The Near Field Communication (NFC) Market is Predict to reach USD 66.0 Billion by 2031, at a CAGR of 12.0%

Near Field Communication (NFC) Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Near Field Communication (NFC) Market size is expected to reach $66 billion by 2031, rising at a market growth of 12.0% CAGR during the forecast period.

The Card Emulation segment exhibits a CAGR of 12.2% during (2024 - 2031). Card emulation mode allows NFC-enabled devices to function as contactless smart cards, enabling secure transactions and interactions with existing contactless infrastructure. This mode is commonly used in mobile payments, transportation ticketing, and access control systems, where devices such as smartphones and smartwatches act as virtual cards. The growing popularity of mobile wallets, contactless payment solutions, and the widespread adoption of NFC technology in the financial and transportation sectors have boosted the demand for card emulation solutions.

The Non-auxiliary Products segment is leading the Global Near Field Communication (NFC) Market by Offering in 2023; thereby, achieving a market value of $37.0 billion by 2031. Non-auxiliary products, which include primary NFC-enabled devices such as smartphones, tablets, and wearables, have been at the forefront of NFC technology adoption. The widespread integration of NFC technology in these devices has facilitated a range of applications, including contactless payments, secure access control, and seamless data exchange. The proliferation of smartphones and other NFC-enabled devices has been a significant driver for this segment.

The Transportation segment is experiencing a CAGR of 10.6% during (2024 - 2031).  NFC has significantly modernized transportation systems by facilitating contactless ticketing and access control. Many public transport systems now use NFC for fare payments, making commuting more convenient for passengers. The efficiency and speed of NFC transactions reduce boarding times and enhance the overall user experience, contributing to the segment’s substantial growth.

Full Report: https://www.kbvresearch.com/near-field-communication-market/

The North America region dominated the Global Near Field Communication (NFC) Market by Region in 2023; thereby, achieving a market value of $23.4 billion by 2031. The Europe region is expected to witness a CAGR of 11.6% during (2024 - 2031). Additionally, The Asia Pacific region would register a CAGR of 12.6% during (2024 - 2031).

List of Key Companies Profiled

• NXP Semiconductors N.V.
• Broadcom, Inc.
• Qualcomm Incorporated (Qualcomm Technologies, Inc.)
• Samsung Electronics Co., Ltd. (Samsung Group)
• Texas Instruments, Inc.
• STMicroelectronics N.V.
• Infineon Technologies AG
• Sony Corporation
• Toshiba Corporation
• Apple, Inc.

Near Field Communication (NFC) Market Report Segmentation

By Device Operating Mode

• Reader Emulation
• Card Emulation
• Peer-to-peer

By Offering

• Non-auxiliary Products
  • NFC Tags
  • NFC ICs & Antennas
  • NFC Readers
• Auxiliary Products
  • NFC Micro-SD Cards
  • NFC SIM/UICC Cards
  • NFC Covers
• Software

By Application

• Retail
• Transportation
• Automotive
• Consumer Electronics
• BFSI
• Medical & Healthcare
• Residential & Commercial
• Hospitality
• Other Application

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Near Field Communication (NFC) Market Size 2031

• November-2024
• 159 Pages

LAMEA Near Field Communication (NFC) Market Size | Share 2031

• November-2024
• 167 Pages

Europe Near Field Communication (NFC) Market Size | Share 2031

• November-2024
• 171 Pages

Asia Pacific Near Field Communication (NFC) Market Size 2031

• November-2024
• 171 Pages