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However, the near-field communication market's growth might be hampered by its short operational range and security concerns.īrowse The Table Of Contents And List Of Figures At īased on product type, the NFC readers segment held the largest market share during the forecast period.
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Aside from payments and device-to-device sharing, NFC technology is being used for boarding passes and security access by airlines, as well as keyless entry for businesses, buildings, and cars, providing the NFC industry with growth potential. Furthermore, novel applications of NFC, such as smart posters, NFC-enabled smart automobiles, and smart sensors, have acquired popularity among consumers, particularly among the young and technically minded, allowing established firms to expand into new areas. Companies can keep their customers by offering NFC-enabled contactless payments and a diverse range of other apps that can help them enhance their workflow and customer experience. The surge in focus toward providing improved customer experience is expected to further boost the NFC market growth. When a wearable gadget has NFC capabilities, it can be used to pay at a store, use public transportation, or gain entrance to an office building. Furthermore, factors such as the increasing usage of NFC technology in smart packaging for healthcare and the increase in demand for NFC in emerging medical applications as a result of the pandemic have provided lucrative potential prospects for the industry.ĭespite significant space and power constraints, smart wearables and IoT devices are becoming increasingly popular by adding additional functions. Various financial institutions are working with mobile app developers to create apps that will allow customers to conduct business transactions.īecause of the increased need for contactless solutions, the COVID-19 epidemic has accelerated the growth pace of the near-field communication market.
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Furthermore, with technology like NFC enabling PoS systems, mobile devices have become a significant means of data transfer. NFC technology is now used by smartphone users to make payments. Mobile commerce is a rapidly growing technology sector that has grown at an unparalleled rate over the last decade. The expansion of the NFC market is projected to be fueled by the growing trend of mobile commerce. TRENDS INFLUENCING THE GROWTH OF THE NFC MARKET The rapid use of NFC-enabled wearable technology, as well as recent technological developments in NFC, the present lucrative growth potential for the near-field communication market. The demand for convenient data transfer and security, as well as the widespread use of smartphones, are expected to propel the near-field communication market forward.įurthermore, due to the COVID-19 epidemic, there is an increase in demand for contactless payments, which in turn is expected to propel the NFC market to grow. The increasing trend of mobile commerce and the growing usage of wearable technology are two important reasons driving the growth of the NFC market.