The global near field communication (NFC) tags market is flourishing at a rapid pace. However, short operational range and security concerns is still a concern for new entrants. Market players are generously investing in R&D activities to develop improved components so as to increase security level of NFC tags products. According to industry experts, it is essential to optimize affordable prices for NFC tags products for long-term growth.
According to a new report published by Allied Market Research, titled, “Near Field Communication (NFC) Tags Market by Tag Types, Application, and Industry Vertical: 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.
The growth of the global Near field communication (NFC) tags market 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.
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 Benefits for Stakeholders
- This study comprises analytical depiction of the global near field communication (NFC) tags market along with the current trends and future estimations to depict the imminent investment pockets.
- The overall near field communication (NFC) tags market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- Porter’s five forces analysis illustrates the potency of the buyers and the near field communication (NFC) tags market share of key vendors.
- The report includes the trends and the market share of key vendors.