![]() ![]() On the contrary, recent technological advancements in NFC are expected to create lucrative opportunities for the market. However, short operational range and security concerns restricts the market growth. In addition, surge in focus toward providing improved customer experience drives the near field communication (NFC) tags market. The prominent factors that impact the near field communication (NFC) tags market growth are rise in proliferation of smartphones, and increase in adoption of wearable technology. On the basis of industry vertical, the market is fragmented into automotive, transportation, retail, medical & healthcare, banking & finance, agriculture, aerospace & defense, consumer electronics, and others. ![]() Depending on application, it is categorized into smart card, tracking, payments, and others. By tag types, the market is classified into type 1, type 2, type 3, type 4, and type 5. The global near field communication (NFC) tags market share is segmented into tag types, application, industry vertical, and region. On the contrary, high demand from Asia-Pacific region, is expected to create lucrative opportunities for the NFC tags industry. However, the availability of alternatives to NFC tag act as major restraints of the global NFC tags industry. In addition, growth in need for convenient transfer and security of data boosts the overall market growth. The global Near field communication (NFC) tags market growth is anticipated to be driven by factors such as rising popularity for NFC tag-based payment, and growing penetration of NFC-enabled mobile phones. NFC based tags are highly cost effective, and can also be re-used by resetting data stored. NFC tags use NFC technology to transfer & store extensive ranges of information, such as short lines of text, web address, contact details, among others. NFC tag is a passive device, which functions without a power supply of its own and is dependent on an active device for operations. The payment segment impacted positively due to COVID-19 outbreak. 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% from 2021 to 2030. ![]()
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