What is the forecasted global market for Near Field Communication technology?
Last year, Grand View Research, a San Francisco-based market-research firm, put out a report forecasting that the global NFC market would reach $47.43 billion by 2024. The company said, “The industry is poised for an unprecedented growth over the forecast period owing to the increasing penetration of smartphones in the developing economy.”
While the market potential is huge, I am skeptical about it reaching nearly $50 billion within the next seven years. The total market size for all RFID products—UHF, HF, LF, active, etc.—in 2017 is expected to be just over $11 billion. If NCD is, say, $5 billion today, it would have to grow tenfold in only seven years.
It’s possible, given that virtually all cell phones have NFC readers, and Apple is now opening the NFC reader in its iPhone to other applications besides Apple Pay. But that’s a big jump. The other thing to consider is that cell phone readers can emulate tags, so for many applications (movie tickets, for example), you might be able to use your phone as a ticket. That would limit the number of NFC transponders required.
—Mark Roberti, Founder and Editor, RFID Journal
Login and post your comment!
Not a member?
Signup for an account now to access all of the features of RFIDJournal.com!
How Often Does an RFID Tag Need to Be Refreshed or Replaced? »