Global Near Field Communication Market Prediction & Growth Inclination Analyzed during 2018-2023

Published on : Aug 23, 2018

Albany, New York, August 22, 2018: Near Field Communication is basically a technological innovation which utilizes magnetic field induction with an aim to permit communication between devices for exchanging information when they are recruited together, or placed within a few centimetres from each other. In order to learn about the overall market scenario for NFC, a new research study has been added to the wide database of Market Research Hub (MRH). This assessment is titled “Global Near Field Communication Market (2018-2023)”, which discusses the various projections expected in the global NFC market during the period until 2023.

According to research findings, the global near field communication market is anticipated to deliver a significant CAGR of 21.30% and acquire a market size of USD 23.82 Bn by 2023-end. This growth is driven by the widespread adoption of NFC in smartphones and tablets. The use of NFC is significantly used to pair devices such as headphones and speakers, as well as to exchange data between tablets/smartphones or other near field communication-enabled devices. The research report starts with the executive summary and market scope followed by market definitions in terms of product, end user industry and mode of operation. The market overview section discusses the global historical market size as well as global forecasted market size to enlighten the readers about the exact scenario prevailing in the overall near field communication sector. This portion of the report also talks about global trends and geography wise market size.

On the basis of product type, the global near field communication market is divided into NFC controller chips, NFC readers, NFC tags and NFC secure elements. According to active statistics, the NFC controller chips segment are expected to deliver the highest growth rate due to its extensive adoption in contactless payment systems across various industries. Based on region, the market is bifurcated into North America, Asia-Pacific, Europe, Latin America and the Middle East & Africa. Among these, the Asia-Pacific region is likely to grow with the highest CAGR during the forecast period (2018-2023).

Considering the key growth factors as enclosed in this report, NFC technology is less disposed to hacking as compared to other kinds of wireless connectivity options like Wi-Fi, Bluetooth, etc. This is because NFC connections can only be enabled when the two devices are kept close to one another; therefore, motivating the adoption of NFC in enterprises linked to money transactions. The key companies studied in this report include names like NXP Semiconductors, Broadcom, Gemalto, STMicroelectronics and Inside Secure.

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