Near Field Communication Market is expected to rise at a CAGR of 14.30%, with a value of USD 58.6 Billion during 2022-2030

Near Field Communication Market Research Future Insights:

By the end of the forecast period (2022-2030), The Near Field Communication Market is expected to reach USD 58.6 billion, growing at a 14.30% CAGR.

A short-range wireless connectivity standard called Near Field Communication (NFC) uses magnetic field induction to allow communication between devices when they are touched or brought within a few centimeters of one another. Near field communication technology is advantageous to both people and corporations. A customer can board a train, pay for groceries, redeem coupons or store loyalty points, and even exchange contact information with the wave of a smartphone thanks to the integration of credit cards, subway tickets, and paper coupons into one device. Faster transaction times result in happier customers and less line waiting.

The Near Field Communication Market is expanding quickly as a result of the increasing use of near field communication technology in smartphones and other similar devices. The need for near field communication has grown recently due to its simplicity and accuracy.

By facilitating quick and secure sharing of files, documents, and sensitive information, NFC improves collaboration in work settings. When making a purchase, the customer’s credit card information is securely saved on the mobile device. This is one of the safest forms of payment because hardware encryption can only be used in close proximity to the point of sale and comes in the form of a Subscriber Identity Module, secured chips, or a secure digital card. This function serves as a significant pull factor to draw in new users and customers of NFC technology and devices with technology capabilities. These factors will probably have a positive effect on the growth of the NFC mark Near Field Communication Market et over the forecast period.

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Key Players:

The leading competitors in the global Near Field Communication Market include

• NXP Semiconductors (Netherlands)
• Broadcom Corporation (U.S.)
• Samsung Semiconductors (South Korea)
• Intel Corporation (U.S.)
• Qualcomm Inc. (U.S.)
• Austria Micro Systems (Austria)
• ST Micro (Switzerland)
• Texas Instruments (U.S.)
• MStar Semi (Taiwan)
• Flomio (U.S.).

Report Scope:

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Near Field Communication Market Regional Analysis:

With the greatest market share and consequently accounting for enormous sums, North America now dominates the worldwide Near Field Communication Market and is anticipated to surpass past growth records by 2022. Asia Pacific is now the region with the greatest growth rate, accounting for a sizable portion of the market’s overall sales. There has been an increase in the use of NFC technology in smartphones in places like Australia, Japan, South Korea, and China. The market is being fueled by the high demand for smartphones and the expanding consumer electronics sector. The Near Field Communication Market is also being driven by the BFSI sector’s expanding use of security.

Near Field Communication Market Segmentation:

Near Field Communication Market is divided into numerous components based on application. For instance, the following industries use access control systems: retail (access control, transaction, product identification), 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), hospitality (access control, transaction), and others.

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Auxiliary Products (NFC Micro SD Cards, NFC SIM / UICC Cards, NFC Covers), Non-Auxiliary Products (NFC ICS & Antennas, NFC Tags, NFC Readers), and Software are some examples of offerings that divide this market into different segments.

According to the operating mode of a device, such as Reader Emulation, Peer-To-Peer, and Card Emulation, this Near Field Communication Market size is again divided into various parts.

This Near Field Communication Market is divided once more into three categories: smartphones and tablets, PCs and laptops, and others (Infotainment and Stereo Headphone).

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