Near Field Communication (NFC) market size to grow by USD 33.1 billion from 2023 to 2030; Humungous preference for cashless payments to augment the global market trends - Facts & Factor
NEW YORK, June 12, 2023 /PRNewswire/ -- As per Facts and Factors study, 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) Market: Overview
Near-field communication (NFC) is a set of communication protocols facilitating communication between two electronic equipment over a distance of 4 cm or less. NFC provides a low-speed connection through a simple setup that can be utilized in bootstrapping capable wireless connections.
Reportedly, nearly all of today's smartphones, as well as smartwatches, are embedded with NFC systems. NFC is a set of short-range wireless systems allowing one to share small payloads of data between an NFC tag and an Android-driven equipment.
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Key Insights:
As per the analysis shared by our research analyst, the global near field communication (NFC) market is projected to expand annually at the annual growth rate of around 14.4% over the forecast timespan (2023-2030)
In terms of revenue, the global near field communication (NFC) market was evaluated at nearly $21.1 billion in 2022 and is expected to reach $33.1 billion by 2030.
The global near field communication market is anticipated to record massive growth over the forecast period owing to the growing penetration of near field communication in fitness monitors, wristbands, and bracelets.
Based on the operating mode, the reader emulation segment is predicted to contribute majorly toward the global market share over the forecast timeline.
In terms of offering, the non-auxiliary products segment is projected to dominate the global market size over 2023-2030.
On the basis of the application, the banking & finance segment is projected to account for a major share of the global market in 2023-2030.
Region-wise, the North American near field communication (NFC) market is projected to register the fastest CAGR during the assessment period.
Facts and Factors published the latest report titled "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" into their research database.
Industry Dynamics:
Global Near Field Communication (NFC) Market: Growth Drivers
Humungous preference for cashless payments to augment the global market trends over 2023-2030.
Escalating demand for contactless payments is predicted to expedite the global near field communication (NFC) market trends. Growing penetration of near field communication in fitness monitors, wristbands, and bracelets is predicted to spearhead the expansion of the global market.
The thriving wearable device sector along with the benefits offered by wearable payment equipment will steer the market expansion across the globe. The burgeoning need for effective consumer interaction will prop up the scope of the market growth in the years ahead.
Furthermore, rapidly expanding m-commerce activities will embellish the expansion of the new field communication market globally. The rise in acceptance of wearable technologies will exponentiate the growth of the global market. In addition to this, demand for products such as NFC-based PoS systems has translated into immense expansion of the market across the globe.
Global Near Field Communication (NFC) Market: Restraints
Growing safety concerns related to NFC systems & easy access to alternate payment modes hinder the global industry expansion.
NFCs can be used only for short-range data transfer and this can impede the expansion of the near field communication (NFC) industry globally. Apart from this, the inability to work over 12 cm distances and the inability to the high rate of data transfer can further deter the growth of the global industry. Security concerns pertaining to NFC and the easy availability of alternate payment options can put brakes on the global industry surge.
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Near Field Communication (NFC) Market: Opportunities
Increase in adoption of smart cameras with growing photography trends to open new growth avenues for the global market.
The rise in the use of near field communications in infotainment systems in new vehicles will create new growth opportunities for the near field communication market across the globe. The rise in acceptance of smart cameras due to the growing popularity of photography among people has led to the massive use of wireless data transfer tools such as NFC, thereby generating new growth avenues for the global market.
Near Field Communication (NFC) Market: Challenges
A surge in Wi-Fi costs poses the biggest challenge in the path of industry growth across the globe.
NFC systems require a large proportion of hardware & software for installation. Moreover, it requires continuous maintenance for offering seamless and error-free wireless transactions. This can pose a huge challenge towards the expansion of the global near field communication (NFC) industry. The rise in Wi-Fi cost can further put a big challenge for the global industry
Global Near Field Communication (NFC) Market: Segmentation
The global near field communication (NFC) market is sectored into operating mode, offering, application, and region.
In terms of operating mode, the global near field communication (NFC) market is sectored into reader emulation, card emulation, and peer-to-peer emulation segments. Furthermore, the reader emulation segment, which contributed to the largest share of the global market in 2022, is projected to establish its segmental dominance in the forecast timespan. The segmental growth in the coming eight years can be owing to the massive use of NFC chips in reader mode in smartphones and the retail sector.
Based on the offering, the near field communication industry across the globe is divided into software, non-auxiliary products, and auxiliary products segments. Moreover, the non-auxiliary products segment, which garnered nearly 41% of the global industry share in 2022, is projected to dominate the global industry expansion even in the forecasting timespan. The growth of the segment in the ensuing years can be due to the embedding of NFC IC/chips in smartphones for making digital payments and making secured pairing with other NFC-embedded equipment for data sharing.
On the basis of application, the global near field communication (NFC) market is sectored into retail, automotive, banking & finance, transport, residential & commercial, consumer electronics, medical & healthcare, and hospitality segments.
Moreover, the banking & finance segment, which accounted for a major share of over 58% of the global market in 2022, is predicted to lead the global market in the forecasting timespan. The segmental expansion over the assessment timeframe can be due to the large-scale use of smartphone wallets and payments through digital e-wallets in the banking & finance sector.
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List of Key Players in Near Field Communication (NFC) Market:
NXP Semiconductors
Broadcom
Qualcomm
Texas Instruments
STMicroelectronics
Thales Group
Infineon Technologies
Sony
Flomio
HID Global
AMS
Identive
MagTek
Avery Dennison
Others
Key questions answered in this report:
What are the growth rate forecast and market size for Near Field Communication (NFC) Market?
What are the key driving factors propelling the Near Field Communication (NFC) Market forward?
What are the most important companies in the Near Field Communication (NFC) Market Industry?
What segments does the Near Field Communication (NFC) Market cover?
How can I receive a free copy of the Near Field Communication (NFC) Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2022 | USD 21.1 Billion |
Revenue forecast in 2030 | USD 33.1 Billion |
Growth Rate | CAGR of almost 14.4% 2023-2030 |
Base Year | 2022 |
Historic Years | 2016 – 2021 |
Forecast Years | 2023-2030 |
Segments Covered | By Operating Mode, Offering, Application, and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2023 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | NXP Semiconductors, Broadcom, Qualcomm, Texas Instruments, STMicroelectronics, Thales Group, Infineon Technologies, Sony, Flomio, HID Global, AMS, Identive, MagTek, Avery Dennison., and others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Regional Dominance:
Asia-Pacific near field communication (NFC) market to accrue massive revenues over the forecast timeline.
Asia-Pacific, which accounted lucratively towards the global near field communication (NFC) market revenue in 2022, is anticipated to continue its dominance over the analysis timeline. The regional market expansion over 2023-2030 can be due to the rising acceptance of NFC tools in retail & transportation sectors. Apart from this, the growing demand for smartphones in India and China will steer the regional market surge in the coming years.
Furthermore, the North American near field communication industry, which recorded major growth in 2022, is set to register the fastest CAGR over the forecast timeline. The factors that are projected to measure the growth of the regional market include a surge in the sale of laptops, smartphones, and tablets in the countries such as Canada and the U.S.
Global Near Field Communication (NFC) Market is segmented as follows:
Near Field Communication (NFC) Market: By Operating Mode Outlook (2023-2030)
Reader Emulation
Card Emulation
Peer-to-Peer Emulation
Near Field Communication (NFC) Market: By Offering Outlook (2023-2030)
Non-Auxiliary Products
Software
Auxiliary Products
Near Field Communication (NFC) Market: By Application Outlook (2023-2030)
Retail
Automotive
Transport
Residential & Commercial
Consumer Electronics
Medical & Healthcare
Banking & Finance
Hospitality
Near Field Communication (NFC) Market: By Region Outlook (2023-2030)
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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