NFC Market Reaching $50.1 Billion by 2030

Redding California, February 20,2024 - Meticulous Research®, a premier global market research company, has released a comprehensive report titled 'Global 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-Forecast to 2030.' The report anticipates the global NFC market to achieve a valuation of $50.1 billion by 2030, with a robust Compound Annual Growth Rate (CAGR) of 12.3% from 2023 to 2030.

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Market Dynamics and Overview
The surge in demand for contactless payments, coupled with the increasing integration of NFC technology in smartphones, propels the market towards the projected valuation. Innovations such as the integration of NFC into wearable devices represent a notable trend. However, challenges such as the limited range of NFC operations and security concerns restrain market growth. The report also sheds light on the opportunities arising from NFC adoption in retail, enhancing consumer experiences, and the burgeoning applications of keyless entry in homes and vehicles.
Segmentation Highlights

1. Offering:
The global NFC market is segmented into hardware and platform. In 2023, the hardware segment is poised to dominate, attributing its larger share to the growing adoption of NFC cards in the hospitality sector. Toppan Inc.'s recent development of an eco-friendly NFC tag label using paper material exemplifies the focus on sustainable innovation. The hardware segment is expected to record the highest CAGR during the forecast period.

2. Operating Mode:
Segmentation includes read/write mode, peer-to-peer mode, card emulation mode, and charging mode. The card emulation mode segment is projected to hold the largest share in 2023, driven by its benefits in security, compatibility, and reliability. This segment is also expected to achieve the highest CAGR during the forecast period.

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3. Application:
The global NFC market is categorized by application into contactless payment, data transfer & sharing, access control & authentication, ticketing, asset tracking, and other applications. The contactless payment segment is anticipated to dominate in 2023, driven by the increasing demand for fast and secure transactions and the integration of NFC in smartphones. The access control & authentication segment is projected to witness the highest CAGR during the forecast period.

4. End-use Industry:
The market is segmented based on end-use industry into retail, BFSI, healthcare, automotive, hospitality, consumer electronics, transportation, residential & commercial, manufacturing, and other industries. The retail segment is expected to hold the largest share in 2023, driven by the increasing penetration of digital payments and the growing use of technology for product identification. The BFSI segment is projected to achieve the highest CAGR during the forecast period.

5. Geography:
Geographical segmentation covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is anticipated to command the largest market share, driven by increasing digital payment penetration and the presence of major hospitality organizations. Asia-Pacific is also expected to achieve the highest CAGR during the forecast period.

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Strategic Insights and Key Players
The report provides key insights into high-growth market segments, historical market sizes, forecasts for 2023-2030, major drivers, opportunities, challenges, and competitive landscapes. Key players profiled in the report include NXP Semiconductors N.V., Broadcom Corporation, Renesas Electronics Corporation, STMicroelectronics N.V., Infineon Technologies AG, Identiv, Inc., ams-OSRAM AG, Intel Corporation, Texas Instruments Incorporated, Samsung Electronics Co., Ltd., Sony Corporation, Avery Dennison Corporation, MagTek Inc., Identis, HID Global Corporation (a subsidiary of ASSAABLOY AB), among others.

Mr. Khushal Bombe
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This release was published on openPR.