NFC Systems Market is estimated to grow by at a CAGR of 14.63% between 2022 and 2027
North America will account for 34% of the market growth during the forecast period. Manufacturers of smartphones, smartwatches, and POS terminals are the primary buyers of NFC systems. These OEMs induce NFC systems into their devices offering consumers access to a range of applications such as data exchange, contactless payments, and car parking access. Some of the leading vendors of NFC systems in North America are Qualcomm Technologies, Intel, and Broadcom.
Key Trends
The growing adoption of NFC-equipped devices is the primary trend in the near field communication systems market.
Smart wearables and IoT devices are becoming more and more popular due to their increasing functionality for various applications.
If these devices are equipped with NFC built-in capabilities, they will allow users to pay in stores, grant access to public transport, or grant entry into office buildings
Key Drivers
The integration of NFC technology in smartphones is the key factor driving the near field communication systems market.
NFC technology allows users to make secure transactions, share digital content, and connect electronic devices with a single touch.
NFC-enabled smartphones can be used for peer-to-peer communication, read/write mode, and card emulator applications. In the peer-to-peer communication mode, the NFC chip allows the smartphone to connect to other NFC-enabled devices to transfer data.
Data is transmitted at a frequency of 13.56 megahertz. In the card emulator mode, an NFC-enabled smartphone can function as a smart card or contactless card to make payments.
In the read/write mode, an NFC-enabled smartphone can read or write the NFC tags attached to the products that the device scans
No comments: