NFC Market to Reach $50.1 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'NFC Market by Offering (Hardware (Tags/Cards, Readers), Platform), Operating Mode (Read/Write, Peer-to-peer, Card Emulation), Application (Contactless Payment, Ticketing, Data Transfer & Sharing), End-use Industry, and Geography - Global Forecast to 2030.'

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The global NFC market is projected to reach $50.1 billion by 2030, at a CAGR of 12.3% from 2023 to 2030. The growth of this market is attributed to the rising demand for contactless payments and the growing integration of NFC technology in smartphones. Furthermore, the surging adoption of NFC technology in retail to improve consumer experience and growing keyless entry applications in homes and passenger vehicles are expected to create significant opportunities for this market.

However, the limited range of operations of NFC challenges this market growth. Also, security issues in near field communication are restraining the market growth. The integration of NFC into wearable devices is a prominent trend in the NFC market.

The global NFC market is segmented based on offering, operating mode, application, and end-use industry. The study also evaluates industry competitors and analyses the regional and country-level markets.

Based on offering, the global NFC market is segmented into hardware and platform. In 2023, the hardware segment is expected to account for the larger share of the global NFC market. The large market share of this segment is attributed to the growing adoption of NFC cards in the hospitality sector and the rising focus of key players on product development and enhancement to enable keyless entry. For instance, in February 2023, Toppan Inc. (Japan), the global leader in communication, security, packaging, and electronics solutions, developed an eco-friendly near-field communication (NFC) tag label that uses paper material as the substrate for the antenna instead of PET film. This segment is also projected to record the highest CAGR during the forecast period.

Based on operating mode, the global NFC market is segmented into read/write mode, peer-to-peer mode, card emulation mode, and charging mode. In 2023, the card emulation mode segment is expected to account for the largest share of the global NFC market. The large market share of this segment is attributed to the benefits of card emulation mode, such as security, compatibility, and reliability. Furthermore, the card emulation mode allows a device, such as a smartphone, to emulate a contactless card and connect to an existing framework. This segment is also projected to record the highest CAGR during the forecast period.

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Based on application, the global NFC market is segmented into contactless payment, data transfer & sharing, access control & authentication, ticketing, asset tracking, and other applications. In 2023, the contactless payment segment is expected to account for the largest share of the NFC market. The large market share of this segment is attributed to the increasing demand for fast and secure transactions, the integration of NFC in smartphones to facilitate contactless payment, and the growing focus of companies on product advancements in payment technologies.

Additionally, the growing focus of organizations on partnerships to increase the adoption of contactless payment is contributing to the market growth. For instance, in November 2022, RCH S.p.A. (Italy), a cash register provider, partnered with dejamobile (France), a digital payments technology provider, and Market Pay (French), an international payments platform, to provide customers with the ability to accept contactless payments on Android NFC devices. However, the access control & authentication segment is projected to record the highest CAGR during the forecast period.

Based on end-use industry, the global NFC market is segmented into retail, BFSI, healthcare, automotive, hospitality, consumer, electronics, transportation, residential & commercial, manufacturing, and other end-use industries. In 2023, the retail segment is expected to account for the largest share of the NFC market. The large market share of this segment is attributed to the increasing penetration of digital payments in retail, the growing use of technology for product identification, and the increasing need to reduce counterfeiting. However, the BFSI segment is projected to record the highest CAGR during the forecast period.

Based on geography, the global NFC market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2023, Asia Pacific is expected to account for the largest share of the NFC market. The region's large share is attributed to the increasing penetration of digital payments in the region, the presence of large hospitality organizations such as Marriott International, Inc. (U.S.), Jin Jiang International (Holdings) Co., Ltd. (China), Banyan Tree Holdings Limited (Singapore), and Mandarin Oriental Hotel Group Limited (Hong Kong). Asia-Pacific is also projected to record the highest CAGR during the forecast period.

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Key Players

The key players profiled in the global NFC market study are NXP Semiconductors N.V. ( Netherlands), Broadcom Corporation (U.S.), Renesas Electronics Corporation (Japan), STMicroelectronics N.V. (Switzerland), Infineon Technologies AG (Germany), Identiv, Inc. (U.S.), ams-OSRAM AG (Austria), Intel Corporation (U.S.), Texas Instruments Incorporated (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Avery Dennison Corporation (U.S.), MagTek Inc. (U.S.), Identis (India), HID Global Corporation(a subsidiary of ASSAABLOY AB) (U.S.).

Key Questions Answered in the Report:

Which are the high-growth market segments in offering, operating mode, application, end-use industry, and geography?
What are the historical market sizes for NFC across the globe?
What are the market forecasts and estimates for 2023-2030?
What are the major drivers, opportunities, and challenges in the global NFC market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape for the global NFC market?
What are the recent developments in the global NFC market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global NFC market, and how do they compete with other players?

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This release was published on openPR.