NFC Market Projected to Hit $50.1 Billion by 2030

 NFC Market is projected to reach $50.1 billion by 2030, at a CAGR of 12.3% from 2024 to 2030. 

Meticulous Research®, a leading global market research firm, has published a 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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According to the report, the global Near Field Communication (NFC) market is projected to reach $50.1 billion by 2030, growing at a CAGR of 12.3% from 2024 to 2030. The market’s growth is driven by the increasing demand for contactless payments and the integration of NFC technology in smartphones. Furthermore, the rising adoption of NFC in the retail sector to enhance consumer experiences and the growing use of NFC for keyless entry in homes and vehicles are expected to provide significant opportunities for market expansion.

However, challenges such as the limited operational range of NFC and security concerns surrounding NFC technology are restraining market growth. On the other hand, the trend of integrating NFC into wearable devices is emerging as a key driver for market development.

Market Segmentation

The NFC market is categorized based on offering, operating mode, application, and end-use industry. The report also examines industry competitors and analyzes regional and country-level market trends.

By Offering

The market is segmented into hardware and platform. In 2024, the hardware segment is expected to hold the largest market share, driven by the growing use of NFC cards in the hospitality industry and increased focus on product innovation to enable keyless entry. For example, in February 2024, Toppan Inc. (Japan) developed an eco-friendly NFC tag label using paper material for its antenna instead of traditional PET film. This segment is also expected to achieve the highest growth rate during the forecast period.

By Operating Mode

The NFC market is divided into read/write, peer-to-peer, card emulation, and charging modes. In 2024, the card emulation mode is projected to dominate the market, owing to its benefits such as enhanced security, compatibility, and reliability. Card emulation mode allows devices like smartphones to emulate contactless cards and connect with established frameworks. This mode is also expected to record the highest CAGR over the forecast period.

By Application

The market is segmented into contactless payments, data transfer & sharing, access control & authentication, ticketing, asset tracking, and others. The contactless payment segment is anticipated to hold the largest market share in 2024 due to the rising demand for fast, secure transactions and the increasing use of NFC in smartphones. Many companies are focusing on innovations in payment technologies. For instance, in November 2022, RCH S.p.A. (Italy) partnered with dejamobile (France) and Market Pay (France) to enable contactless payments on Android NFC devices. The access control & authentication segment is expected to record the highest growth during the forecast period.

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By End-use Industry

The market is divided into sectors such as retail, BFSI, healthcare, automotive, hospitality, consumer electronics, transportation, residential & commercial, manufacturing, and others. In 2024, the retail segment is expected to lead the market, driven by the growing use of digital payments, product identification, and efforts to reduce counterfeiting. However, the BFSI segment is projected to have the highest CAGR during the forecast period.

Regional Insights

Geographically, the NFC market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to dominate the market in 2024, thanks to the widespread adoption of digital payments and the presence of major hospitality organizations such as Marriott International, Jin Jiang International, and Banyan Tree Holdings. This region is also projected to have the highest growth rate during the forecast period.

Key Players

Leading companies in 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)
• HID Global Corporation (a subsidiary of ASSA ABLOY AB) (U.S.)

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