Select Page

July 18, 2018

Mumbai – (ROGM) Research On Global Markets(https://www.researchonglobalmarkets.com), a global market research firm, released a report on the Global Near Field Communication Market today (https://www.researchonglobalmarkets.com/global-near-field-communication-market-2018-2023-75420.html). According to Research On Global Markets, the market is expected to expand at a compounded annual growth rate (CAGR) of 21.3% and reach an estimated worth of USD 23.82 Bn by 2023.

Near Field Communication is the use of magnetic field induction to exchange data across devices. An increased adoption of NFC in smartphone usage is the main reason for the growth of this market. This is visible from the way in which people use their devices to conduct prompt cashless payments or cardless transportation ticketing. Other than the fast sharing of data, it has some other uses that have added to its growing popularity. It can even be used for pairing hands-free devices to tablets or smartphones. This form of wireless communication is more resilient to hacking when compared with similar wireless mediums like Bluetooth or Wi-Fi.

NFC is set to go mainstream and is already being adopted in healthcare, transportation and retail. The potential of this amazing new technology has not gone unnoticed, with big names like Android Pay, Apple and Samsung Pay making it a part of their systems and software.

The Near Field Communication end-user market has been segmented into transportation, healthcare, retail, and banking and financial services. Out of this, retail was the biggest segment. A study conducted in 2017 showed names like Harvey & Nichols and Burberry have adopted NFC technology to improve their customers’ shopping experiences. This market appears to be expanding as the demand for NFC products like chips, controllers, readers and tags, increases.

Key highlights of this report:
• A detailed overview of this market including specific segments, products type sales and countries where NFC products are sold.
• The historical, current and forecasted data, based on parameters such as NFC products sales, service industries that utilize NFC, mode of operation and geographical divisions.
• It entails a thorough look at the trends that govern the flow of demand and supply.
• Qualitative analysis of what drives this market and challenges prevalent in various segments.
• Competitive analysis of the major players and their performances.
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the Near Field Communication Market. This report can be used to support market or business dynamics, and help brands identify their major competitors and define strategies.