Communications Market Driven by Social Commerce

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New York, USA, Jan. 11, 2022 (GLOBE NEWSWIRE) -- NFC Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Near Field Communication Market information by Type, by Device, by End-User and Region – forecast to 2027” market size to reach USD 30 billion, growing at a compound annual growth rate of 17% by 2026.

NFC Market Scope:
Near field communications (NFCs) are communication protocols used in helping devices communicate with each other within a distance of 4 cm. The contactless nature of the technology and its scope during the COVID-19 pandemic can drive its demand over the forecast period (2020-2027). The report on the global near field communications market by Market Research Future (MRFR) reveals various insights and trends for the industry.

Dominant Key Players on Near Field Communication Market Covered are:

  • Qualcomm (US)
  • Broadcom (US)
  • Texas Instruments (US)
  • STMicroelectronics (Switzerland)
  • NXP Semiconductors (The Netherlands)

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Market USP Exclusively Encompassed:
NFC Market Drivers
Adoption of Wearables to Drive Market Demand
Government efforts to tackle child deaths by being left alone in cars has been a major issue and led to development of software. For instance, the Hyundai Group had developed the Rear Occupant Alert system for providing alerts to car owners in case of passengers in the back seat. Improvement in rating points of cars according to European regulators due to presence of near field communications can lead to high adoption and bolster market demand significantly.

Rise of Mobile Commerce to Provide Opportunities
Mobile commerce is expanding owing to convenience provided to users to make payments through mobile phones as well as adequate support given to banks. Large number of smartphone users as well as number of businesses supporting point-of-sale (POS) machines can drive market demand significantly. In addition, use of retail stores in malls to dole out alerts through NFC to interested users can lead to high footfall.

Security Concerns with Short-range Communications to Hamper Market Growth
NFC does have not possess adequate security protocols for safeguarding user information. Transfer of malware applications via contactless payment methods can be a major cause for hesitancy among users. In addition, the need to be within a distance of 4cm or less is another issue for users. Alternatives such as Wi-Fi can pose to be a huge threat to market growth.

Browse In-depth Market Research Report (102 Pages) on Near Field Communication Market: 
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Segmentation of Market Covered in the Research:
Banking & Finance Application to Dominate Market Demand
The near field communication market is segmented into hospitality (access control, transaction), automotive (high-end, low-end, mid-range), transportation (ticketing, access control), medical & healthcare (medical devices, access control), banking & finance (e-money services or POS machines, multiforex cards), Retail (Access Control, Transaction, Product Identification), and others. Among these, the banking & finance application is set to lead in the market owing to proliferation of mobile technologies as well as support in the cloud for storage of data. Use of mobile wallets for payment of goods and services can drive its adoption in the sector.

Non-auxiliary Product Offerings to Rule Market Demand
The market is segregated into offerings such as non-auxiliary products (NFC, ICS, and antennas, NFC tags, NFC readers), auxiliary products (NFC SIM/UICC cards, NFC micro-SD cards, NFC covers), and software. Non-auxiliary products are used in successful pairing with NFC enabled devices.

Reader Emulation to Lead in Market Share
The NFC market is segmented into peer-to-peer, reader emulation, and card emulation. Reader emulation use NFC through mobile wallets and encouragement given to digital payments. Government policies mandated by governments as well as its support by commercial banks and merchants can bode well for the market.

Smartphones & Tablets to Lead in Global NFC Market
According to devices, this market is again segmented into smartphones & tablets, PCs & laptops, and others (infotainment and stereo headphone). Smartphones and tablets make use of NFC to alert systems of locations. This has been successfully used in contact tracing of patients during the COVID-19 pandemic.

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Regional Analysis
North America to Lead Global Near Field Communications Market
North America is expected to lead in the global market owing to potential in the healthcare sector. Hospital chains can bank on the technology to ensure patient wellness as well as curb medical costs. Rapid improvements in storage and sending of data as well as need to secure assets in hospitals can bode well for the market.

COVID-19 Impact on the Global Near Field Communication Market
The COVID-19 pandemic has accelerated the need for near-field communications as contactless payments become viable to stave off infection rates. NFC enabled credit cards and smartwatches are becoming prominent among banks and their subsequent adoption by customers.

Industry News
NuCurrent has launched a new platform, NuEva Development Platform for Near-Field Communication (NFC) Wireless Charging. It has the capability of providing of 3W of power and display data rates of 848 kb/s.

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