Fort Collins, Colorado, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The NFC Market size was valued at USD 24.8 Billion in 2022 and is expected to reach a market size of USD 90.7 Billion by 2032 at a CAGR of 13.9%.
Near Field Communication, or NFC, is a three-decade-old technology that enables short-range communication between two electronic devices that are a few centimeters (up to 4 cm) apart. Although it has been around for a long time, its demand increased significantly through COVID-19 as the world switched to digital contactless payment systems. The most common NFC-enabled devices include smartphones, laptops, tablets, and wearable devices.
Novel innovations have enabled wireless charging of small Internet of Technology (IoT) devices such as wearables, smart glasses, and stylus. Such innovation offers benefits to smartphone users, such as charging at ease of convenience, enabling them to be independent of cumbersome wired accessories. Increasing purchases of smartphones and usage of online payment are expected to drive NFC demand over the next few years. Pre-programmed NFC tags can store specific data such as Wi-Fi connection details, indoor lighting timers, website links, and business cards, which an enabled device can access. Some major global brands have tapped this opportunity in marketing their products and services.
NFC tags can be placed on products, billboards, and other retail spaces, allowing customers to interact and obtain more information about certain products/services. Chatbots linked to such tags can be a helpful strategy in addressing in-store customer queries, specifically during peak footfalls such as the festive season and weekends. NFC technology offers dual benefits to corporates, specifically in the retail sector. It enriches the customers’ shopping experience and offers valuable data, which is key to understanding shopping behavior and offers further opportunities to improve customer experience. KFC, a global fast-food restaurant, launched NFC-based campaigns to attract local customers to their nearby restaurants and pay for their food orders via Android and Samsung Pay. Other corporate giants using this technology include Adidas (footwear), Ralph Lauren (fashion), and Lexus (automotive).
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Segmentation Overview:
The NFC market has been segmented into product type, storage capacity, application, end-user, and region. Based on product, the NFC market segmentation comprises active and passive tags. Passive tags secured a high position in 2022 and are projected to attain significant growth in the following years. Passive tags consist of an integrated circuit (IC) and an antenna to follow a one-way communication medium and are not dependent on a power supply. The most common passive tags are credit cards and key cards used in advertisements.
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NFC Market Report Highlights:
- The global NFC market growth is projected to reach 13.9% CAGR by 2032.
- The growing popularity of NFC technology in smartphones is one of the major reasons for its surging growth.
- Asia Pacific accounts for the largest market share as it is home to the leading consumer electronics manufacturers. This region accounts for >80% of smartphones exported worldwide. China accounts for the largest share of the demand within this region, followed by India and Southeast Asian countries. India is expected to witness the fastest growth owing to the shift in the manufacturing base of several consumer electronic brands from China and other countries to India. India has recently adopted steps to include NFC-enabled UPI payments to promote offline cashless transactions in the country.
- Some prominent players in the NFC market report include NXP Semiconductors, Samsung, Intel Corporation, Infineon Technologies, Broadcom Corporation, Qualcomm, Texas Instruments, STMicroelectronics, Sony, and Flomio.
Industry Trends and Insights:
- In 2024, Samsung introduced eco-friendly designs for the Galaxy S24 series, comprising 57 NFC card designs. These features mainly cater to Gen Z’s preferences and also from a sustainability aspect.
- In 2024, NFC Forum plans to make contactless payments more convenient and faster. The company also intends to add more features that empower accessibility and processing of instant payments whenever needed.
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NFC Market Segmentation:
By Product Type: Active and Passive
By Storage Capacity: 64 bytes, 168 bytes, 180 bytes, and 540 bytes
By Application: Smartphones, laptops, television, smart cards
By End-user: Consumer electronics, retail, transportation, healthcare
By Region: North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
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