NFC Market to Reach $50.1 Billion by 2030
Meticulous
Research®—a leading global market research company, published a research 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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Free sample report here: https://www.meticulousresearch.com/download-sample-report/cp_id=5589?utm_source=blog&utm_medium=social+&utm_campaign=product&utm_content=22-02-2024
The
global NFC market is projected to reach $50.1 billion by 2030, at a CAGR of
12.3% from 2023 to 2030. The growth of this market is attributed to the rising
demand for contactless payments and the growing integration of NFC technology
in smartphones. Furthermore, the surging adoption of NFC technology in retail
to improve consumer experience and growing keyless entry applications in homes
and passenger vehicles are expected to create significant opportunities for
this market.
However,
the limited range of operations of NFC challenges this market growth. Also,
security issues in near field communication are restraining the market growth.
The integration of NFC into wearable devices is a prominent trend in the NFC
market.
The
global NFC market is segmented based on offering, operating mode, application,
and end-use industry. The study also evaluates industry competitors and
analyses the regional and country-level markets.
Based
on offering, the global NFC market is
segmented into hardware and platform. In 2023, the hardware segment is expected
to account for the larger share of the global NFC market. The large market
share of this segment is attributed to the growing adoption of NFC cards in the
hospitality sector and the rising focus of key players on product development
and enhancement to enable keyless entry. For instance, in February 2023, Toppan
Inc. (Japan), the global leader in communication, security, packaging, and electronics
solutions, developed an eco-friendly near-field communication (NFC) tag label
that uses paper material as the substrate for the antenna instead of PET film.
This segment is also projected to record the highest CAGR during the forecast
period.
Based
on operating mode, the global NFC market is
segmented into read/write mode, peer-to-peer mode, card emulation mode, and
charging mode. In 2023, the card emulation mode segment is expected to account
for the largest share of the global NFC market. The large market share of this
segment is attributed to the benefits of card emulation mode, such as security,
compatibility, and reliability. Furthermore, the card emulation mode allows a
device, such as a smartphone, to emulate a contactless card and connect to an
existing framework. This segment is also projected to record the highest CAGR
during the forecast period.
Based
on application, the global NFC market is
segmented into contactless payment, data transfer & sharing, access control
& authentication, ticketing, asset tracking, and other applications. In
2023, the contactless payment segment is expected to account for the largest
share of the NFC market. The large market share of this segment is attributed
to the increasing demand for fast and secure transactions, the integration of
NFC in smartphones to facilitate contactless payment, and the growing focus of
companies on product advancements in payment technologies.
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Additionally,
the growing focus of organizations on partnerships to increase the adoption of
contactless payment is contributing to the market growth. For instance, in
November 2022, RCH S.p.A. (Italy), a cash register provider, partnered with
dejamobile (France), a digital payments technology provider, and Market Pay
(French), an international payments platform, to provide customers with the
ability to accept contactless payments on Android NFC devices. However, the
access control & authentication segment is projected to record the highest
CAGR during the forecast period.
Based
on end-use industry, the global NFC market is
segmented into retail, BFSI, healthcare, automotive, hospitality, consumer,
electronics, transportation, residential & commercial, manufacturing, and
other end-use industries. In 2023, the retail segment is expected to account
for the largest share of the NFC market. The large market share of this segment
is attributed to the increasing penetration of digital payments in retail, the
growing use of technology for product identification, and the increasing need
to reduce counterfeiting. However, the BFSI segment is projected to record the
highest CAGR during the forecast period.
Based
on geography, the global NFC market is
segmented into North America, Europe, Asia-Pacific, Latin America, and Middle
East & Africa. In 2023, Asia Pacific is expected to account for the largest
share of the NFC market. The region's large share is attributed to the
increasing penetration of digital payments in the region, the presence of large
hospitality organizations such as Marriott International, Inc. (U.S.), Jin
Jiang International (Holdings) Co., Ltd. (China), Banyan Tree Holdings Limited
(Singapore), and Mandarin Oriental Hotel Group Limited (Hong Kong).
Asia-Pacific is also projected to record the highest CAGR during the forecast
period.
Key
Players
The
key players profiled in the global NFC market study are 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
ASSAABLOY AB) (U.S.).
Key
Questions Answered in the Report:
· Which
are the high-growth market segments in offering, operating mode, application,
end-use industry, and geography?
· What
are the historical market sizes for NFC across the globe?
· What
are the market forecasts and estimates for 2023–2030?
· What
are the major drivers, opportunities, and challenges in the global NFC market?
· Who
are the major players in the market, and what are their market shares?
· How
is the competitive landscape for the global NFC market?
· What
are the recent developments in the global NFC market?
· What
are the different strategies adopted by the major players in the market?
· What
are the key geographic trends, and which are the high-growth countries?
· Who
are the local emerging players in the global NFC market, and how do they
compete with other players?
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