Near Field Communication Market Growth Outlook Through 2024-2033

Overview and Scope
Near-field communication refers to a short-range wireless communication technology that allows data exchange between devices when they are brought into close proximity, typically within a few centimeters. It is used for a wide range of applications and purposes due to its versatility, simplicity, and security.

Sizing and Forecast
The near field communication market size has grown rapidly in recent years. It will grow from $26.78 billion in 2023 to $30.47 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to mobile device integration, contactless payment adoption, transportation ticketing solutions, smart access and security systems, marketing and advertising applications..

The near field communication market size is expected to see rapid growth in the next few years. It will grow to $51.24 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to collaborative efforts in standards development, growth in retail and loyalty programs, security and access control innovations, healthcare records and wearable integration, expansion in transport and ticketing solutions.. Major trends in the forecast period include biometric authentication integration, focus on smart packaging solutions, expansion in smart home applications, rise in health and wellness tracking, integration with public services..

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Segmentation & Regional Insights
The near field communication market covered in this report is segmented –

1) By Type: Non-Auxiliary, Auxiliary
2) By Operating Mode: Read And Write Mode, Peer-To-Peer Mode, Card Emulation Mode
3) By End-User: Cloud Service, Telecom Service, Enterprise

North America was the largest region in the near field communication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the near field communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The increased smartphone adoption is expected to propel the growth of the near-field communication market. Smartphone adoption refers to the rate or extent to which people acquire and use smartphones. It represents the %age of the population, or a specific group that owns and regularly uses smartphones as their primary mobile communication and computing devices. Near-field communication (NFC) technology is a short-range wireless technology that allows devices to communicate with each other nearby. NFC is used in smartphones for various purposes, including mobile payments, exchanging digital content, and connecting electronic devices. For instance, in March 2023, according to a report published by Cybercrew, a UK-based company developing and providing cybersecurity solutions for businesses of all sizes, as of 2021, 91.43% of households in the United Kingdom were using mobile internet. This %age is projected to increase to 93.8% by 2026, indicating a steady rise in smartphone usage. Therefore, the increased smartphone adoption is driving the growth of the near-field communication market.

Key Industry Players
Major companies operating in the near field communication market report are Google LLC, Samsung Electronics Corporation, Microsoft Corporation, At and T Inc., Verizon Communications Inc., Sony Group Corporation, T-Mobile US Inc., Qualcomm Technologies Inc., Toshiba Electronic Devices and Storage Corporation, Broadcom, Nokia Corporation, Royal Philips Electronics, Texas Instruments Incorporated​, Thales Group, MediaTek Inc., Infineon Technologies, STmicroelectronics N.V.​, NXP Semiconductors N.V., Renesas Electronics Corporation, Avery Dennison, Motorola Solutions Inc., Omron Healthcare, Ams-OSRAM AG, HID Global, A and D Company Limited, Impak Health Nedap, Identive Group, MagTek Inc., Gentag Inc.

The near field communication market report table of contents includes:

1. Executive Summary
2. Near Field Communication Market Characteristics
3. Near Field Communication Market Trends And Strategies
4. Near Field Communication Market – Macro Economic Scenario
5. Global Near Field Communication Market Size and Growth
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32. Global Near Field Communication Market Competitive Benchmarking
33. Global Near Field Communication Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Near Field Communication Market
35. Near Field Communication Market Future Outlook and Potential Analysis
36. Appendix

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