The NFC market is set to grow to $54.52 billion by 2028, driven by mobile commerce and wearable tech, with North America leading and Asia-Pacific growing rapidly.
The major factors driving the growth of the NFC market are the increasing trend of mobile commerce and growing adoption of the wearable technology. However, the issue of short-range communication is expected to restrain the growth of the market. Increase in need for convenient transfer and security of data and surge in proliferation of smartphones drive the global Near Field Communication (NFC) market. The growing mobile penetration with improved payment infrastructure and data connectivity presents a significant opportunity for the growth of NFC-enabled mobile payment.
The global Near field communication market was estimated at $15.53 billion in 2019, and is expected to hit $54.52 billion by 2028, registering a CAGR of 14.8% from 2021 to 2028.
Based on operating mode, the read/write mode segment contributed to around two-thirds of the global Near Field Communication (NFC) market revenue in 2019 and is expected to rule the roost by 2028. This is attributed to the fact that this mode is witnessing extensive range of applications in the access control, transactions, business cards, marketing, and asset tracking. Simultaneously, the card emulation mode segment would register the fastest CAGR of 15.9% from 2021 to 2028. The rising scope of an NFC enabled mobile device to function as a contactless smart card fuels the growth of the segment.
Based on product type, the NFC readers segment accounted for more than one-third of the global Near Field Communication (NFC) market share in 2019 and is anticipated to retain its dominance by the end of 2028, due to its emerging application areas as well as surge in demand of NFC readers in access control and authentication applications. The NFC tags segment, on the other hand, would cite the fastest CAGR of 16.9% during the forecast period. The high demand from payments and access control applications fuel the growth of the segment.
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Based on region, North America garnered the major share in 2019, holding nearly two-fifths of the global Near Field Communication (NFC) market, owing to high spending on advanced technologies and developed network architecture in the province. The market across Asia-Pacific, at the same time, would exhibit the fastest CAGR of 16.5% throughout the forecast period. This is due to increased adoption and awareness of NFC technology into the transportation and retail industry.
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Profiling Key Players: Broadcom Inc., Identive, Infineon Technologies, MagTek, NXP Semiconductors, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., Sony Corporation, Texas Instruments Incorporated, and Thales Group.
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The article discusses the growth and forecast of the Near Field Communication (NFC) market from 2021 to 2028.
The increasing trend of mobile commerce and growing adoption of wearable technology are key drivers.
North America holds the major share of the NFC market due to high spending on advanced technologies.
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