India Near Field Communication Market to Witness Robust Growth until 2024

Increasing use of smartphones and technological advancements are propelling growth in near field communication market in India

According to TechSci Research report, “India Near Field Communication Market By Product Type, By Device Operating Mode, By Device Type, By Application, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024”, India Near Field Communication market is expected to grow at a formidable rate over the forecast period on the account of increasing use of mobile devices coupled with increasing number of online consumers. Increasing investments in research and development in NFC chips enabled smartphones to function optimally is expected to positively influence India Near Field Communication market through 2024. However, the country’s NFC market is expected to face various challenges such as rising data security and privacy concerns, complexity related to the product designing, and the lack of interoperability in the coming years.

India Near Field Communication Market can be segmented based on Product Type, Device Operating Mode, Device Type, Application, End User Industry and Region. Considering the Device Operating Mode, the market can be segmented into Reader Emulation, Card Emulation and Peer-to-Peer. Among all of these, the peer-to peer operating mode is projected to dominate the market over the next five years as it enables two-way communication between two NFC-enabled devices. In terms of end user industry, the retail industry dominates the market owing to high demand for retail automation products, wherein NFC plays a major role. Along with this, the automotive sector is expected to witness high growth during the forecast period, which can be attributed to growing adoption of smart devices and ease of communication with NFC enabling hands-free communication and in-car infotainment.

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Nokia Corporation, NXP Semiconductors, Sony Corporation, Infineon Technologies AG, YELDI Softcom, Marvell Technology Group Ltd., Google Inc., Identive Group Inc., Gemalto NV, Mstar Semiconductor Inc., among others are the leading players operating in India near field communication market. “India Near Field Communication market is expected to grow substantially during the forecast period which can be attributed to the increase in number of NFC enabled mobile devices coupled with financial institutes collaborating with smartphone manufacturers such as Apple, Samsung, etc., to allow card emulation of debit/credit cards, thus playing a pivotal role in boosting demand for NFC technology across the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based India management consulting firm.

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“India Near Field Communication Market By Product Type, By Device Operating Mode, By Device Type, By Application, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India near field communication market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India near field communication market.

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