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Emerging Trends and Growth Opportunities in the NFC Market
Meticulous Research®—a prominent global market research firm, has released 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.’Download Free Sample Report Here: : https://www.meticulousresearch.com/download-sample-report/cp_id=5589
According to the report, the global NFC market is expected to reach $50.1 billion by 2030, growing at a CAGR of 12.3% from 2023 to 2030. The market's expansion is primarily driven by the increasing demand for contactless payments and the integration of NFC technology into smartphones. Additionally, the adoption of NFC in retail to enhance customer experience and the growing application of keyless entry systems in homes and vehicles are expected to create substantial market opportunities.
However, the limited operational range of NFC and security concerns related to near-field communication pose challenges to market growth. Despite these challenges, the integration of NFC into wearable devices is emerging as a significant trend in the market.
The global NFC market is categorized based on offering, operating mode, application, and end-use industry. The report also provides an analysis of industry competitors and a detailed evaluation of regional and country-level markets.
Market Segmentation Highlights:
- By Offering: The market is divided into hardware and platform. In 2023, the hardware segment is expected to hold the largest market share, driven by the growing use of NFC cards in the hospitality sector and the focus on keyless entry solutions. For example, in February 2023, Toppan Inc. (Japan) introduced an eco-friendly NFC tag label using paper as the antenna substrate, replacing PET film. This segment is also projected to experience the highest growth during the forecast period.
By Operating Mode: The market is segmented into read/write mode, peer-to-peer mode, card emulation mode, and charging mode. The card emulation mode is anticipated to hold the largest share in 2023, attributed to its benefits, including security, compatibility, and reliability. This mode enables devices like smartphones to emulate contactless cards, facilitating seamless integration with existing systems. This segment is also forecasted to have the highest CAGR.
- By Application: The applications include contactless payment, data transfer & sharing, access control & authentication, ticketing, asset tracking, and others. Contactless payment is expected to dominate the market in 2023 due to the increasing need for fast, secure transactions and the integration of NFC in smartphones. The focus on developing advanced payment technologies and fostering partnerships to promote contactless payments is contributing to this growth. However, the access control & authentication segment is expected to grow at the fastest rate during the forecast period.
By End-use Industry: The end-use industries include retail, BFSI, healthcare, automotive, hospitality, consumer electronics, transportation, residential & commercial, manufacturing, and others. The retail sector is projected to hold the largest share in 2023, driven by the rising penetration of digital payments, the use of NFC for product identification, and the need to combat counterfeiting. Meanwhile, the BFSI sector is expected to record the highest growth during the forecast period.
- By Geography: The report covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead the market in 2023, with significant contributions from digital payment adoption and large hospitality chains like Marriott International, Jin Jiang International, Banyan Tree Holdings, and Mandarin Oriental Hotel Group. The region is also anticipated to have the highest growth rate during the forecast period.
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