Near-Field Communication In Logistics Market To Grow At A CAGR Of 14.02%

Near-Field Communication In Logistics Market Analysis (2023 - 2030)

The Near-field Communication in Logistics Market size was USD 21.0 billion in 2022 and is estimated to grow to USD 40.1 billion by 2028. This market is witnessing a healthy CAGR of 14.02% from 2023 to 2028.

In all contactless payments, near-field communication (NFC) is a standard technology. The impact on supply chain management, however, may be just as frequent and possibly much more harmful when integrated with the Internet of Things (IoT), in particular. Your items may be identified, and authenticated along your entire supply chain with the tap of your smart device if they are outfitted with NFC-enabled smart tags and labels, preventing theft, tampering, and counterfeiting. increase. By looking through details like the lot number, production, and expiration date, chain participants, including the buyer himself, may also verify crucial facts. Both in stores and warehouses, inventory management may be improved. Store owners can monitor the shelves and act immediately in the event of shortages or overstock. NFC-enabled tags can also be used in the warehouse for real-time warehouse management. The most significant effect is most likely quality assurance. At each stage of the supply chain, products may be checked for critical parameters like temperature and humidity. This is crucial for the food and beverage industries, where 20% of food losses are attributable to improper temperature management and 40% of items moved throughout the world need to be refrigerated. However, smart tags with NFC capabilities can track the number of quality-affecting events, including vibration, shock, tilt, air quality, and even odor. Chinese scientists have created an NFC gadget that alerts users when meat is running low on molecules that make it smell. The main benefit of NFC is that customers themselves may access important data in addition to stakeholders. A smart gadget is all you require. As a result, there should be a noticeable increase in client satisfaction and favorable reviews. Consumers may identify, authenticate, and verify product handling along the supply chain with the tap of a phone. Since this technology doesn't need a phone with line-of-sight or scanning capabilities, it may eventually eliminate barcodes.

Key Market Insights

• NFC tags, NFC readers, NFC controller ICs (chips), and NFC secure components are among the Types available on the NFC in Logistics market. Without the requirement to link the devices, transactions and data exchange are made possible via NFC chips. As transactions are carried out through radio frequency (RF), NFC technology speeds up the processing of payments, which is leading to an increase in the use of NFC chips. NFC tags have a limited amount of data storage space. Among the elements anticipated to propel the NFC tags market are customer happiness, simple communication, and convenience of use. When touched, NFC readers are devices that can read data from NFC-enabled devices. Applications that execute security and authenticate access are stored in secure components.
• NFCs have a wide range of uses, including payments (transactions), reservations, data interchange, services, authentication, access control, and more. Furthermore, NFC strengthens and supplements sophisticated smart card-based applications including payments, logistics, supply chains, public transit, customer loyalty program, point of sale (POS), point of sale, and electronic governance. As they are anticipated to replace current debit and credit cards with better security features, NFC-based payment methods are gaining popularity. NFC technology is being more widely used in new application areas due to its simplicity of use and improved security features, among other factors.
• Geographically, North America is anticipated to lead the market, followed by Europe, thanks to sophisticated technology and the presence of several international companies. In North America, the majority of payments are performed through an app or with a unique SIM card equipped with NFC (Near Field Communication) technology. The quickest and most reliable internet connection is included in the SIM card, ensuring smooth transactions when paired with an NFC terminal. Additionally, US and Canadian mobile phone manufacturers are making it easier for people to use mobile payment technology by incorporating it into whole new mobile phones and developing program that are compatible with all accepted payment methods. The NFC Forum, a pioneer in the creation of NFC technology specifications for more than ten years, is dedicated to the responsible advancement and use of NFC technology across North America to advance the growth of the Internet of Things (IoT).

Market Segmentation

By Type

• NFC Controller ICs (Chips)
• NFC Tags
• NFC Readers
• NFC Secure Element

By Application

• Payment
• Booking
• Data Sharing
• Service
• Authentication and Access Control
• Others

By Region

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

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