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All You Need To Know About NFC: Near Field Communication Technology
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 - Forecast to 2030”.Download Free sample report here: https://www.meticulousresearch.com/download-sample-report/cp_id=5589?utm_source=article&utm_medium=social+&utm_campaign=product&utm_content=08-05-2024
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 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 user. 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 hardware segment is also projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rising integration of NFC technology in smartphones and point-of-sale (POS) terminals and the growing use of NFC tags/cards by organizations to improve customer experience. For instance. In April 2023, Diageo plc (U.K.), the global leader in alcoholic beverage, partnered with Lotte Duty Free (South Korea), the global leader in travel retail, and Changi Airport Group (Singapore), a leading air hub in Asia to launch the Johnnie Walker Blue Label Cities of the Future Singapore pop-up at Changi Airport Terminal 3. The pop-up’s immersive multi-sensory experience showcases the limited-edition Future Cities bottles of Blue Label whisky. Travelers can explore a futuristic Singapore society by scanning the near-field communication (NFC) chip on the bottle.
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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 segment is also projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the growing integration of NFC technology in wearables and growing government initiatives for raising awareness of digital payments.
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.
However, the access control & authentication segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the adoption of NFC technology in automotive to facilitate smart entry in passenger vehicles, the growing use of NFC cards/tags for access control in organizations, and the growing adoption of smart locks.
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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 users. In 2023, the retail segment is expected to account for the largest share of the NFC market. However, the BFSI segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the rising inclination of consumers towards e-wallets, the benefits offered by contactless payment, such as seamless, secure, and fast transactions, and stakeholder focus on fintech. For instance, in November 2023, the National Payments Corporation of India (NPCI) (India) collaborated with IDFC FIRST Bank Ltd. (India), an Indian private sector bank, to introduce FIRSTAP, the nation's first sticker-based debit card, to permit transactions by merely tapping the sticker on a point-of-sale terminal that supports Near Field Communication (NFC).
Some of the key players operating 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 ASSAABLOY AB) (U.S.).
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