Near Field Communication (NFC) Tags Market Research, 2030
The global near field communication (NFC) tags market size was valued at $3.80 billion in 2020 and is projected to reach $15.58 billion by 2030, registering a CAGR of 15.6% from 2021 to 2030.
NFC tag is a passive device, which functions without a power supply of its own and is dependent on an active device for operations. NFC tags use NFC technology to transfer & store extensive ranges of information, such as short lines of text, web addresses, and contact details, among others. NFC-based tags are highly cost-effective, and can also be reused by resetting data stored.
The global Near field communication (NFC) tags market growth is anticipated to be driven by factors such as the rising popularity of NFC tag-based payment, and the growing penetration of NFC-enabled mobile phones. In addition, growth in the need for convenient transfer and security of data boosts the overall market growth. However, the availability of alternatives to NFC tags acts as a major restraints of the global NFC tags industry. On the contrary, high demand from the Asia-Pacific region is expected to create lucrative opportunities for the NFC tags industry.
The global near field communication (NFC) tags market share is segmented into tag types, applications, industry verticals, and regions. By tag types, the market is classified into type 1, type 2, type 3, type 4, and type 5. Depending on the application, it is categorized into smart card, tracking, payments, and others. Based on industry vertical, the market is fragmented into automotive, transportation, retail, medical & healthcare, banking & finance, agriculture, aerospace & defense, consumer electronics, and others.
By Application
Payments segment is projected as one of the most lucrative segments.
Region-wise, the near field communication (NFC) tags market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America dominated the Near field communication (NFC) tags market in 2020 and is projected to register a significant growth rate during the forecast period, owing to the growth of the healthcare sector. However, Asia-Pacific is expected to witness a significant growth rate by the end of the forecast period, followed by Europe.
Leading near field communication (NFC) tags market manufacturers, such as Broadcom Inc., NXP Semiconductors, and Infineon Technologies, are focusing on their investment in technologically advanced, cost-effective, and more secure products & solutions for various applications.
By Industry Vertical
Banking and Finance segment is expected to secure leading position during forecast period.
Top Impacting Factors
The prominent factors that impact the near field communication (NFC) tags market growth are the rise in the proliferation of smartphones and the increase in the adoption of wearable technology. In addition, the surge in focus toward providing improved customer experience drives the near field communication (NFC) tags market. However, short operational range and security concerns restrict the market growth. On the contrary, recent technological advancements in NFC are expected to create lucrative opportunities for the market.
Competition Analysis
Competitive analysis and profiles of the major near field communication (NFC) tags market players, such as Broadcom Inc., Identiv Inc., Infineon Technologies, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Sony Corporation, STMicroelectronics, Texas Instruments Incorporated, and Thales Group, have been covered in the report.
Covid-19 Impact Analysis
The outbreak of COVID-19 has significantly affected the electronics and semiconductor sector. Business and manufacturing units across various countries were closed, owing to the increase in several COVID-19 cases, and are expected to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted the global supply chain posing challenges for manufacturers to reach customers.
The COVID-19 pandemic is impacting the society and overall economy across the globe. The impact of this outbreak is growing day by day as well as affecting the overall business globally. The crisis is creating uncertainty in the stock market and is resulting in falling business confidence, massive slowing of the supply chain, and increasing panic among the customer segments.
Asian and European countries under lockdowns have suffered major losses of business and revenue due to the shutdown of manufacturing units. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted the growth of the Near field communication (NFC) tags market.
In addition, the COVID-19 pandemic has impacted the electronics sector, as production facilities have stalled, which, in turn, boosted the demand for electronics and semiconductor products in the industries. Its major impact includes large manufacturing interruptions across Europe and interruption in Chinese parts exports, which may hinder the Near field communication (NFC) tags market.
By Region
Asia-Pacific would exhibit the highest CAGR of 17.3% during 2021-2030
Key Benefits For Stakeholders
- This study comprises an analytical depiction of the global near field communication (NFC) tags market along with the current trends and future estimations to depict the imminent investment pockets.
- The overall near field communication (NFC) tags market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current near field communication (NFC) tags market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the near field communication (NFC) tags market share of key vendors.
- The report includes the trends and the market share of key vendors.
Near Field Communication Report Highlights
| Aspects | Details |
 By TAG TYPES |
|
 By APPLICATION |
|
 By INDUSTRY VERTICAL |
|
 By Region |
|
 Key Market Players | IDENTIV, INC., QUALCOMM TECHNOLOGIES, INC, STMICROELECTRONICS N.V., SONY CORPORATION, TEXAS INSTRUMENTS INCORPORATED, SAMSUNG ELECTRONICS CO. LTD, NXP SEMICONDUCTORS, BROADCOM INC., INFINEON TECHNOLOGIES, THALES GROUP |
Analyst Review
The global near field communication (NFC) tags market is flourishing at a rapid pace. However, short operational range and security concerns is still a concern for new entrants. Market players are generously investing in R&D activities to develop improved components so as to increase security level of NFC tags products. According to industry experts, it is essential to optimize affordable prices for NFC tags products for long-term growth.
The growth of the global Near field communication (NFC) tags market is anticipated to be driven by factors such as rising popularity for NFC tag-based payment, and growing penetration of NFC-enabled mobile phones. In addition, growth in need for convenient transfer and security of data boosts the overall market growth. However, the availability of alternatives to NFC tag act as major restraints of the global NFC tags industry. On the contrary, high demand from Asia-Pacific region, is expected to create lucrative opportunities for the NFC tags industry.
The key players of the market focus on introducing technologically advanced products to remain competitive in the market. Product launch, collaboration, and acquisition are expected to be the prominent strategies adopted by the market players. North America accounted for a major share of the market in 2020, owing to the presence of major players in the region. However, Asia-Pacific is expected to grow at the highest CAGR, owing to rise in adoption of NFC tags in a variety of fields.
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