Near Field Communication Market worth USD 46,781.0 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Near Field Communication Market by Product Type (NFC ICS, SIM Cards, NFC Tags, NFC Readers, and Others), by Operating Mode (Peer-to-peer Mode, Read/Write Mode, and Card Emulation Mode), by End-Users (Transportation, Automotive, Residential & Commercial, Medical & Healthcare, Retail, Consumer Electronics, Banking & Finance, Hospitality, and Others), by Region – Global Share and Forecast to 2027". The global near-field communication market size is expected to grow from USD 17,875.0 million in 2020 to USD 46,781.0 million by 2027, at a CAGR of 14.8% during the forecast period. Smartphones have become an important part of consumer's lives. Consumers are using their cell phones, in addition to traditional channels of communication, to make quicker and faster payments. NFC is a handy payment method because it combines a consumer's mobile device with their wallet. It allows users to perform mobile transactions, effortlessly trade digital material, and link their devices with other devices via touch. As a result, the number of devices equipped with NFC technology is increasing. This adds to the expansion and use of NFC technology in developing economies.

Global Near Field Communication Market Segmentation

The near-field communication market has been segmented into product type, operating mode, end-users, and region.

• By Product Type (NFC ICS, SIM Cards, NFC Tags, NFC Readers, and Others)
• By Operating Mode (Peer-to-peer Mode, Read/Write Mode, and Card Emulation Mode)
• By End-Users (Transportation, Automotive, Residential & Commercial, Medical & Healthcare, Retail, Consumer Electronics, Banking & Finance, Hospitality, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Read/Write mode, by operating mode, is estimated to hold the largest market share during the forecast period

Based on operating mode, the global NFC market is segmented into read/write mode, peer-to-peer mode, and card emulation mode. The read/write mode segment generated the highest revenue of 66.7% of the total global near-field communication market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. The reader/writer mode involves one-way communication between an active device such as an NFC reader or a smartphone in writer/reader mode and a passive device such as an NFC tag/inlay.

In the reader/writer mode (active), the NFC device acts as the interrogator by empowering the passive NFC device and generating a magnetic field. The passive device, a tag or inlay, responds with its stored information by using the magnetic field from the reader. Thus, this need for communication between the active and passive NFC devices fuels growth of the reader/writer mode segment. In addition, this mode is witnessing an extensive range of applications in access control, transactions, business cards, marketing, and asset tracking, further boosting market growth.

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North America accounts for the largest market share in near field communication market 2020

Based on the regions, the global near field communication market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 37.3% in the global near-field communication market. North America includes the U.S. and Canada. The near-field communication landscape in this region is continuously evolving. The overall growth of the near field communication market is anticipated to increase rapidly across the U.S. and Canada, along with the major adoption of NFC solutions in the sectors such as retail, healthcare, and banking & finance. In addition, North America is expected to be the leading region in terms of adoption and the development of NFC solutions, owing to the presence of several key players, thereby making it a competitive market.

The high spending on advanced technologies and developed network architecture in the region drives the near-field communication market growth across North America. In addition, the rise in the adoption of wearable payments and contactless payments systems by various retailers and manufacturers in the U.S. and Canada to improve customer's experience and provide a secure, safe, and faster transaction method drives the market growth. Moreover, the growing wearable payments industry in the region, due to the continuous rise in government funding for improving contactless payment systems, drives the market's growth.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the near field communication market. It also consists of leading companies such as MagTek, NXP Semiconductors, Broadcom Inc., Identive, Infineon Technologies, Qualcomm Technologies, Inc., Texas Instruments Incorporated, Samsung Electronics, Sony Corporation, and Thales Group. These market players have focused on acquisitions and expansion to gain a larger market share in the near field communication market.

Browse complete report: https://www.marketstatsville.com/near-field-communication-market

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