The Near Field Communication (NFC) market is poised for substantial growth, with an estimated absolute dollar opportunity of US$ 19 billion by the end of 2022 and projected sales to reach US$ 44.7 billion by 2032, exhibiting a robust Compound Annual Growth Rate (CAGR) of 15% during the forecast period 2022-2032. This surge in market demand is primarily attributed to the increasing adoption of NFC technology in automotive and contactless payment sectors.
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NFC Technology: Bridging Proximity Communication Gap
Near Field Communication (NFC) is a wireless technology that enables short-range communication between devices within a proximity of 4cm or less. Utilizing this technology, devices can efficiently share small data payloads or establish connections between Android-powered devices and NFC tags. The communication is established through radio waves when devices are brought into the required proximity or touched simultaneously. As NFC provides a convenient and efficient way for devices to exchange information, it has gained prominence as an effective alternative to other short-range communication technologies like Wi-Fi and Bluetooth.
Pandemic-driven Adoption Boosts NFC Market
The global outbreak of the COVID-19 pandemic has acted as a catalyst for the NFC market’s growth. In response to health concerns, consumers have increasingly embraced wireless payment solutions such as touch-and-go credit or debit cards for in-store transactions. Given that NFC technology is integral to these contactless payment methods, the market has experienced a surge in demand. The adoption of wireless payment solutions is expected to drive the market’s expansion further.
Market Competition
Some of the leading players in the near field communication market are
- Gemalto N.V.,
- DeviceFidelity, Inc.,
- Visa Inc.,
- Broadcom, Inc.,
- STMicroelectronics N.V.,
- Toshiba Corp.,
- Samsung Electronics Co. Ltd.,
- Identive Group, Inc.,
- NXP Semiconductor,
- Infineon Technology, and
- On Track Innovation Ltd.
Attributed to the presence of such high number of participants and growing research and developments (R&D) activities for innovation in NFC technology, the market is highly competitive.
Regional Trends and Future Prospects
The NFC market’s growth is not only limited to a specific region but has a global impact. As the technology becomes more ubiquitous, industries and sectors across the world are incorporating NFC technology to enhance user experience, security, and convenience.
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Drivers and Opportunities
The growth of the NFC market is underpinned by several key drivers, including:
- Automotive Integration: NFC technology is finding substantial use in the automotive industry for functions such as keyless entry and secure vehicle information transfer.
- Contactless Payments: The increasing preference for contactless payment methods is driving the demand for NFC-enabled devices and solutions.
- Efficient Data Sharing: NFC’s capability to establish quick and secure data connections is appealing to a wide range of industries, from retail to healthcare.
- Enhanced User Experience: NFC’s ability to facilitate seamless interactions between devices is leading to improved user experiences in various applications.
Market Outlook
With the current trajectory and ongoing innovations in NFC technology, the market is set to witness continued growth. The expanding use cases across industries and regions highlight the technology’s versatility and potential.
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Key Segments Profiled in the NFC Market Survey
By Product Type:
- Non-Auxiliary Products
- Auxiliary Products
By Application:
- Contactless Payment
- Data Sharing
- Infotainment
- Access Control and Authentication
- Medical & Healthcare
- Transportation
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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