Growth in need for convenient transfer and security of data boosts the overall NFC market growth.

WILMINGTON, DELAWARE , UNITED STATES, March 15, 2024 /EINPresswire.com/ — Allied Market Research published an exclusive report, titled, NFC Tags Market Analysis: Global Opportunity Analysis and Industry Forecast, 2021-2030. The global near field communication (NFC) tags market size was valued at $3.80 billion in 2020, and is projected to reach $15.58 billion by 2030, registering a CAGR of 15.6%. Asia-Pacific is expected to be the leading contributor toward the global market during the forecast period, followed by Europe and LAMEA.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗦𝗮𝗺𝗽𝗹𝗲 & 𝗧𝗢𝗖 @
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NFC (Near field communication) tag are RFID transponders which consist of antenna, IC (integrated circuits), PET (Polyethylene terephthalate) substrate, adhesive package and release liner. In these NFC tags, IC contains unique ID & a part of rewritable memory, and antenna permits the IC to interact with an NFC scanner/reader, like an NFC smartphone.

The growth of the global near field communication (NFC) tags market share 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.

Moreover, developing nations tend to witness high penetration of NFC tags products, especially in banking & finance sector, which is anticipated to augment the market growth. Factors, such as increase in demand for contactless payments, accelerate the market growth.

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The global near field communication (NFC) tags market share is segmented into tag types, application, industry vertical, and region.
Based on tag type, the type 2 segment contributed to the largest share in 2020, holding more than one-fourth of the total share, and is estimated to continue its dominance in terms of revenue during the forecast period. However, the type 5 segment is expected to manifest the highest CAGR of 20.3% from 2021 to 2030.

Based on industry vertical, the retail segment held the highest share in 2020, accounting for around one-fifth of the global near field communication (NFC) tags market, and is expected to continue its leadership status during the forecast period. However, the medical and healthcare segment is estimated to register the fastest CAGR of 19.2% from 2021 to 2030.

Based on region, North America contributed to the highest market share in 2020, accounting for nearly two-fifths of the total share, and is projected to maintain its lead by 2030. However, Asia-Pacific is estimated to portray the largest CAGR of 17.3% during the forecast period.

𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗳𝗼𝗿 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 @
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The key players profiled in the report include Broadcom Inc., Identiv Inc., Infineon Technologies, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Sony Corporation, STMicroelectronics, Texas Instruments Incorporated, and Thales Group. These players have adopted various strategies, such as product launch, collaboration, and acquisition, to strengthen their foothold in the Near Field Communication (NFC) Tags industry.

Key Findings Of The Study
• The payments segment is projected to be the major application, followed by smart card.
• Asia-Pacific and North America collectively accounted for more than 67% of the Near field communication (NFC) tags market share in 2020.
• Japan is anticipated to witness the highest growth rate during the forecast period.
• U.S. was the major shareholder in the North America Near field communication (NFC) tags market, accounting for approximately 68% share in 2020.
• Region-wise, the Near field communication (NFC) tags market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.

David Correa
Allied Market Research
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