NFC Market to Surpass $50.1 Billion by 2030

Meticulous Research® Forecasts Global NFC Market to Surpass $50.1 Billion by 2030
Redding California, 29 January 2024- Meticulous Research®, a renowned global market research company, has unveiled its latest research report titled 'Global NFC Market,' shedding light on critical dimensions such as Offerings, Operating Modes, Applications, End-use Industries, and Geographical Analysis-providing profound insights for the forecast period up to 2030.

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As per Meticulous Research®'s comprehensive study, the Global NFC Market is poised to attain a staggering valuation of $50.1 billion by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 12.3% from 2023 to 2030. This surge is primarily driven by the escalating demand for contactless payments and the pervasive integration of NFC technology in smartphones. Additionally, the widespread adoption of NFC in retail settings to enhance consumer experiences and the burgeoning applications of keyless entry in homes and passenger vehicles are expected to unlock substantial opportunities within this market.

However, the market faces challenges due to the limited operational range of NFC and security concerns associated with near field communication. Notably, the integration of NFC into wearable devices stands out as a prominent trend in this dynamic market.

The Global NFC Market is meticulously segmented based on offering, operating mode, application, and end-use industry. The report also conducts a comprehensive analysis of industry competitors and delves into regional and country-level market dynamics.

Offering-wise, the Global NFC Market is categorized into Hardware and Platform. In 2023, the Hardware segment is projected to dominate the market, fueled by the growing adoption of NFC cards in the hospitality sector and the relentless focus of key industry players on product development and enhancement for enabling keyless entry. For instance, Toppan Inc. (Japan) recently pioneered an eco-friendly NFC tag label utilizing paper material as an antenna substrate instead of PET film. The Hardware segment is anticipated to record the highest CAGR during the forecast period.

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Operating Modes include Read/Write Mode, Peer-to-Peer Mode, Card Emulation Mode, and Charging Mode. In 2023, the Card Emulation Mode segment is expected to capture the largest market share, driven by its inherent benefits such as security, compatibility, and reliability. This segment, enabling a device like a smartphone to emulate a contactless card and connect to an existing framework, is also projected to exhibit the highest CAGR.

Applications in the Global NFC Market span Contactless Payment, Data Transfer & Sharing, Access Control & Authentication, Ticketing, Asset Tracking, and other applications. In 2023, Contactless Payment is forecasted to dominate, fueled by the increasing demand for swift and secure transactions, NFC integration in smartphones for seamless contactless payments, and the innovation focus of companies in payment technologies. However, the Access Control & Authentication segment is expected to register the highest CAGR during the forecast period.

End-use Industries shaping the Global NFC Market include Retail, BFSI, Healthcare, Automotive, Hospitality, Consumer Electronics, Transportation, Residential & Commercial, Manufacturing, and other industries. In 2023, the Retail segment is projected to claim the largest market share, driven by the growing penetration of digital payments, tech-driven product identification, and the imperative to counter counterfeiting. Nevertheless, the BFSI segment is anticipated to achieve the highest CAGR during the forecast period.

Geographically, the Global NFC Market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to dominate the market, fueled by the pervasive adoption of digital payments, coupled with the presence of major 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 poised to record the highest CAGR during the forecast period.

Key Market Players:
The key players profiled in the Global NFC Market study include 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.).

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Key Questions Addressed in the Report:
• What are the high-growth market segments in offering, operating mode, application, end-use industry, and geography?
• What are the historical market sizes for NFC globally?
• 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?

Mr. Khushal Bombe
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This release was published on openPR.