Near Field Communication (NFC) Market Worth USD 30 Billion by 2026

 

According to a comprehensive research report by Market Research Future (MRFR), the Near Field Communication Market size is to reach USD 30 billion, growing at a compound annual growth rate of 17% by 2026.

Near field communications (NFCs) are communication protocols used in helping devices communicate with each other within a distance of 4 cm. The contactless nature of the technology and its scope during the COVID-19 pandemic can drive its demand over the forecast period (2020-2027). The report on the global near field communications market by Market Research Future (MRFR) reveals various insights and trends for the industry.

Mobile commerce is expanding owing to convenience provided to users to make payments through mobile phones as well as adequate support given to banks. Large number of smartphone users as well as number of businesses supporting point-of-sale (POS) machines can drive market demand significantly. In addition, use of retail stores in malls to dole out alerts through NFC to interested users can lead to high footfall.

NFC does have not possess adequate security protocols for safeguarding user information. Transfer of malware applications via contactless payment methods can be a major cause for hesitancy among users. In addition, the need to be within a distance of 4cm or less is another issue for users. Alternatives such as Wi-Fi can pose to be a huge threat to market growth.