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Near Field Communication Tag Market by Application, Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2021–2027

Near Field Communication Tag Market by Application, Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2021–2027

  • August 2021
  • ID: 6130351
  • Format: PDF
  • Allied Market Research

Summary

The global near field communication tag (NFC tag) market size witness significant growth and is expected to grow considerably in the next few years. NFC tag consists of microchips that can be read by a wide range of mobile devices. The microchips of NFC tags store information. It is available in form of stickers, labels, inlays, wristbands, and drinks mats. NFC tag enables sharing of data stored to other mobile phones possessing NFC capabilities. It also executes a variety of actions such as launching a website or changing handset settings. It is compatible with both iPhone and android NFC-enabled smartphones. NFC tags offer anti-counterfeit benefits, customer support benefits, and user contact benefits, thereby authenticating products.

The global near field communication tag (NFC Tag) market is segmented into application, industry vertical, and region. In terms of application, the market is sub-divided into smart card, tracking, payments and others. Based on industry vertical, the market is bifurcated further into automotive and transportation, retail, healthcare, agriculture, aerospace and defense and others. Geographically, the global market is divided across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), and LAMEA (Latin America,
Middle East, and Africa).

Key players of the near field communication tag (NFC Tag) market analyzed in the research include Mstar Semiconductor Inc., MediaTek Inc., Broadcom Inc., Qualcomm Inc., Nokia Corporation, Identive, Sony Corp., and Others. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The major factor driving the near field communication tag (NFC tag) market growth is customers. Unlike mobile applications and wallets, which bombard the customers with annoying pop-ups, other intrusions & distractions, and unwanted advertising, NFC is a technology that provides users with greater control over their interactions, which is possible due to components such as NFC tag. This factor majorly drives the adoption of NFC technology. In addition, the growing penetration of smartphones around the globe fuels the NFC tag market. However, the availability of alternatives to NFC tag is amongst the factors, which is likely to hamper the growth of the market. These alternatives include mobile wallets and cards as they provide better security as well as the cost of these services is lower that of NFC.

Rising popularity for NFC tag-based mobile payment is expected to drive the near field communication tag (NFC tag) market demand
Near field communication tag-based application can be divided into access control, medical devices, ticketing, data sharing, product identification, transaction, and others. The proliferation of smartphone along with the increase in need for better consumer experience is expected to fuel the demand. Ticketing allows commuters to adopt the near field communication (NFC) tag for contactless transport ticket. This technology has led to the adoption of a cost-effective transport ticketing solution, which is expected to improve customer experience. The NFC tag-based ticketing application stores the transit details digitally on the mobile phone and permits the passenger to tap the mobile phone for boarding. Furthermore, rising need for digitizing of medical records and for tracking the fitness of consumers led to increased demand for near field communication tag-based medical devices. The device’s capability of multi-tasking is also expected to influence the industry positively.

Growing penetration of NFC-enabled mobile phones contributed to significant growth of the market
The upsurge in penetration of tablets and smartphones is expected to be the reason behind the adoption of NFC technology. The rapid modification of mobile payment services is accelerating the partnership among industry players resulting in the development of advanced technologies. In addition, international banks are investing in building the mobile payment network, which is expected to increase the applications collaborating with retailers and financial service providers. The Europe market is expected to witness major developments in various applications, which contain NFC tag-based ticketing, transactions, and access control over the forecast period. Rising adoption of NFC technology has led to increased implementation of POS terminals at retail outlets for contactless mobile payments and visa cards.

COVID-19 scenario analysis:

To subdue the spread of COVID–19, respective governments have shutdown day-to-day business operations by implementing a full-scale lockdown. Labor shortages and delays in project completion are a few factors plaguing the global near field communication tag (NFC tag) market resulting in a decline in production.
The global factories have struggled to manufacture and assemble new devices as workers have stayed in their homes and even the already available devices in various warehouses cannot be transported due to current rules and regulations, which disrupted the global supply chains.
The impact of COVID-19 on near field communication tag (NFC tag) market size is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for these products are gradually going to increase.
This is expected to provide opportunities for companies to think about ways of increasing production, research about technologies, and improve current products.
Companies take the initiative to introduce a new type of production line where they follow social distancing

Key benefits of the report:

This study presents the analytical depiction of the global near field communication tag (NFC tag) industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global near field communication tag (NFC tag) market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global near field communication tag (NFC tag) market trends and growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed near field communication tag (NFC tag) market scope analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the NFC tag market research report:

Which are the leading market players active in the NFC tag market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities of the near field communication tag (NFC tag) market?
What are the projections for the future that would help in taking further strategic steps?

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