The NFC market is expected to grow from USD 18.0 billion in 2020 to USD 34.9 billion by 2025, at a CAGR of 14.2%. The major factors driving the growth of the NFC market are the increasing trend of mobile commerce and growing adoption of the wearable technology. However, the issue of short-range communication is expected to restrain the growth of the market.
Reader emulation is attributed to hold largest share of the NFC market in 2019
The market for reader emulation is projected to witness highest growth in the NFC market for the forecast period, as the majority of mobile phone and retail applications use NFC chip in reader emulation mode. There is high adoption of NFC-based mobile wallets, such as Goggle pay, Samsung pay, Apple Pay, and Android Pay, which are expected to witness the highest CAGR in the coming years, owing to the high demand originating from payments.
Software to witness highest growth in NFC market in coming years
The software segment is expected to witness the highest growth in the NFC market in the coming years owing to the integration of its functionalities into routers, infotainment systems, wearable electronic devices, and other NFC-enabled devices. Additionally, more innovative software applications are expected to be launched in the coming years.
Consumer electronics accounted for a major share of the overall NFC market
Consumer electronics is the largest application industry for NFC and accounted for a major share of the overall NFC market with the commercialization of the technology in smartphones, media tablets, smart TVs, set-top boxes, and gaming consoles. There has been an increase in the production of NFC-based interfaces, which enable users to control devices using this short-range communication technology.
APAC to witness highest CAGR of NFC market during the forecast period
The NFC market in APAC is foreseen to grow at a significant rate. The growth of the NFC market in APAC is mainly driven by increasing developments (such as R&D activities, investments, and partnerships among companies) related to NFC in countries such as Japan, China, and South Korea. Additionally, it has some of the world’s fastest-growing and leading industrialized economies. It is witnessing dynamic changes in the adoption of new technologies and advancements in organizations across industries.
The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 - 25%, Tier 2 - 30%, and Tier 3 - 45%
- By Designation: C-level Executives - 30%, Manager Level - 40%, and Others - 30%
- By Region: North America - 30%, Europe - 20%, APAC - 40%, and RoW - 10%
The NFC market was dominated by NXP Semiconductors (The Netherlands), Broadcom (US), Qualcomm (US), Texas Instruments (US), STMicroelectronics (Switzerland).
This research report categorizes the NFC based on device operating mode, offering, application, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the NFC market and forecasts the same till 2025.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the NFC market comprehensively and provides the closest market size projection for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches and developments, collaborations and acquisitions.
- This report would help understand the pre and post-COVID-19 scenarios as to how would the penetration of NFC will look like for the forecast period. The region segment includes the country wise impact analysis of COVID-19 and initiatives taken to overcome these impacts.