Near Field Communication Market, By Product Type, By End User, By Geography

The global near field communication market is estimated to be valued at US$ 29.01 Bn in 2024 and is expected to reach US$ 88.42 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 17.3% from 2024 to 2031.

Figure. Near Field Communication Market Share (%), By Region 2024

The global near field communication market has witnessed substantial growth in recent years. Near field communication or NFC is a set of communication protocols that enables two electronic devices, like smartphones, to establish radio communication with each other by bringing them into close proximity, usually no more than 10 cm. NFC technology allows users to perform simple transactions, data exchange between two devices through touch such as sharing contacts, paying for a train ticket, or accessing e-pass. It is increasingly finding applications in marketing, branding, and customer engagement through digital posters and signage. The rising adoption of mobile devices, convenience of contactless payments, need for seamless connectivity, and growing focus on digital transformation across industries are some of the major factors propelling the demand for NFC technology worldwide.

Market Dynamics:

The global near field communication market is primarily driven by the growing penetration of smartphones and rising focus on contactless payments. There is increasing adoption of digital wallets, mobile point-of-sale terminals, and cashless transactions, which, in turn, has accelerated the deployment of NFC technology. Moreover, rapid technological advancements like the integration of NFC chips in various IoT devices to enable secure data transfer over short distances offers significant opportunities for market players. However, high costs associated with installation and risks related to the security and privacy of financial transactions hampers the market growth. Key players are focused on reducing the costs to encourage adoption across price-sensitive markets.

Key features of the study:

• This report provides in-depth analysis of the global near field communication market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global near field communication market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include AMS AG, Broadcom Inc., Fujitsu Limited, Gemalto (now part of Thales Group), Identiv Inc., Infineon Technologies AG, Inside Secure (now part of Verimatrix), Marvell Technology Group Ltd., MediaTek Inc., Microchip Technology Inc., Nordic Semiconductor, NXP Semiconductors, Qualcomm Incorporated, Renesas Electronics Corporation, and Samsung Electronics Co., Ltd
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global near field communication market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global near field communication market

Detailed Segmentation:

• By Product Type
  • Non-Auxiliary
  • Auxiliary
• By End User
  • BFSI
  • IT & Telecommunications
  • Retail
  • Healthcare
  • Hospitality and Transportation
  • Others
• By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Key Players Insights
  • AMS AG
  • Broadcom Inc.
  • Fujitsu Limited
  • Gemalto (now part of Thales Group)
  • Identiv Inc.
  • Infineon Technologies AG
  • Inside Secure (now part of Verimatrix)
  • Marvell Technology Group Ltd.
  • MediaTek Inc.
  • Microchip Technology Inc.
  • Nordic Semiconductor
  • NXP Semiconductors
  • Qualcomm Incorporated
  • Renesas Electronics Corporation
  • Samsung Electronics Co., Ltd