NFC Systems Market is estimated to grow by at a CAGR of 14.63% between 2022 and 2027; Integration of NFC technology in smartphones to drive market growth

NEW YORK, May 26, 2023 /PRNewswire/ -- The NFC systems market size is estimated to increase by USD 21,742.46 million from 2022 to 2027, with a CAGR of 14.63%, according to recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report - Request a sample report

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.Find Technavio's Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria

One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.

Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.

Furthermore, market adoption rates for all regions have been covered.

The addictions therapeutics market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below -

ASSA ABLOY AB, Avery Dennison Corp., Broadcom Inc., Intel Corp., KISI Inc., MagTek Inc., Murata Manufacturing Co. Ltd., Nordic Semiconductor ASA, NXP Semiconductors NV, Qualcomm Inc., Samsung Electronics Co. Ltd., Sony Group Corp., STMicroelectronics NV, Texas Instruments Inc., Thales Group, The Swatch Group Ltd., Zebra Technologies Corp., Zeus RFID, Renesas Electronics Corp., and Infineon Technologies AG.

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Virtual Reality Market in Healthcare Market - Analysis of Segments

The market is segmented by Application (Retail, Automotive, Transportation, and Banking, finance and others), Product (NFC readers, NFC chips, NFC tags, and Others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa)

Retail segment dominates the application segment in the market. NFC systems in the retail industry facilitate the management of inventory, assets, and supply chains. Large retailers such as Amazon and Flipkart have witnessed high customer satisfaction and better inventory control by using NFC systems in their warehouse management. Such factors have boosted the revenue of the global NFC systems market in the retail segment. Retailers have experienced real-time visibility, cost-effective multiple inventory counts, efficient resource allocation, and increased fulfillment accuracy by adopting NFC systems.

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Market Dynamics

Key Trends -

The growing adoption of NFC-equipped devices is the primary trend in the near field communication systems market.

Smart wearables and IoT devices are becoming more and more popular due to their increasing functionality for various applications.

If these devices are equipped with NFC built-in capabilities, they will allow users to pay in stores, grant access to public transport, or grant entry into office buildings

Key Drivers -

The integration of NFC technology in smartphones is the key factor driving the near field communication systems market.

NFC technology allows users to make secure transactions, share digital content, and connect electronic devices with a single touch.

NFC-enabled smartphones can be used for peer-to-peer communication, read/write mode, and card emulator applications. In the peer-to-peer communication mode, the NFC chip allows the smartphone to connect to other NFC-enabled devices to transfer data.

Data is transmitted at a frequency of 13.56 megahertz. In the card emulator mode, an NFC-enabled smartphone can function as a smart card or contactless card to make payments.

In the read/write mode, an NFC-enabled smartphone can read or write the NFC tags attached to the products that the device scans

Key Challenges -

Increasing cybercrime issues is a major challenge to the growth of the near field communication systems market.

Contactless payment systems based on NFC technology allow individuals to swipe their cards or mobile devices through POS terminals to make secure payments.

When the card is brought close, the contactless payment terminal sends a signal, activating the NFC chip embedded in the card, which responds with a unique identification number (ID) and transaction information.

This transaction information cannot be reused, preventing it from being used by cybercriminals. However, in late 2022, Prilex's developers updated the malware with a code that blocks contactless transactions, which results in the terminal prompting the buyer to insert their credit card in the device. This allows the malware to read the data coming from the transaction and causes money theft

Geographic AnalysisThe market is segmented by region North America, APAC, Europe, South America, and Middle East and Africa. An analysis of key leading countries has been included.

North America will account for 34% of the market growth during the forecast period. Manufacturers of smartphones, smartwatches, and POS terminals are the primary buyers of NFC systems. These OEMs induce NFC systems into their devices offering consumers access to a range of applications such as data exchange, contactless payments, and car parking access. Some of the leading vendors of NFC systems in North America are Qualcomm Technologies, Intel, and Broadcom.

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What are the key data covered in this NFC Systems Market report?

CAGR of the market during the forecast period.

Detailed information on factors that will drive the growth of the NFC Systems Market between 2023 and 2027.

Precise estimation of the size of the NFC Systems Market size and its contribution to the market in focus on the parent market.

Accurate predictions about upcoming trends and changes in consumer behavior.

Growth of the NFC Systems Market industry across North America, APAC, Europe, South America, and Middle East and Africa.

A thorough analysis of the market's competitive landscape and detailed information about vendors.

Comprehensive analysis of factors that will challenge the growth of NFC Systems Market vendors.

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Related Reports -

The near-field communication (NFC) chips market is estimated to grow by USD 3,083.48 million at a CAGR of 12.78% between 2022 and 2027. This report extensively covers market segmentation by type (non-auxiliary and auxiliary), product (smartphones, smart wearables, POS terminals, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The market share growth of the non-auxiliary segment will be significant during the forecast period. The increased adoption of contactless payments is notably driving the market growth.

The NFC transaction market will grow steadily and post an excellent CAGR of over 55% by 2020. This report extensively covers market segmentation by mobile device and wearable and geography (America, APAC, EMEA). During 2015, the mobile device segment dominated the market by accounting for around 56% of the total market share. One of the factors contributing toward the growth of the market will be the increasing adoption of mobile payment and digital wallet services.

NFC Systems Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 14.63%

Market growth 2022-2027

USD 21,742.46 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

13.41

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 34%

Key countries

US, Canada, China, Japan, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents -

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global NFC systems market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Retail - Market size and forecast 2022-2027

6.4 Automotive - Market size and forecast 2022-2027

6.5 Transportation - Market size and forecast 2022-2027

6.6 Banking and finance and others - Market size and forecast 2022-2027

6.7 Market opportunity by Application

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 NFC readers - Market size and forecast 2022-2027

7.4 NFC chips - Market size and forecast 2022-2027

7.5 NFC tags - Market size and forecast 2022-2027

7.6 Others - Market size and forecast 2022-2027

7.7 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 APAC - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 UK - Market size and forecast 2022-2027

9.12 Canada - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Broadcom Inc.

12.4 Infineon Technologies AG

12.5 Intel Corp.

12.6 MagTek Inc.

12.7 Murata Manufacturing Co. Ltd.

12.8 Nordic Semiconductor ASA

12.9 NXP Semiconductors NV

12.10 Qualcomm Inc.

12.11 Renesas Electronics Corp.

12.12 Samsung Electronics Co. Ltd.

12.13 Sony Group Corp.

12.14 STMicroelectronics NV

12.15 Texas Instruments Inc.

12.16 Thales Group

12.17 The Swatch Group Ltd.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

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NFC Systems Market is estimated to grow by at a CAGR of 14.63% between 2022 and 2027; Integration of NFC technology in smartphones to drive market growth