The Business Research Company's Near Field Communication Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, July 29, 2024 /EINPresswire.com/ -- The global near field communication (NFC) market is projected to grow from $26.78 billion in 2023 to $30.47 billion in 2024, at a CAGR of 13.8%. The market is anticipated to continue its rapid growth, reaching $51.24 billion by 2028 at a CAGR of 13.9%. This growth is driven by the increasing adoption of the Internet of Things (IoT), which enhances device setup and data exchange capabilities.

IoT Adoption Drives Market Growth
The increasing adoption of IoT is a significant factor propelling the NFC market. IoT enables interconnected devices to communicate and perform tasks autonomously, with NFC facilitating quick and secure device setup and data exchange. According to Ericsson, global IoT connections reached 13.2 billion in 2022 and are expected to grow to 34.7 billion by 2028, highlighting the crucial role of NFC in this ecosystem.

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Major Players and Market Trends
Key players in the NFC market include Google LLC, Samsung Electronics Corporation, Microsoft Corporation, AT&T Inc., Verizon Communications Inc., and Sony Group Corporation. These companies focus on innovative product development to stay competitive. For instance, Infineon Technologies AG introduced the NAC1080 in July 2022, a single-chip solution integrating an H-bridge, energy harvesting module, NFC frontend, sensing unit, and motor driver, aimed at developing smart actuators.

Trends in NFC Technology
Major trends in the NFC market include biometric authentication integration, smart packaging solutions, expansion in smart home applications, and health and wellness tracking. Additionally, the integration of NFC with public services is expected to rise, further driving market growth.

Segments
• Product Type: Non-Auxiliary, Auxiliary
• Operating Mode: Read And Write Mode, Peer-To-Peer Mode, Card Emulation Mode
• End-User: Cloud Service, Telecom Service, Enterprise

Geographical Insights: North America Leading the Market
North America was the largest region in the NFC market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by advancements in technology and increasing adoption of NFC solutions across various sectors.

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Near Field Communication Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Near Field Communication Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on near field communication market size, near field communication market drivers and trends, near field communication market major players, competitors' revenues, market positioning, and market growth across geographies. The near field communication market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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