The global near-field communication market size was US$ 20310.1million in 2021. The global near-field communication market is forecast to grow to US$ 56,781.0 million by 2030 by growing at a compound annual growth rate (CAGR) of 13.8% during the forecast period from 2022 to 2030.

Near field communication (NFC) is a set of protocols that allow communication devices and electronic gadgets to install radio communication. This technology is widely used in smartphones, laptops, and tablets, majorly for data exchange.

Factors Influencing the Market

Data sharing has become one of the important services nowadays. The rising demand for convenient data transfer is expected to fuel the growth of the global near-field communication market.

The rising need for data securing will also benefit the global near-field communication market. Also, the advantages of near-field communication, such as fast process, security, and convenience, will drive the overall near-field communication market forward.

Increasing demand for online payments, together with the rising use of smart devices, such as laptops, mobile phones, etc., will escalate the growth of the near-field communication market. On the contrary, short operational range of near-field communication may limit the growth of the market.

NFC-enabled wearable technologies are getting substantial traction, owing to the trending products like NFC-enabled bracelets, rings, smartwatches, fitness trackers, wristbands, etc. Furthermore, different benefits of near-field communication, such as better customer engagement and retailers' ability to track the customers' payments, will amplify its demand in the coming years.

COVID-19 Impact Analysis

The COVID-19 pandemic has significantly dropped the individual's purchasing power. A maximum range of the population suffered a job loss or had to work on low wages. Thus, it reduced the demand for smart wearables. However, the pandemic triggered the demand for online payments. Since most companies and institutions adopted remote methods to communicate, the near-field communication market witnessed ample growth opportunities.

Regional Analysis

Region-wise, the near-field communication market is forecast to emerge as the largest market, owing to growing urbanization, rising adoption of smartphones, and increasing awareness related to the online payment platforms. Furthermore, favorable government initiatives to promote digitalization in the banking sector are forecast to surge the demand for the near-field communication market during the study period. For instance, the Indian Finance Ministry of India asked the banks in 2018 to offer near field communication (NFC)-enabled credit and debit cards to the consumers. In addition, growing digitalization and rising demand to enhance data security will boost the market growth.

Competitors in the Market

Identive
Infineon Technologies
MagTek
NXP Semiconductors
Broadcom Inc.
Qualcomm Technologies, Inc.
Sony Corporation
Texas Instruments Incorporated
Samsung Electronics
Thales Group
Other Prominent Players
Market Segmentation

The global near-field communication market segmentation focuses on Product, Operating Mode, End-Users, and Region.

By Product Type

NFC Tags
NFC ICS
SIM Cards
NFC Readers
Others
By Operating Mode Outlook

Read/Write Mode
Peer-to-peer Mode
Card Emulation Mode
By End-Users Outlook

Retail
Transportation
Automotive
Residential & Commercial
Medical & Healthcare
Consumer Electronics
Banking & Finance
Hospitality
Others
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America