Kenneth Research, in its repository of market research reports, have recently added a report on Near Field Communication Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021-2030. The market is projected to grow with a CAGR of XX.X% during the forecast period and further attain a market revenue of USD XXX in the year 20XX. The market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Near Field Communication Market Products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Near Field Communication Market
Near Field Communication is a technological innovation that uses magnetic field induction to allow communication between devices to exchange information when they are tapped together, or brought within a few centimetres of each other. According to Netscribes, the global near field communication market is expected to have a significant compounded annual growth rate of 21.30% and reach a market size of USD 23.82 Bn by 2023.
The near field communication (NFC) market is gaining traction due to its broad adoption in smartphones and tablets. NFC is widely used to pair devices like headphones and speakers and to exchange data between smartphones/tablets or other NFC enabled devices. NFC technology is making payments and transactions much more convenient since it enables contactless payments by swiping credit cards and electronic ticket smartcards, instead of inserting and entering pins for card payments.
The market is expected to grow at a strong rate as it has made its way into various fields of applications like retail, transportation, healthcare, etc. Wide adoption in systems like Samsung Pay and Android Pay are expected to make NFC technology a commonplace by creating mass awareness. Also, its recent integration with mobile giant Apple (iOS 11) is expected to help the growth of the market. Not only is NFC being incorporated in consumer electronics like smartphones and televisions, but also in the healthcare sector. Implantable medical devices require high energy efficiency and conservation. NFC technology is suitable for such uses as the NFC reader can activate the tag only when it is necessary and transfer power wirelessly.
Based on the end user industry, the market is segmented into retail, transportation, healthcare and banking and financial services. Among these segments, the retail segment accounted for the most significant share of the market in 2017, as retailers like Burberry, Harvey Nichols, etc., are continuously adopting NFC technology to enhance shopping experiences in brick and mortar stores. Beyond reforming payments, NFC is creating opportunities for retailers to inform and persuade shoppers.
By product type, the global near field communication market is categorized into NFC controller chips, NFC tags, NFC readers, and NFC secure elements. The NFC controller chips are expected to have the highest growth rate owing to its wide adoption in contactless payment systems within various industries.
By mode of operation, the market is segmented into peer to peer, card emulation, and reader/writer segments. The peer to peer segment has the largest market share while the card emulation segment is expected to show the highest growth rate during the forecast period as card emulation mode provides the scope for an NFC enabled mobile device to function as a contactless smart card, and will go on to cater to the raised demand for making cashless transactions smoother in the near future.
By regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Asia-Pacific is projected to grow with the highest CAGR through the forecast period of 2018-2023.
Key growth factors
The growing proliferation of smartphones across the globe and the demand for smooth and prompt cashless transactions are driving the near field communication market forward. Mobile transactions as a percentage of all retail store transactions have risen manifolds in developed countries over the last few years. The use of smart passes/cards while travelling within the transportation industry is also driving the market forward. Also, the integration of the NFC technology by Apple and Android is expected to create more scope for the development of the market.
NFC technology is less prone to hacking compared to other forms of wireless connectivity solutions like Bluetooth, Wi-Fi, etc., since NFC connections can be enabled only when two devices are brought close to one another, thus, driving the adoption of NFC in companies involved in money transactions.
Threats and key players
Although the global near field communication market is expected to have significant growth, the biggest challenge to the growth of the market is low awareness among people of many regions about its uses. Also, the high cost of NFC chips often deters its adoption especially by those in developing regions of the world. The rising concern over data security and privacy while using NFC is another significant challenge for the adoption of the technology. The probable data security attacks like eavesdropping, data corruption or modification, interception attacks, and physical thefts are possible while using near field communication technology.
Some of the major players in the global near field communication market are NXP Semiconductors, Broadcom, Gemalto and Inside Secure.
What’s covered in the report?
1. Overview of the global near field communication market
2. Historical, current and forecasted market size data for NFC controller chips, NFC tags, NFC readers, NFC secure elements markets
3. Historical, current and forecasted market size data for retail, transportation, medical, banking and financial services markets
4. Historical, current and forecasted market size data for peer to peer, card emulation, reader/writer markets
5. Historical, current and forecasted regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data for the near field communication market segmentations (by product – NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end-user industry – retail, transportation, medical, banking and financial services , by mode of operation – peer to peer, card emulation, reader/writer)
6. Market trends in the global near field communication market
7. Qualitative analysis of the key drivers and challenges affecting the global near field communication market and its segmentations (by product – NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end user industry – retail, transportation, medical, banking and financial services , by mode of operation – peer to peer, card emulation, reader/writer)
8. Analysis of the competitive landscape and profiles of major players operating in the market
1. Get a broad understanding of the global near field communication market
2. Get region-specific market size and observations for the global near field communications market and its segmentations (by product – NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end user industry – retail, transportation, medical, banking and financial services , by mode of operation – peer to peer, card emulation, reader/writer)
3. Get specific drivers and challenges for the global near field communications market and its segmentations (by product – NFC controller chips, NFC tags, NFC readers, NFC secure elements, by end user industry – retail, transportation, medical, banking and financial services , by mode of operation – peer to peer, card emulation, reader/writer)
4. Recognize major competitors’ business and market dynamics, and respond accordingly
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Near Field Communication Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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