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Near Field Communication Market Overview
Majorly used to help devices communicate with each other, Near Field Communications are one of the major protocols used for contactless communication. With wireless connectivity, it has the capacity to connect short ranges of technology that has made life easier in terms of global communication. Consumers find it easy and convenient for digital transactions, content and connections just by a few mediums.
The Near Field Communication Market is majorly driven by mobile commerce, which has been rapidly expanding in terms of technological development. The NFC technology in smartphones has enabled users with multiple facilities for payment. Moreover, the PoS systems have made it easy for various financial institutions to collaborate with business consumers to develop these applications. The tech zone has seen a remarkable development in the mobile business due to the Field of Communication Technology. Designers are more focused on empowering the business with NFC innovations, which is considered a more significant way to transfer information. With potential factors driving the market dynamics, the market stood at a global value of $15 531 million at the beginning of its forecast period. The forecast period of the market was predicted from 2021 to 2028, amid which it stood at a global market rate of 14.8% of CAGR. The market is again predicted to stand at $58.6 Billion by the end of its forecast period.
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The market, unlike any other, benefited during the global pandemic. Owing to the contactless solutions that the Near Field Communication Market provided, the consumer inclination towards the same increased. There were several factors, like the growing use of NFC technology, that surged the demand for medical applications. And this provided the market with a lucrative growth opportunity. However, there were certain restraining factors in the market too that brought down its value globally. There were a lot of security worries that were rising in the NFC due to hacking of PCs, Cell phones and tablets. Moreover, the entire concept of the market is short ranged because of which it cannot be used in communications that are long ranged. The imparting gadgets are barely in proximity which pulls down the market value.
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Report Attribute/Metric |
Details |
|
Market Size in 2030 |
USD 58.6 Billion |
|
Growth rate: |
CAGR of 14.30% from 2022 to 2030 |
|
Forecast Period |
2022-2030 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
In-depth Market Research Report (102 Pages) on Near Field Communication Market: https://www.marketresearchfuture.com/reports/global-near-field-communication-market-1590
Near Field Communication Market Segmentation
The Near Field Communication Market is segmented into its type and end user.
By its end-user segment, the market is divided into auxiliary and non-auxiliary.
Based on its end user, the market is again divided into cloud and telecom services.
Regional Analysis
The Near Field Communication Market is widely spread over covering parts of the US and Canada in North America, UK, France, Russia and Germany in Europe and Asia-Pacific countries like China, Japan, Australia and India are also included. The market has shown major development in Africa and Latin America.
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Recent Development
Some of the major key players in the market were constantly involved in potential collaborations and product launches. Texas Instruments (US), NXP Semiconductors (The Netherlands), and Gemalto N.V. are some vital key players in the industry.
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