| Report Code: A09845 | Pages: 250 | Sep 2021 | 4914 Views | ||
| Author(s) : N K, Asavari P , Vineet K | Tables: 121 | Charts: 97 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Near Field Communication (nfc) Tags Market
Request Now !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.
The payment segment impacted positively due to COVID-19 outbreak.
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 address, contact details, among others. NFC based tags are highly cost effective, and can also be re-used by resetting data stored.
The global Near field communication (NFC) tags market growth 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 global near field communication (NFC) tags market share is segmented into tag types, application, industry vertical, and region. By tag types, the market is classified into type 1, type 2, type 3, type 4, and type 5. Depending on application, it is categorized into smart card, tracking, payments, and others. On the basis of industry vertical, the market is fragmented into automotive, transportation, retail, medical & healthcare, banking & finance, agriculture, aerospace & defense, consumer electronics, and others.
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 significant growth rate during the forecast period, owing to growth of the healthcare sector. However, Asia-Pacific is expected to witness 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 on technologically advanced, cost-effective, and more secure products & solutions for various applications.
The prominent factors that impact the near field communication (NFC) tags market growth are rise in proliferation of smartphones, and increase in adoption of wearable technology. In addition, surge in focus toward providing improved customer experience drives the near field communication (NFC) tags market. However, short operational range and security concerns restricts the market growth. On the contrary, recent technological advancements in NFC are expected to create lucrative opportunities for the market.
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 increase in number of COVID-19 cases, and are expected to remain closed in 2021. Furthermore, partial or complete lockdown has disrupted 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 supply chain, and increasing panic among the customer segments.
Asian and European countries under lockdowns have suffered major loss of business and revenue due to 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 interruption across Europe and interruption in Chinese parts exports, which may hinder the Near field communication (NFC) tags market.
Key Benefits For Stakeholders
Key Market Segments
By Tag Types
By Application
By Industry Vertical
By Region
Key Players
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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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