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NFC Market Poised to Surpass $50.1 Billion by 2030
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Navigating the NFC Landscape
The surge in demand for contactless payments, coupled with the integration of NFC technology in smartphones, is driving the robust growth of the global NFC market. Innovations such as NFC technology in retail for enhanced consumer experiences and the proliferation of keyless entry applications in homes and vehicles are expected to open significant avenues for market growth. However, challenges related to the limited operational range of NFC and security concerns pose constraints to the market's trajectory. Noteworthy is the emergence of a trend integrating NFC into wearable devices.
Segmentation Insights and Market Dynamics
The global NFC market is meticulously segmented based on offering, operating mode, application, and end-use industry. The hardware segment, encompassing integrated circuits & antennas, tags/cards, readers, and other hardware components, is anticipated to dominate in 2023, driven by increased NFC technology integration in smartphones and point-of-sale (POS) terminals. A notable highlight is the immersive experience introduced by Diageo plc (U.K.) in collaboration with Lotte Duty Free (South Korea) and Changi Airport Group (Singapore), utilizing NFC technology for Johnnie Walker Blue Label Cities of the Future Singapore pop-up at Changi Airport Terminal 3.
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Card emulation mode, within operating modes, is projected to lead the market, particularly due to its integration into wearables and government initiatives promoting digital payments. The contactless payment segment is expected to claim the largest share in 2023, with the access control & authentication segment exhibiting the highest CAGR during the forecast period. In end-use industries, the retail sector is anticipated to dominate, while the BFSI segment is set to achieve the highest CAGR, propelled by increasing consumer preference for e-wallets and the advantages offered by contactless payments.
Regional Landscape and Key Players
Asia Pacific is poised to dominate the NFC market in 2023, showcasing the highest CAGR during the forecast period. The region's growth is fueled by substantial investments in fintech companies and a focus on smartphone launches equipped with NFC capabilities.
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Key players shaping the global NFC market 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), and HID Global Corporation (a subsidiary of ASSAABLOY AB) (U.S.).
Mr. Khushal Bombe
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