As part of the final report, an analysis will be included to examine the effects of the Russia-Ukraine War and COVID-19 on the Near Field Communication industry.
New Industry Report on Global Near Field Communication Market Status and Prospects [2023-2032] has been released. The report is 120 pages long and provides an overview of the business with key types and applications along with the industrial chain structure. It includes information about the global market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market. If you are interested in the report, Please Request a Free Sample Copy
The global near field communication market is expected to have a significant compounded annual growth rate of 21.30% and reach a market size of USD 23.82 Bn by 2023.
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Near Field Communication is a technological innovation that uses magnetic field induction to allow communication between devices to exchange information when they are tapped together, or brought within a few centimetres of each other.
The near field communication (NFC) market is gaining traction due to its broad adoption in smartphones and tablets. NFC is widely used to pair devices like headphones and speakers and to exchange data between smartphones/tablets or other NFC enabled devices. NFC technology is making payments and transactions much more convenient since it enables contactless payments by swiping credit cards and electronic ticket smartcards, instead of inserting and entering pins for card payments.
The market is expected to grow at a strong rate as it has made its way into various fields of applications like retail, transportation, healthcare, etc. Wide adoption in systems like Samsung Pay and Android Pay are expected to make NFC technology a commonplace by creating mass awareness. Also, its recent integration with mobile giant Apple (iOS 11) is expected to help the growth of the market. Not only is NFC being incorporated in consumer electronics like smartphones and televisions, but also in the healthcare sector. Implantable medical devices require high energy efficiency and conservation. NFC technology is suitable for such uses as the NFC reader can activate the tag only when it is necessary and transfer power wirelessly.
Based on the end user industry, the market is segmented into retail, transportation, healthcare and banking and financial services. Among these segments, the retail segment accounted for the most significant share of the market in 2017, as retailers like Burberry, Harvey Nichols, etc., are continuously adopting NFC technology to enhance shopping experiences in brick and mortar stores. Beyond reforming payments, NFC is creating opportunities for retailers to inform and persuade shoppers.
By product type, the global near field communication market is categorized into NFC controller chips, NFC tags, NFC readers, and NFC secure elements. The NFC controller chips are expected to have the highest growth rate owing to its wide adoption in contactless payment systems within various industries.
By mode of operation, the market is segmented into peer to peer, card emulation, and reader/writer segments. The peer to peer segment has the largest market share while the card emulation segment is expected to show the highest growth rate during the forecast period as card emulation mode provides the scope for an NFC enabled mobile device to function as a contactless smart card, and will go on to cater to the raised demand for making cashless transactions smoother in the near future.
By regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Asia-Pacific is projected to grow with the highest CAGR through the forecast period of 2018-2023.
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Key growth factors
The growing proliferation of smartphones across the globe and the demand for smooth and prompt cashless transactions are driving the near field communication market forward. Mobile transactions as a percentage of all retail store transactions have risen manifolds in developed countries over the last few years. The use of smart passes/cards while travelling within the transportation industry is also driving the market forward. Also, the integration of the NFC technology by Apple and Android is expected to create more scope for the development of the market.
NFC technology is less prone to hacking compared to other forms of wireless connectivity solutions like Bluetooth, Wi-Fi, etc., since NFC connections can be enabled only when two devices are brought close to one another, thus, driving the adoption of NFC in companies involved in money transactions.
Threats and key players
Although the global near field communication market is expected to have significant growth, the biggest challenge to the growth of the market is low awareness among people of many regions about its uses. Also, the high cost of NFC chips often deters its adoption especially by those in developing regions of the world. The rising concern over data security and privacy while using NFC is another significant challenge for the adoption of the technology. The probable data security attacks like eavesdropping, data corruption or modification, interception attacks, and physical thefts are possible while using near field communication technology.
Some of the major players in the global near field communication market are NXP Semiconductors, Broadcom, Gemalto and Inside Secure.
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What’s covered in the report?
1. Overview of the global near field communication market
2. Historical, current and forecasted market size data for NFC controller chips, NFC tags, NFC readers, NFC secure elements markets
3. Historical, current and forecasted market size data for retail, transportation, medical, banking and financial services markets
4. Historical, current and forecasted market size data for peer to peer, card emulation, reader/writer markets
5. Historical, current and forecasted regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data for the near field communication market segmentations (by product – NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end-user industry – retail, transportation, medical, banking and financial services , by mode of operation – peer to peer, card emulation, reader/writer)
6. Market trends in the global near field communication market
7. Qualitative analysis of the key drivers and challenges affecting the global near field communication market and its segmentations (by product – NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end user industry – retail, transportation, medical, banking and financial services , by mode of operation – peer to peer, card emulation, reader/writer)
8. Analysis of the competitive landscape and profiles of major players operating in the market
1. Get a broad understanding of the global near field communication market
2. Get region-specific market size and observations for the global near field communications market and its segmentations (by product – NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end user industry – retail, transportation, medical, banking and financial services , by mode of operation – peer to peer, card emulation, reader/writer)
3. Get specific drivers and challenges for the global near field communications market and its segmentations (by product – NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end user industry – retail, transportation, medical, banking and financial services , by mode of operation – peer to peer, card emulation, reader/writer)
4. Recognize major competitors’ business and market dynamics, and respond accordingly
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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On June 8th, 2022, the Bureau of Economic Analysis and U.S. Census Bureau released a report detailing the recovery of the U.S. market and international trade. The report highlighted the significant growth in exports and imports, with exports reaching $300 billion in April 2022, an increase of $13.4 billion, and imports amounting to $294.5 billion, increasing by $17.4 billion. Despite the impact of COVID-19 on the global economy, the U.S. market is showing signs of recovery.
However, the Healthcare/ICT/Chemical industries are still feeling the effects of the pandemic, which is creating a large market for Near Field Communication. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for Near Field Communication is likely to increase. The report highlights the need for businesses to stay informed about market trends and adjust their strategies accordingly to take advantage of emerging opportunities in this evolving landscape.
Intricacies of COVID-19 Impact Analysis:
The pandemic of COVID-19 has also reduced the availability of and demand for non-COVID-19-related medical treatment. A wide range of treatments, including emergency care for acute diseases, routine check-ups, and recommended cancer screenings, are being postponed or avoided by patients. Undiagnosed illnesses and a failure to intervene early will have serious long-term health consequences. COVID-19 has accelerated a variety of existing and emerging healthcare trends, including changing consumer attitudes and habits, the convergence of life science and health care, rapid advances in digital health technologies, and new talent and care delivery models, to name a few.
In-depth Analysis of the Russia-Ukraine War Impact:
Global industries were impacted by the Russia-Ukraine War, which started in February 2022. There have been widespread announcements of strict travel restrictions over Ukrainian airspace. The market in 2022 has been damaged by the Russia-Ukraine War.
The conflict between Russia and Ukraine raises defense spending and fortifies NATO nations’ armed forces. Due to Russia’s invasion, the majority of European nations have raised their defense budget. Germany earmarked USD 109 billion, which is more than the whole cost of the military in 2021, increasing its defense spending above 2% of GDP.
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Some Questions Answered in the Near Field Communication Market Report:
- What is the projected size of the global Near Field Communication market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the global Near Field Communication industry?
- What are the major market trends that are affecting the expansion of the Near Field Communication market?
- What obstacles must be overcome in order to achieve sustained growth in the Near Field Communication market?
- What opportunities and threats do vendors in the global Near Field Communication market face?
- What are the raw materials and manufacturing equipment used in the production of Near Field Communication, and what is the manufacturing process?
- What are the different types and applications of Near Field Communication, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the Near Field Communication market?
- What factors are driving the growth of the Near Field Communication market in the top regions worldwide?
- Who are the major players in the global Near Field Communication market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the Near Field Communication market?
- What are the main findings of a five forces analysis of the global Near Field Communication market?
To gain a better understanding of market conditions, a Five Forces analysis is conducted, which includes an assessment of the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
Additionally, a PESTLE analysis is performed to evaluate the external factors that may impact the market:
- Political factors: This includes political policies and stability, as well as trade, fiscal, and taxation policies.
- Economic factors: Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates are all considered under this category.
- Social factors: Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles are taken into account when analyzing the social factors that may affect the market.
- Technological factors: Changes in digital or mobile technology, automation, research, and development are evaluated to determine the potential impact on the market.
- Legal factors: Employment legislation, consumer law, health and safety regulations, and international trade restrictions are among the legal factors that may affect the market.
- Environmental factors: Climate, recycling procedures, carbon footprint, waste disposal, and sustainability are all taken into consideration when assessing the potential impact of environmental factors on the market.
Our Near Field Communication Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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