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Near-field communications (NFC) is a short-range wireless system that allows two devices to communicate using a low-power protocol. Near-field communication (NFC) is a technology that is primarily utilised in smartphones, laptops, and tablets for short-range data transfer over a short distance. NFC is an easy and appropriate technology that is gaining traction in the healthcare business and has attracted the attention of a number of medical device manufacturers for inclusion in their products.
Contactless payments, increased smartphone adoption, convenient data transfer, and data security are driving the global near field communication market.
Various financial institutions are working with mobile app developers to create apps that will allow customers to conduct business transactions. NFC technology is now used by smartphone users to make payments. Moreover, with technologies like NFC-enabled PoS systems, mobile devices have become an appropriate key of data transfer which are expected to fuel the market growth.
The escalating spread of pandemic COVID-19 has positively impacted the nearfield communication industry. The adoption of smart payments such as cashless or contactless payments has increased as citizens become more concerned with social distancing and avoiding human contact. However, IoT, NFC, and other communications technologies are in high demand as a result of these applications, and they have a positive impact because these applications are widely accepted all over the world.These factors are more likely to contribute to the market growth in the coming years.
Key Market Driver -
The expanding popularity of mobile devices, as well as the growing number of online consumers, are expected to boost e-commerce demand.
Key Market Restraint -
Lack of proper long-range connectivity, expensive costs, and security concerns are all hampering worldwide Near-field communication industry expansion.
The major companies in the global Nearfield Communication Market report include NXP Semiconductors N.V., Texas Instruments Incorporated, STMicroelectronics N.V., Qualcomm company, Sony Group Corporation, Infineon Technologies AG, Broadcom Inc., Thale Group, Gemalto N.V., Blue Bite LLC, Flomio, Inc., Smartrac N.V., HID Global Company, and others.
North America is expected to emerge dominance in the global market during the forecast period. The United States is projected to hold a major market share across the region. Increased need for home-based monitoring and increased volume of mobile/contactless payments are some of the factors that support market growth in the region. Asia Pacific is projected to exhibit a fascinating growth rate in the coming years. The presence of developing market economies such as India, Japan, and China is likely to pose potential market opportunities in the near future. Additionally, increased investments in R&D activities for the development of sophisticated NFC devices are expected to boost this region's growth in the near future. For instance, according to the IDN financials In the first quarter of 2020, PT NFC Indonesia Tbk (NFCX) projected revenue growth of 143.2% year on year (yoy) to Rp 2.1 trillion.
The Middle East and Africa is forecast to be a potential market for the nearfield communication providers. Many countries in the region are aiming towards short range wireless system. These factors are likely to create lucrative market opportunities across the region. Latin America is estimated to represent a steady growth. The out-break of COVID-19 has hindered the ICT spending’s of businesses across Latin America.
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