Near Field Communication (NFC) Market

Near Field Communication (NFC) Market by Products (NFC Tags, NFC Cover, NFC ICs, NFC Readers, SD Cards, and SIM Cards), Applications (Access Control, Data Sharing, Medical Devices, Product Identification, Ticketing, Transaction, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-430
  • Author: Growth Market Reports
  • Rating: 4.9
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  • No. Of Pages: 170
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The global near field communication (NFC) market is projected to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing mobile penetrations with advanced payment infrastructure and data connectivity.

Near field communication is a type of communication system that offers the interaction or connection between two electronic devices in a short distance. The system allows a proper connectivity of devices within a distance of 4 cm or less than 4cm, thus, the devices need to be placed in a close range. The NFC technology enables users to perform functions such as secure transactions and exchange digital content between two ends. It is widely used in pay terminals and contactless payment with the help of smartphone devices. Google wallet is the best example for NFC technology, which has been extensively adopted by retailers such as Walgreens, Macy’s, Target, and others.

Near Field Communication (NFC) Market Key Takeaways

For maximization of potential sales, several businesses in developing countries including Japan, Malaysia, India, Taiwan, and China are developing several local mobile payment platforms for the mobile payment. High penetration of advanced NFC technology in developed markets is a key aspect boosting the mobile transactions among financial institutions and consumers, and between the individuals. To enhance the productivity along with improved security, several businesses in the industries are adopting innovative NFC products.

Market Trends, Drivers, Restraints, and Opportunities

  • Growing demand for easy and effective payment solution to avoid contactless transaction is a key driving factor for the market expansion.
  • Rising demand for secured payment method from business organization to ensure consumers’ convenience is another key factor boosting the market growth.
  • Wide use of smartphone devices and increasing preference for online transaction from consumers are expected to fuel the market expansion.
  • Risk of computer hacking or phone hacking related to owner credit card information, social security information, and bill payments are some key restraining factors that can hinder the market growth over coming years.
  • Ongoing R&D activities and huge investments from major market players are presenting significant opportunities for the expansion of market.

Scope of the Report

The report on the global near field communication (NFC) market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Near Field Communication (NFC) Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Products (NFC Tags, NFC Cover, NFC ICs, NFC Readers, SD Cards, and SIM Cards) and Applications (Access Control, Data Sharing, Medical Devices, Product Identification, Ticketing, Transaction, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Huawei Technologies Co., Ltd, Infineon Technologies AG, Mediatek Inc., and NXP Semiconductors


Global Near Field Communication (NFC) Market Segment Insights

NFC tags and NFC readers segments are projected to account a large market share
Based on products, the market is divided into NFC tags, NFC cover, NFC ICs, NFC readers, SD cards, and SIM cards. The NFC tags and NFC readers segments are projected to account for a large market share during the forecast period owing to the increasing demand for the products for mobile payments and access control solution using smartphones. Less cost infrastructure owing to the technology of combining SD card with the NFC technology for the manufacturers is acting a key driving factor for the segments growth. The product is further anticipated to expand due to the wide adoption of SIM cards for cashless payments that help improve user experience. On the other hand, the NFC cover segment is projected to register a substantial growth rate in the coming years. For transforming smartphones into NFC-enabled smartphones, the NFC cover is widely adopted as the main accessory. The technology is increasingly implemented in the developing regions and has been vastly adopted by the developed economies including Canada, the U.K., and the U.S.

Transaction segment is expected to dominate the market
On the basis of applications, the market is classified as access control, data sharing, medical devices, product identification, ticketing, transaction, and others. The transaction segment is expected to dominate the market registering a high revenue share during the forecast years owing to the increasing proliferation of smartphone devices and the growing requirement for better consumer experience. On the other hand, the ticketing segment is anticipated to expand at a significant growth rate in the coming years owing to its increasing demand for enabling the computers to use the NFC mobile for a contactless transport ticket. The NFC-based ticketing application allows passenger to handle their itinerary details using their mobile phone. However, the medical devices segment is projected to register a high CAGR during the forecast period. The growing requirement for digitalization of medical records and to track the consumers’ fitness are key drivers for the segment growth.

Near Field Communication (NFC) Market By Applications

Asia Pacific is anticipated to account a key revenue share
In terms of regions, the global near field communication (NFC) market is categorized into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to account a key revenue share during the analysis years owing to the large adoption of NFC technology due to the growing penetration of smartphone devices and tablets in this region. The collaboration between market players due to the rapidly expanding of payment services is a key driving factor for the regional market growth. However, the market in Europe is projected to expand at a high growth rate over the coming years owing to the rising implementation of NFC technology and increasing adoption of POS terminals at retail outlets for contactless mobile payments and Visa Cards.

 Near Field Communication (NFC) Market By Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Near Field Communication (NFC) Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Near Field Communication (NFC) Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Near Field Communication (NFC) Market - Supply Chain
  4.5. Global Near Field Communication (NFC) Market Forecast
     4.5.1. Near Field Communication (NFC) Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Near Field Communication (NFC) Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Near Field Communication (NFC) Market Absolute $ Opportunity
5. Global Near Field Communication (NFC) Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Near Field Communication (NFC) Market Size and Volume Forecast by Applications
     5.3.1. Access Control
     5.3.2. Data Sharing
     5.3.3. Medical Devices
     5.3.4. Product Identification
     5.3.5. Ticketing
     5.3.6. Transaction
     5.3.7. Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Near Field Communication (NFC) Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Near Field Communication (NFC) Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Near Field Communication (NFC) Demand Share Forecast, 2019-2026
7. North America Near Field Communication (NFC) Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Near Field Communication (NFC) Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Near Field Communication (NFC) Market Size and Volume Forecast by Applications
     7.4.1. Access Control
     7.4.2. Data Sharing
     7.4.3. Medical Devices
     7.4.4. Product Identification
     7.4.5. Ticketing
     7.4.6. Transaction
     7.4.7. Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Near Field Communication (NFC) Demand Share Forecast, 2019-2026
8. Latin America Near Field Communication (NFC) Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Near Field Communication (NFC) Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Near Field Communication (NFC) Market Size and Volume Forecast by Applications
     8.4.1. Access Control
     8.4.2. Data Sharing
     8.4.3. Medical Devices
     8.4.4. Product Identification
     8.4.5. Ticketing
     8.4.6. Transaction
     8.4.7. Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Near Field Communication (NFC) Demand Share Forecast, 2019-2026
9. Europe Near Field Communication (NFC) Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Near Field Communication (NFC) Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Near Field Communication (NFC) Market Size and Volume Forecast by Applications
     9.4.1. Access Control
     9.4.2. Data Sharing
     9.4.3. Medical Devices
     9.4.4. Product Identification
     9.4.5. Ticketing
     9.4.6. Transaction
     9.4.7. Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Near Field Communication (NFC) Demand Share Forecast, 2019-2026
10. Asia Pacific Near Field Communication (NFC) Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Near Field Communication (NFC) Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Near Field Communication (NFC) Market Size and Volume Forecast by Applications
     10.4.1. Access Control
     10.4.2. Data Sharing
     10.4.3. Medical Devices
     10.4.4. Product Identification
     10.4.5. Ticketing
     10.4.6. Transaction
     10.4.7. Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Near Field Communication (NFC) Demand Share Forecast, 2019-2026
11. Middle East & Africa Near Field Communication (NFC) Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Near Field Communication (NFC) Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Near Field Communication (NFC) Market Size and Volume Forecast by Applications
     11.4.1. Access Control
     11.4.2. Data Sharing
     11.4.3. Medical Devices
     11.4.4. Product Identification
     11.4.5. Ticketing
     11.4.6. Transaction
     11.4.7. Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Near Field Communication (NFC) Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Near Field Communication (NFC) Market: Market Share Analysis
  12.2. Near Field Communication (NFC) Distributors and Customers
  12.3. Near Field Communication (NFC) Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Huawei Technologies Co., Ltd
     12.4.2. Infineon Technologies AG
     12.4.3. Mediatek Inc.
     12.4.4. NXP Semiconductors
Segments Covered in the Report
The global near field communication (NFC) market has been segmented based on

Products
  • NFC Tags
  • NFC Cover
  • NFC ICs
  • NFC Readers
  • SD Cards
  • SIM Cards
Applications
  • Access Control
  • Data Sharing
  • Medical Devices
  • Product Identification
  • Ticketing
  • Transaction
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Huawei Technologies Co., Ltd
  • Infineon Technologies AG
  • Mediatek Inc.
  • NXP Semiconductors

Some of the major participants competing in the global near field communication (NFC) market include Huawei Technologies Co., Ltd, Infineon Technologies AG, Mediatek Inc., and NXP Semiconductors.

These leading market players are using strategies including mergers, acquisition, partnerships, new launches, collaborations, and product development to build their strong position in the market. They are continuously working towards launching advanced and improved NFC-enabled devices to expand the customer base and to increase the product offerings.

For instance, in November 2020, Huawei Technologies Co., Ltd declared the integration of a CBDC wallet in a post on its official Weibo account. In June 2020, NXP Semiconductors, MasterCard, and Xiaomi Inc. declared that they would join hands to roll out with NXP’s mobile wallet solution for more convenient and secure contactless experiences. Xiaomi introduced its mobile payments using its Mi Smart Band 4 NFC wearable devices, NXP’s mWallet 2GO, which accelerated its roll out across Europe by addressing OMEs’ requirements for easy but secure wallet applications.

 Near Field Communication (NFC) Market By Key Players

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