The global near-field communication (NFC) market is anticipated to grow at a CAGR of around 14.1% during the forecast period (2024-2031). The increasing smartphone ownership and rising internet penetration are the major factors augmenting the growth of the NFC market. It is estimated that more than 5 billion people have mobile devices, and over half of these connections are smartphones globally at present time. Furthermore, according to the Cellular and Electronics Association (ICEA), in India, 500 million smartphone users were reported at the end of 2019, the user base is expected to swell to 820 million by 2020. Moreover, the adoption of contactless payment solutions among smartphone users is another key factor due to which the demand for NFC products has surged. NFC technology enables contactless communication which allows a user to send information by waving the smartphone over an NFC-compatible device without needing to touch the devices. However, the use of NFC technologies in healthcare sectors and remote patient monitoring to keep track of the patient’s record related to medication is increasing which is another reason NFC technologies are gaining popularity. The introduction of new products by key players is expected to enhance the market value during the forecast period.
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For instance, in April 2021, Apple Inc. has launched AirTags trackers that can be read by NFC-enabled Android and iOS devices. Moreover, in March 2021, Infineon Technologies LLC, an Infineon Technologies AG announced the launch of its second-generation non-volatile Static RAMs. The new second-generation static RAMs are compatible with QML-Q and high-reliability industrial specifications, and also supports demanding non-volatile code storage and data-logging applications for aerospace and industrial application.
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Market Coverage
- Segment Covered-
o By Application
o By Products
o By End-Users
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Broadcom, Inc., Infineon Technologies AG, NXP Semiconductors N.V., STMicroelectronics N.V., Texas Instruments Inc., Toshiba Corp, Qualcomm Technologies, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global NFC Market Report by Segment
By Application
- Contactless Payment
- Booking
- Sharing of Information/Data
- Healthcare Monitoring
By Product
- Non-Auxiliary Product
o NFC Controller IC’S
o NFC Tags
o NFC Readers
o NFC Secure Element
- Auxiliary Products
o NFC Micro SD Cards
o NFC Sim Cards
o NFC Software
By Device
- Smartphones
- PC & Laptops
- Others
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