Global Near Field Communication (NFC) market stood at $ 8.51 billion in 2016, and is projected to exhibit a CAGR of 20.02%, in value terms, to reach $ 30.20 billion by 2022, owing to anticipated increase in its usage for enabling communication between Internet of Things (IoT) supporting connected devices and IoT infrastructure. Moreover, increase in number of NFC enabled mobile devices coupled with financial institutes collaborating with smartphone manufacturers such as Apple, Samsung, etc.
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