Growing mobile payments, IoT integration, enhanced customer engagement, and secure healthcare applications drive the near field communication market globally.
PORTLAND, OREGON, UNITED STATES, July 24, 2023/EINPresswire.com/ — The size of the Global Near Field Communication Market was estimated to be $15,531 million in 2019, and it is anticipated to grow to $54,521 million by 2028, with a CAGR of 14.8% between 2021 and 2028.
The demand for contactless payments is expected to skyrocket due to the COVID-19 pandemic, as is the demand for easy data transfer and security. An increase in smartphone adoption is also expected to propel the growth of the worldwide near field communication (NFC) market. The near field communication market’s growth is, however, constrained by security issues and a limited operational range. However, it is projected that technological developments in NFC and a rise in the adoption of wearable technology will open up new prospects for the expansion of the NFC industry.
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One of the most prominent trends in the NFC market is the widespread adoption of mobile payments and contactless transactions. NFC-enabled smartphones and wearables have revolutionized the way consumers make payments, eliminating the need for physical credit cards. As more businesses and retailers integrate NFC payment systems, consumers are increasingly embracing the convenience and security of contactless transactions.
NFC technology plays a crucial role in enabling seamless connectivity and communication among IoT devices. The ability to transfer data wirelessly between devices by simply bringing them in close proximity has driven the integration of NFC into smart home systems, connected vehicles, and various industrial applications. This trend is expected to continue as the IoT ecosystem expands, facilitating enhanced interoperability and user experiences.
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NFC-enabled marketing solutions have gained popularity among businesses seeking to enhance customer engagement. NFC tags and stickers placed in retail stores, product packaging, and promotional materials enable consumers to access product information, loyalty programs, and interactive content with a simple tap of their NFC-enabled devices. This trend empowers brands to deliver personalized and immersive experiences, strengthening customer loyalty and driving sales.
NFC’s secure and encrypted communication capabilities have made it an essential technology for healthcare applications and identity management. NFC-enabled smart cards and wearable devices are used for secure access control, patient identification, and medical record management. Additionally, NFC-based systems are being implemented in transportation and access control, streamlining processes and enhancing security across various sectors.
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Some of the key near field communication industry players profiled in the report include Broadcom Inc., Identive, Infineon Technologies, MagTek, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Sony Corporation, Texas Instruments Incorporated, and Thales Group. This study includes NFC market trends, near field communication market analysis, and future estimations to determine the imminent investment pockets.
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Allied Analytics LLP
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