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® has published a comprehensive 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.” This report projects the global NFC market to reach $50.1 billion by 2030, growing at a CAGR of 12.3% from 2024 to 2030. Key growth drivers include the rising demand for contactless payments and increased integration of NFC technology in smartphones. Additionally, expanding NFC use in retail to enhance customer experience and growing applications in keyless entry for homes and vehicles present significant opportunities for the market.

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However, the limited operational range of NFC and security concerns are notable challenges to growth. One emerging trend is the incorporation of NFC technology into wearable devices.

The report segments the global NFC market by offering, operating mode, application, and end-use industry, with an analysis of competitors and regional market breakdowns.

Market Breakdown:

1. Offering: The market is divided into hardware and platform. In 2024, the hardware segment is expected to dominate due to increased adoption of NFC cards in hospitality and advancements in keyless entry technology. For instance, in February 2024, Toppan Inc. developed an eco-friendly NFC tag using paper for the antenna substrate, moving away from PET film. This segment is also projected to experience the highest CAGR through 2030.
2. Operating Mode: NFC operating modes include read/write, peer-to-peer, card emulation, and charging mode. Card emulation mode is expected to hold the largest share in 2024 due to its security, compatibility, and reliability, allowing devices like smartphones to emulate contactless cards. This segment is also anticipated to grow at the highest CAGR during the forecast period.
3. Application: Key applications include contactless payment, data transfer & sharing, access control & authentication, ticketing, asset tracking, and others. Contactless payment is projected to capture the largest share in 2024, driven by demand for secure transactions and the integration of NFC in smartphones. Efforts to promote contactless payments are growing, such as RCH S.p.A.’s (Italy) partnership with dejamobile (France) and Market Pay (France) to enable contactless payments on Android NFC devices. However, the access control & authentication segment is forecasted to record the highest CAGR.
4. End-use Industry: The NFC market caters to various industries, including retail, BFSI, healthcare, automotive, hospitality, consumer electronics, transportation, residential & commercial, and manufacturing. In 2024, the retail sector is anticipated to hold the largest market share, supported by digital payment penetration and technology use for product identification. Nonetheless, the BFSI sector is set to grow at the highest CAGR.
5. Geography: The report segments the market by North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead the market in 2024 due to the widespread adoption of digital payments and the presence of major hospitality groups. The region is also projected to witness the highest CAGR through 2030.

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Key Players

Prominent players 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), and HID Global Corporation (U.S.).

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