Near Field Communication (NFC) Tags Market by Tag Type (Type 1, Type 2, Type 3, Type 4, and Type 5), Application (Smart Card, Tracking, Payments, and Others), and Industry Vertical (Automotive, Transportation, Retail, Medical & Healthcare, Banking & Finance, Agriculture, Aerospace & Defense, Consumer electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

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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.