The Latin America, Middle East and Africa Near Field Communication (NFC) Market would witness market growth of 14.6% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Near Field Communication (NFC) Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,212.6 million by 2031. The Argentina market is expected to witness a CAGR of 16.1% during (2024 - 2031). Additionally, The UAE market is expected to witness a CAGR of 13.7% during (2024 - 2031).
NFC technology has been adopted across various sectors, driven by its ease of use, security features, and growing consumer demand for seamless, contactless experiences. The adoption rate varies depending on the region, industry, and specific use case. One of the major drivers of NFC adoption is its integration into smartphones and consumer electronics. Nearly all smartphones released in the past decade have built-in NFC functionality, enabling users to make mobile payments, access public transportation, and interact with NFC-enabled products. The growing number of NFC-enabled devices has accelerated the technology’s adoption across various applications, from mobile payments to smart home control.
Retailers and financial institutions have embraced NFC for contactless payments due to the growing demand for quicker, more convenient payment methods. The trend towards cashless societies has further fueled NFC adoption. With major payment processors such as Visa, Mastercard, and American Express supporting NFC payments, consumers and merchants have quickly adapted to this technology.
In the UAE, the fintech sector’s rapid growth is further fueling the demand for NFC technology. With the UAE leading the MENA region’s fintech landscape, the country has attracted significant investments from global financial institutions targeting payments, capital markets, and cybersecurity. NFC technology, which enables secure and fast contactless payments, is central to the UAE’s push towards a cashless society. As the number of fintech companies in the region continues to rise, NFC-enabled payment solutions are becoming more integrated into daily transactions. From mobile phones to contactless cards and wearable devices, NFC plays a pivotal role in transforming the financial ecosystem, making payments faster, safer, and more convenient for consumers and businesses. Thus, the rising fintech industry and increasing healthcare expenditure in the region propel the market's growth.
Free Valuable Insights: The Worldwide Near Field Communication (NFC) Market is Projected to reach USD 66.0 Billion by 2031, at a CAGR of 12.0%
Based on Device Operating Mode, the market is segmented into Reader Emulation, Card Emulation, and Peer-to-peer. Based on Offering, the market is segmented into Non-auxiliary Products (NFC Tags, NFC ICs & Antennas, and NFC Readers), Auxiliary Products (NFC Micro-SD Cards, NFC SIM/UICC Cards, and NFC Covers), and Software. Based on Application, the market is segmented into Retail, Transportation, Automotive, Consumer Electronics, BFSI, Medical & Healthcare, Residential & Commercial, Hospitality, and Other Application. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Device Operating Mode
By Offering
By Application
By Country
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