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According to a report published by Grand View Research, Inc.; the global Near Field Communication (NFC) market is projected to reach a USD 47.43 billion by 2024. Increasing adoption of smartphones coupled with enhanced data connectivity and payment infrastructure can drive the market during the forecast period (2014 to 2024). High penetration of mobile devices and escalating number of online consumers are anticipated to boost the demand for m-commerce. Introduction of mobile wallet services allow users to pay for services via mobile devices or cashless transaction methods. This has also motivated the non-payment technology organizations to enter in payment landscapes, which is likely to increase the scope for NFC.

Emergence of Internet of Things (IoT) and popularity of wearable devices are also expected to positively influence the market for near field communication in the forthcoming years. Increasing need for establishing better connectivity across devices for sharing data over online and in-store payments in a retail store has also increased the demand for NFC technology.

Furthermore, rising need for improved government policies and security issues is also anticipated to increase the demand for NFC technology over the forecast period. Companies all over the world are focusing on development and deployment of innovative solutions to improve productivity as well as security. In addition, growing demand for reducing ownership cost is also expected to drive the NFC market in the forthcoming years.

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Global NFC Market, 2014 – 2024 (USD Billion)

The worldwide Near Field Communication (NFC) market can be segmented on the basis of product, application, and region. Based on application, the market can be categorized into SIM cards, SD cards, NFC ICs, NFC tags, NFC readers, and NFC cover. The NFC tags segment is anticipated to expand at a momentous CAGR during the forecast period due to increasing demand from payment and access control segments. The SIM card segment is anticipated to generate significant revenue during the forecast period due to growing adoption of smartphones and technological developments.

As per application, the market can be split into access control, data sharing, ticketing, transaction, medical devices, product identification, others. The transaction segment is projected to remain dominant over the forecast period. This growth can be ascribed to rising demand for contactless payments and increasing acceptance by banks and other financial institutions.

Geographically, the market can be divided into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In 2015, Asia Pacific held over 20% market share. High adoption of smartphones and tablets is anticipated to drive demand for NFC technology in this region. Advancements and diversification of mobile payment services has increased business collaborations among various companies. This factor is anticipated to propel technological advancements in the industry over the forecast period. In addition, growing investments by international banks for developing mobile payment networks is likely to encourage collaborations among financial service providers and retailers. Organizations from Japan, Chania, Malaysia, Taiwan, and India among other countries are localizing content for the mobile platforms to maximize sales.

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In the years to come, Europe is projected to exhibit important developments in applications such as NFC-based transactions, access control, and ticketing. Rising penetration of near field communication technology has boosted adoption of POS terminals at retail stores to enable transactions via mobile payment, Visa Cards, and other contactless methods. Such advancements are poised to drive the regional market over the forecast period.

In North America, U.S. and Canada are the major market contributors. In-store payments owing to wide usage of smart phones is anticipated to propel the U.S. market. In Canada, smartphones are extensively used for fund transfer, online transactions, and checking balance, which increases the future scope of technological progressions. This wide usage of smartphones for daily transactions is anticipated to bode well for regional market growth over the forecast period.

Some of the key companies operating in the Near Field Communication (NFC) market include Broadcom Limited, Identiv Group Inc.; Inside Secure; and Gemalto NV.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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