NFC Business Card Market Size, Share, Growth, and Global Industry Growth, By Type (Offline Variant and Online Variant), By Application (Company Order and Private Order), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

NFC BUSINESS CARD MARKET REPORT OVERVIEW

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The global NFC business card market size was USD 17 million in 2021 and is projected to touch USD 43.33 million by 2031, exhibiting a CAGR of 9.5% during the forecast period.

NFC business cards are an emerging trend. NFC stands for Near-Field Communication. This card enables the consumer to share their contact information with a single tap. These business cards have two major components: an NFC tag and a digital business card. The NFC tags come in various forms, such as op sockets, stickers, physical cards, and keychains. It has inbuilt microchips and shows the information, websites, videos, social networks, and other data when tapped into another smartphone. The consumer can easily update or customize the information they wish to send. It is a wireless communication protocol widely adopted by smartphones in the present market. The NFC card has an additional hardware piece the consumer needs to keep.

The NFC cards may feel like a duty to carry them everywhere, and therefore, the NFC tag allows the consumer to share the information and business card just with a single tap. The trend of transferring images from one phone to another just by tapping two phones escalated the need for the launch of advanced business cards. The technology was introduced in the market to promote contactless payment systems. This technology enables the user to pay just by waving the smartphone in the terminal. The easy sharing of information makes the consumer concerned about their personal and payment details, but it keeps the payment and personal information stored in the phone. This technology transfers the data through radio waves. 

COVID-19 Impact: Supply Chain Disruption Affected Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the NFC business card market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

During the COVID-19 period, telecommunication and smart cards vertical was least affected. The increase in the use of telecommunication and NFC business card. The NFC business card market witnessed a downfall due to the shutdown of the market and strict rules of the ban on direct interaction. The smart cards solved the immediate interaction problem as it offers secured storage and easy payments. The pandemic affected the market as the use of swiping machines went low due to the market shutdown. The post-COVID-19 period is likely to balance the market growth as the use of NFC business card avoids direct interaction, reducing the chances of infection spread. The population is rapidly adopting the contactless payment method to mitigate the spread of the virus. 

LATEST TRENDS

"Rising Adoption of Wearable Devices to Surge Maximum Growth"

The rapidly expanding technology industry launched smart wearable devices that are inbuilt with various functions such as health trackers, payments, navigation, and fitness tracking. IoT and smart wearable devices are becoming an essential part of human life. It adds more functions such as quick payments, accessing mass transport, and others. Moreover, the viral spread of the pandemic worked as a growth booster for the market. The wearable devices make payment easy. These factors are forecasted to aid NFC business card market growth. Additionally, it gives a hassle-free payment experience by offering a quick and easy payment solution.   

NFC BUSINESS CARD MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into offline variants and online variant.

• By Application Analysis

Based on application, the market is classified into Company order and private order. 

DRIVING FACTORS

"Adoption of Advanced Technology in Businesses to Propel Service Demand"

Businesses use the NFC business card to keep track of their employees by installing an attendance tracker. The installation of a smart lock on the entrance and exit of the organization will keep track of your in and out time and will also store data from your contactless card. It enables a smart workforce management system which saves a lot of manual work and time. It allows the user to launch a website with the help of NFC tags by installing programs in it. Additionally, the user can use it to share photos and videos just by tapping a phone on another phone. These factors are forecasted to propel growth in the market. 

"Use of NFC Business Cards in Banking and Finance to Foster Market Growth"

The finance and banking sectors use smartphones and cloud technology which propels service adoption. Using smartphone payments is more reliable and safe. Additionally, the steady development of the IT sector of mobile commerce has grown at an unprecedented rate. NFC technology is now used by smartphone owners to complete transactions. Moreover, with the development of NFC-enabled systems, mobile devices have become a crucial tool for data transfer. To enable consumers to conduct business transactions, a number of financial and banking institutions are working with mobile application developers to develop applications. These factors are forecasted to accelerate growth in the market.

RESTRAINING FACTORS

"Consumer's Privacy Concern to Impede Growth"

NFC offers flimsy privacy protection for the device, making it susceptible to unintentional reception of harmful data or malware. There aren't many protections against data tampering and data sniffing in the NFC protocol. Security is a major problem because it is one among the most widely used applications and encourages a "Contactless Payment System." The user may also be seriously endangered by the transfer of malicious software due to no data authentication by the application. Consequently, in order to utilize the potential features of an NFC-enabled application securely, a secure NFC application is required. These factors may limit the NFC business card market growth in the foreseeable future. 

NFC BUSINESS CARD MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market Owing To the Presence of the Fastest-Growing Economies"

Asia Pacific is likely to show considerable growth in the global market owing to the presence of leading and the world’s fastest-growing industrialized economies. The rapid adoption of new technologies across various industries of the region is anticipated to aid growth in the region. 

North America is anticipated to hold the maximum part of the NFC business card market share owing to the steady rise of the healthcare sector. The region is likely to hold around 20% of the total market share due to the development of the healthcare industry.

KEY INDUSTRY PLAYERS

"Key Players to Focus on Acquisitions and Mergers to Gain a Competitive Advantage"

Key companies are engaging in developing robust strategies to gain NFC business card market share. The market is fragmented and has various players. The leading market players focus on emphasizing their services by developing new technologies. The players are developing new products to gain mergers and collaborations in the global market. Moreover, the companies are striving to take over the regional market to grow in the worldwide market in the foreseeable future. The companies are acquiring other companies to gain considerable NFC business card market growth. Moreover, new strategies are adopted by the major companies to enhance their product portfolio. The launch of new services is expected to strengthen the company’s portfolio. Furthermore, the companies are adopting organic and inorganic strategies to gain consistent growth.

List of Market Players Profiled

• BIGDAWGS (U.S.)
• Lulu Systems, Inc. (U.S.)
• Variuscard GmbH (Austria)
• Yuvera Solutions (1Card) (India)
• BuzzTech (Malaysia)
• MoreRFID (U.S.)
• RFITRFID (U.S.)
• Shenzhen Chuangxinjia RFID Tag (China)
• Shenzhen Xinyetong Technology (China)
• D.O RFID TAG Company (China)
• NFC Touch (China)

REPORT COVERAGE

The report represents an all-inclusive market report that includes:

• Key players and their recent development.
• Factors projected to aid market growth.
• The impact of COVID-19 is also represented in the report.
• Regions are anticipated to lead the global market.
• Factors that may limit the growth of the market.
• The latest trends are also included in the report.
• Segmentation of the market on the basis of application and type.

The report includes a verified projection of the market to help competitors gain better insights into the market.