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Near Field Communication Technology Market & Outlook 2027
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Global Near Field Communication Market - Overview
Near Field Communication (NFC) is a short-range wireless connectivity standard that uses magnetic field induction to enable communication between devices when they're touched together, or brought within a few centimetres of each other. Both businesses and individuals benefit from near field communication technology. By integrating credit cards, subway tickets, and paper coupons all into one device, a customer can board a train, pay for groceries, redeem coupons or store loyalty points, and even exchange contact information all with the wave of a smartphone. Faster transaction times mean less waiting in line and happier customers.
Due to growing adoption of near field communication technology in smartphones and similar devices the market for near field communication is growing rapidly. Due to its ease of use and accuracy, the demand for near field communication has increased in the recent past.
NFC offers better collaboration in corporate environments by ensuring speedy and secure sharing of documents, files, and confidential data. In case of payments, the card details of the consumer are stored on the mobile phone in a secure element. This takes the form of a Subscriber Identity Module, secured chips or a secure digital card and the fact that hardware encryption can be only used in close proximity to the point of sale near field communication technology market one of the most secure payments. This feature acts a major pull factor to attract new customers and users of NFC technology and technology-enabled devices. Owing to these factors, near field communication technology market growth is likely to witness a positive impact over the forecast period.
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Global Near Field Communication Market - Competitive Analysis
The Market of near field communication appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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Global Near Field Communication Market - Segmentation
The Near Field Communication Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Device: Comprises Smartphones, Tablets, Laptops & Computers among others.
Segmentation by Type: Comprises Non-Auxiliary & Auxiliary.
Segmentation by Application: Comprises BFSI, Transpiration, Data Exchange, Healthcare among others
Segmentation by Region: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Global Near Field Communication Market - Regional Analysis
North-America is dominating the global near field communication market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. Currently, Asia Pacific is the fastest growing region, contributing a large part of the total revenue in the near field communication market. Adoption of NFC technology in smartphones has increased in regions such as Australia, Japan, South Korea, and China. Heavy demand for smartphones and growing consumer electronics industry is giving fuel to the market. Increasing security proliferation in the BFSI industry is also driving the market of NFC.
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