Global Near Field Communication (NFC) Market Share Is Likely To Reach At A CAGR Value Of Around 14.4% By 2030

08-Jun-2023 | Facts and Factors

According to the Facts & Factors report, the global near field communication (NFC) market size was nearly $21.1 billion in 2022 and is set to increase to about $33.1 billion by 2030 along with securing the highest CAGR of 14.4% from 2023 to 2030.

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Near field communication (NFC) is a short-range wireless system that helps in making the operations of smartphones, iPhone, payment cards, and tablets smarter. With the help of NFC, an individual can transfer data between equipment rapidly and easily in a single go. For instance, one can have very fast transactions such as downloading or uploading coupons, payment of electricity bills, and swapping business cards with the help of NFC. Reportedly, NFC systems operate in three key modes, namely, card emulation, peer-to-peer mode, and reader or writer mode.

Browse the full report “Near Field Communication (NFC) Market Size, Share, Growth Analysis Report By Operating Mode (Reader Emulation, Card Emulation, and Peer-to-Peer Emulation), By Offering (Non-Auxiliary Products, Software, and Auxiliary Products), By Application (Retail, Automotive, Transport, Residential & Commercial, Consumer Electronics, Medical & Healthcare, Banking & Finance, and Hospitality), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030”  at https://www.fnfresearch.com/near-field-communication-nfc-market

The thriving m-commerce industry is contributing lucratively towards the growth of the global near field communication (NFC) market. Apart from this, breakthroughs in wearable technologies and connected technologies will pave the way for the expansion of the global market. Humungous demand for improved & seamless network connectivity, high bandwidth, and rapid internet speed will steer the global market trends.

In addition to this, the onset of the 5G network will proliferate the scope of growth of the market across the globe. The rise in penetration of near field communications in patient monitoring and patient care management activities will scale up the global market demand. Apart from this, the growing use of near field communication systems in airlines, hospitality, leisure, and travel sectors will foster the business space.

Nevertheless, surging issues of short-range communications will create hurdles in the path of growth of the global near field communication (NFC) industry. However, the growing demand for tools for safeguarding against data breaches, data modification, and data sniffing can open new growth opportunities for the global industry. This will help in offsetting the negative impact caused by the impediments to the global industry surge.

Segmental Overview:

The global near field communication (NFC) market is segregated into operating mode, offering, application, and region.   

The operating mode segment of the near field communication (NFC) market is subdivided into card emulation, reader emulation, and peer-to-peer emulation segments. Furthermore, the reader emulation segment, which contributed more than half of the global market share in 2022, is predicted to establish its segmental dominance in the ensuing years. The segmental growth in the ensuing years can be attributed to the large-scale use of NFC chips in reader mode in mobiles and iPhones globally.  

On the basis of offering, the near field communication industry across the globe is divided into software, non-auxiliary products, and auxiliary products segments. The non-auxiliary products segment, which held more than two-fifths of the global industry share in 2022, is set to register the fastest CAGR in the next few years.

The expansion of the segment in the analysis period can be due to the inclusion of NFC IC/chips in mobiles for making online payments and making secured pairing with other NFC-embedded devices for data sharing.     

In terms of application, the near field communication market across the globe is segmented into retail, automotive, banking & finance, transport, residential & commercial, consumer electronics, medical & healthcare, and hospitality segments.

Moreover, the banking & finance segment, which dominated the segmental growth in 2022, is anticipated to record the highest CAGR in the upcoming years. The segmental expansion over the forecast timespan can be due to the humungous penetration of mobile wallets and payments through the large-scale use of digital e-wallets in the banking & finance segment.

Regional Overview:

Furthermore, the Asia-Pacific region, which contributed majorly towards the overall share of the near field communication (NFC) market in 2022, is predicted to continue its domination in the ensuing years. The regional market surge in the next few years can be owing to the massive adoption of NFC tools in retail & transportation activities.

In addition to this, the escalating popularity and use of smartphones in India and China will spearhead the regional market space in the years ahead.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 21.1 Billion

Projected Market Size in 2030

USD 33.1 Billion

CAGR Growth Rate

14.4% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

NXP Semiconductors, Broadcom, Qualcomm, Texas Instruments, STMicroelectronics, Thales Group, Infineon Technologies, Sony, Flomio, HID Global, AMS, Identive, MagTek, Avery Dennison., and others.

Key Segment

By Operating Mode, Offering, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Landscape:

Key players in the global near field communication (NFC) market include NXP Semiconductors, Broadcom, Qualcomm, Texas Instruments, STMicroelectronics, Thales Group, Infineon Technologies, Sony, Flomio, HID Global, AMS, Identive, MagTek, and Avery Dennison.

 Recent Developments:

  • In the first quarter of 2019, NXP Semiconductors joined hands with FeliCa Networks, Inc., for reinforcing the mobile payment & ticketing ecosystem of Japan. The move is likely to expedite the expansion of the near field communication (NFC) market in Japan.
  • In the second half of 2021, STMicroelectronics N.V., a Swiss-based semiconductor technology organization, introduced a low-cost NFC type 2 tag IC possessing key features along with improved NDEF. Moreover, the new solution offers a cost-performance balance for high-volume use cases, thereby spurring the growth of the NFC business globally.
  • In the first half of 2022, Clinique launched the first near field communication-based packaging for its skin care product referred to as Moisture Surge 100H. The strategic initiative is aimed at increasing the rate of conversion at point-of-sale. The move is likely to expedite the expansion of the NFC business across the globe.

The global near field communication (NFC) market is segmented as follows:

By Operating Mode

  • Reader Emulation
  •  Card Emulation
  • Peer-to-Peer Emulation

By Offering

  • Non-Auxiliary Products
  •  Software
  • Auxiliary Products

By Application

  • Retail
  • Automotive
  •  Transport
  • Residential & Commercial
  • Consumer Electronics
  • Medical & Healthcare
  • Banking & Finance
  • Hospitality

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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