Header Ads

Home NFC Market NFC Market Expands as Contactless Solutions Gain Momentum

NFC Market Expands as Contactless Solutions Gain Momentum

05:03

NFC Market is expected to grow from USD 18.0  billion in 2020 to USD 34.9 billion by 2025, at a CAGR of 14.2%. The major factors driving the growth of the NFC market are the increasing trend of mobile commerce and the growing adoption of wearable technology. However, the issue of short-range communication is expected to restrain the growth of the market.

Applications:

  1. Mobile Payments:


  2. NFC technology has transformed the way consumers make payments, enabling contactless transactions using smartphones, wearables, and other NFC-enabled devices. Mobile payment platforms such as Apple Pay, Google Pay, and Samsung Pay leverage NFC technology to facilitate secure transactions at retail stores, restaurants, and transportation hubs, offering convenience and ease of use to consumers.


  4. Access Control and Security:
    NFC technology is widely used for access control and security applications, allowing users to authenticate their identity and gain access to secured areas or digital resources. NFC-enabled access cards, key fobs, and smartphones are used in corporate offices, hospitals, educational institutions, and government facilities to grant authorized personnel entry while ensuring robust security protocols are in place.


  6. Transportation and Ticketing:
    In the transportation sector, NFC technology is utilized for contactless ticketing and fare payment systems in buses, trains, subways, and other public transit networks. NFC-enabled smart cards, mobile apps, and wearable devices enable passengers to tap and go, eliminating the need for paper tickets and reducing queue times at ticket counters and turnstiles, enhancing the overall commuter experience.

  1. IoT Connectivity:


  2. NFC technology plays a crucial role in the Internet of Things (IoT) ecosystem, enabling seamless connectivity and data exchange between IoT devices. NFC tags and sensors are embedded in smart home appliances, wearable devices, healthcare monitors, and industrial equipment, facilitating device pairing, configuration, and data transfer, enhancing interoperability and user convenience.

Key factors contributing to the growth of the NFC market include:

  1. Rising Demand for Contactless Solutions:
    The COVID-19 pandemic has accelerated the adoption of contactless technologies, including NFC, as businesses and consumers prioritize safety and hygiene. Contactless payments, access control, and ticketing solutions powered by NFC technology have experienced a surge in demand, driving market growth.


  3. Integration with Mobile Devices:
    The widespread adoption of smartphones and wearables equipped with NFC capabilities has fueled market expansion. Manufacturers are increasingly incorporating NFC technology into mobile devices, enabling a wide range of NFC-enabled applications such as mobile payments, access control, and IoT connectivity.


  5. Emergence of Wearable Devices:
    The growing popularity of wearable devices, including smartwatches, fitness trackers, and wearable payment devices, has created new opportunities for NFC technology. Wearable devices equipped with NFC capabilities offer users convenient access to contactless payments, access control, and transportation services, driving market growth in the wearable segment.


  7. Advancements in IoT and Connected Devices:
    The proliferation of IoT devices and connected ecosystems has spurred demand for NFC technology as a means of seamless connectivity and data exchange. NFC-enabled IoT devices, such as smart home appliances, healthcare monitors, and industrial sensors, leverage NFC technology to enable effortless device pairing, configuration, and data sharing, driving market growth in the IoT segment.

Key Market Players

The NFC market was dominated by NXP Semiconductors (The Netherlands), Broadcom (US), Qualcomm (US), Texas Instruments (US), and STMicroelectronics (Switzerland).


Know more Information @ https://www.marketsandmarkets.com/Market-Reports/near-field-communication-nfc-market-520.html


About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Tags :

No comments:

Subscribe to: Post Comments ( Atom )
Powered by Blogger.