Dallas, Texas, Oct. 13, 2022 (GLOBE NEWSWIRE) — The potential factors driving the growth of the global Near Field Communication market are the rising trend of mobile. Mobile commerce is a fast-growing technology area that has experienced unprecedented growth over the past decade. NFC technology is used by smartphone users to make payments. Moreover, with products such as his NFC-enabled PoS system, mobile phones are becoming an important means of data transmission. Various financial institutions are working with mobile application developers to develop applications that enable consumers to conduct commerce. The NFC market is expected to reach US$54.52 billion by 2029 at a CAGR of 14.8% during the projected period 2022-2029.
Organizations can lock in their customers by offering NFC-enabled contactless payments and other different extended ranges of applications that may assist them to improve their workflow in addition to enhancing the client experience. Further, new makes use of NFC including NFC-enabled smart motors, smart sensors, and smart posters, have acquired popularity among purchasers, especially the younger and technically inclined customers proving an opportunity for established manufacturers to enter new markets.
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Global Near Field Communication (NFC) Market Major Players:
- APL Logistics Ltd.
- IBM Corporation
- Logitech Corporation
- Samsung Electronics
Other than payments and device-to-device sharing, NFC generation is getting used for boarding passes and protection access by airlines, without keys, one can enter offices, homes, and automobiles, thereby providing boom opportunities for the NFC market.
NFC is a wireless generation used for low-altitude wireless communication strategies acknowledging gadgets to proportion information within a proximity of 3cm or less. NFC technology permits to the percentage of small payloads of facts or provoking a connection between two Android-powered gadgets or between NFC tags and Android-powered devices. In this wi-fi generation, radio communication is installed among devices by means of bringing them into required proximity or touching them concurrently. Attributed to this, NFC is increasingly gaining recognition as a powerful opportunity for different quick-range communication technology inclusive of Wifi and Bluetooth.
Near Field Communication (NFC) Industry Type includes:
- NFC Tags, NFC ICs/Chips
- SIM Cards
- NFC Readers
Near Field Communication (NFC) Industry Applications Consists of:
- Residential & Commercial
- Medical & Healthcare
The COVID-19 pandemic has preferred the increase inside the Near Field Communication market. Because of the fear of getting infected, wireless payment solutions along with touch-and-cross credit score playing cards or debit cards have been more and more used by clients for in-shop payments in retail stores. Commerce and increasing acceptance of wearable technology. However, near-field communication issues are expected to challenge market growth. Additionally, the inability to work at distances greater than 12 cm, slow data transfer speeds, and the exorbitant cost of NFC-enabled devices compared to Bluetooth and Wi-Fi hinder their market sale.
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The NFC market is basically fragmented into segments such as product type, mode of operation, end-user, and region. On considering the product type, this industry is segregated into NFC readers, NFC IC/chips, NFC tags, SIM cards, and others. According to the mode of operation, it is classified into the peer-to-peer mode, card emulation mode, and read/write mode. In terms of end-user, it is segmented into finance, banking, retail, hospitality, transportation, automotive, home and commercial, medical and healthcare, consumer electronics, and others.
Near Field Communication (NFC) Industry Downstream Field Overview:
- Non- Auxiliary Products
- Auxiliary Products
Asia-Pacific is predicted to have a look at the highest boom rate for the duration of the forecast duration, because of expanded adoption and consciousness of Near Field Communication generation in the transportation and retail industry. Similarly, the high penetration of smartphones within international locations which include India and China drives the growth of the close-to-discipline verbal exchange marketplace within the area
In March 2021, digital payments company Paytm announced that it will allow merchants to accept Near Field Communication (NFC)-based credit and debit card payments using smartphones through ‘Paytm Smart POS’ for Android smartphones.
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