The global NFC market is anticipated to grow at a CAGR of around 14.1% during the forecast period. NFC is a form of wireless communication between devices such as smartphones, tablets, laptops, and so on. The NFC technology is used for short-range (up to 10 cm) communication and data sharing. NFC utilizes electromagnetic radio fields while other technologies such as Bluetooth and Wi-Fi are focused on radio transmissions. NFC technology enables contactless communication which allows a user to send information by waving the smartphone over an NFC-compatible device without needing to touch the devices. Furthermore, NFC technology has also enabled the trend of contactless payments. Contactless payments are widely popular in the US, UK, Australia, and Canada. Further, NFC payments more secure than EMV or chip card payments. Apple Pay, Samsung Pay, PayPal, and Android Pay are all examples of NFC payments.
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The high use of smartphones along with the increasing trend of M-commerce are the main factors that are driving the market growth. Further, continuous development in NFC technology has also a significant contribution to the market. However, high-security concerns and the high cost of deployment are expected to hinder the growth of the near-field communication market. During the COVID-19 pandemic, the market has experienced growth owing to the increase in sign-ups for new payment procedures and the increased number of smartphones user. People were unable to go outside due to the lockdown imposed by the respective state governments, due to this the online payment transfer for essentials has surged. That led to the high use of these technologies. Hence market has registered growth.
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Market Segmentation
Global NFC Market, By Application
- Contactless Payment
- Booking
- Sharing of Information/Data
- Healthcare Monitoring
Global NFC Market, By Product
- Non-Auxiliary Product
- NFC Controller IC’S
- NFC Tags
- NFC Readers NFC Secure Element
Auxiliary Products
- NFC Micro SD Cards
- NFC Sim Cards
- NFC Software
Global NFC Market, By Device
- Smartphone
- PC & Laptops
- Others
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East& Africa
Company Profiles
- Apple Inc.
- Broadcom, Inc.
- Huawei Technologies Co., Ltd.
- Infineon Technologies AG
- Mediatek Inc.
- NXP Semiconductors N.V
- On Track Innovations Ltd.
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