Near field communication technology, commonly known as NFC, is a technology developed by Philips and Sony jointly. It facilitates the exchange of data between electronic devices such as smartphones or tablets when placed close to each other. Over time, the technology has witnessed tremendous developments, and NFC marketing has helped the technology in gaining popularity. Market Research Future (MRFR)’s analysis unravels that the global Near Field Communication Market is presumed to expand at 17% CAGR over the evaluation period. The market size, in terms of revenue, is anticipated to reach USD 30 Bn by 2023.
Near field communication technology is one of the most convenient technologies used for data transfer. It is anticipated that the use of the technology in health monitoring is expected to revolutionize the near field communication world in the forthcoming years. Also, the development of new technologies and new field communication marketing tactics leveraged by key players are projected to increase growth rate in the coming years.
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Prominent players in the global near field communication market include NXP Semiconductors (Netherlands), Broadcom Corporation (US), SAMSUNG (South Korea), Intel Corporation (US), Qualcomm Inc. (US), ams AG (Austria), STMicroelectronics (Switzerland), Texas Instruments Incorporated (US), MStar Semiconductor, Inc. (Taiwan), Flomio, Inc. (US), among others.
Other players in the market includes Blue Bite LLC, HID Global Corporation, Cellotape Smart Products, Advanced Card Systems Holdings Limited, Thinfilm, Smartwhere, LLC., SMARTRAC N.V., among others.
The segmental assessment of the near field communication market has been included on the basis of type, device, and application. By type, the near field communication market has been segmented into non-auxiliary and auxiliary. The sub-segments of the non-auxiliary segment are – NFC tags, NFC ICs & antennas, and NFC readers. NFC SIM /UICC cards, NFC micro SD cards, and NFC covers are the sub-segments of the auxiliary segment.
On the basis of device, the near field communication market has been segmented into tablets, laptops & computers, smartphones, and others.
On the basis of application, the near field communication market has been segmented into NFC-based payments, booking, ticketing, data sharing, healthcare, authentication and access control, and games and toys.
The geographical evaluation of the global near field communication market spans across four major regions, that are – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). These regional segments are then assessed on the basis of key country-level markets present. North America, trailed by Europe, is prognosticated to dominate the growth pattern of the near field communication market in the upcoming years. The adoption of advancing technologies in the region is supposed to ply a developmental role in the proliferation of the near field communication market over the next few years. The rising penetration of the industry domains such as BFSI and healthcare is anticipated to accelerate revenue creation in the regional market. Asia Pacific is also poised to attain a considerable valuation in the forthcoming years. The growth is attributed to the penetration of smartphones and other NFC enabled devices.
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