According to the research report titled ‘Global Near Field Communication (NFC) Market Size study, By Product Type (SD Cards, SIM Cards, NFC Cover, NFC ICs, NFC Tags, NFC Readers), By Application (Access Control, Ticketing, Data Sharing, Medical Devices, Transaction, Product Identification, Others), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global near field communication (NFC) market is anticipated to expand with a healthy CAGR over 2022-2028.

As per report findings, global near field communication (NFC) market growth is creditable to growing popularity of mobile commerce, rising wearable technology acceptance, increasing contactless NFC Point of Sale (POS) penetration, and surging usage of smartphones and tablets.

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For the unversed, NFC is a short-range wireless networking technology that allows devices that support it to communicate with one another. This technology makes it easier for users to connect to various electronic devices and share digital content.

Furthermore, focus on establishing connectivity between various devices, and soaring adoption of contactless technology are expected to augment industry expansion in the coming years.

However, NFC security issues, and a lack of knowledge about the advantages of this technology may stifle worldwide near field communication market trends over the stipulated timeframe.

Based on product terrain, the marketplace is branched into NFC readers, NFC tags, NFC ICs, NFC cover, SIM cards, and SD cards. In terms of application ambit, the industry is divided into product identification, transaction, medical devices, data sharing, ticketing, and access control.

Regionally, Asia Pacific market holds major revenue share at present, owing to increasing use of tablets and smartphones, as well as the widespread acceptance of numerous mobile payment services in the region.

Whereas Europe industry is slated to attain a healthy CAGR over the analysis timeframe, due to rising knowledge of NFC technology, and soaring demand for devices enabled with internet and NFC in the region.

Speaking of competitive landscape, Thales Group, Texas Instruments Incorporated, Sony Group Corporation, Samsung Electronics Co. Ltd., Qualcomm Technologies Inc., NXP Semiconductors N.V., MagTek, Infineon Technologies AG, Identive GmbH, and Broadcom Inc. are the leading players in global near field communication (NFC) marketplace.