Press Release

Global NFC Market to Reach Around USD 343.70 Billion by 2032, Aided by the Growth in Contactless Payments

Global NFC Market

According to a new report by EMR titled, ‘Global NFC Market Report and Forecast 2024-2032’, the market attained a value of about USD 36.20 billion in 2023. The market is estimated to grow at a CAGR of 28.4% in the forecast period of 2024-2032 to reach a value of around USD 343.70 billion by 2032.

The ease of use, convenience, and versatility of NFC technology have led to its increasing appeal in a wide range of applications. With technological advancements and innovations, NFC finds applications in different industries, including access control, mobile payments, transportation, and Internet of things (IoT) connectivity.

 

The Asia Pacific accounts for a significant portion of the global NFC market share due to the contactless mobile payments revolution in China and India. In China, the growing number of contactless payment users on WeChat Pay, Union Pay, and Ali Pay; and in India, the revolution of Unified Payment Interface (UPI) expands the market globally. In 2023, WeChat Pay recorded 935 million users and 65 million users for businesses. In India, as of December 2023, the number of UPI transactions reached 12.02 billion, with service processing payments of Rs 18.23 lakh crore. This indicated a 54% increase in volume and a 42% increase in transaction value each year.

 

In October 2023, Thales Group (OTCMKTS: THLLY) launched the SafeNet IDPrime FIDO Bio Smart Card, a strong multi-factor authentication (MFA) for the enterprise. With this innovative contactless smart card, users can bypass passwords and swiftly and securely access workplace devices, apps, and cloud services with just their fingerprints.

 

By making it simple to register and authenticate using biometrics, the SafeNet IDPrime FIDO Bio Smart Card helps end users adopt password-less multi-factor authentication. Users can utilise the on-card sensor to enter with their fingerprints instead of a password. Additionally, the smart cards have contactless functionality, which enables users to just tap the card on any NFC-capable device. This smart card offers business users several advantages over standard passwords, such as increased speed, security, and convenience.

 

Figure: Top 5 Countries with Most Number of Contactless Transactions (in Million) Globally, 2022

Global NFC Market

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Market Analysis by Product, Application and Region:

  • The market, on the basis of product, can be segmented into SD Cards, SIM Cards, NFC Covers, NFC ICs, NFC Tags, and NFC Readers.
  • Based on application, the market can be segmented into access control, ticketing, data sharing, medical devices, transaction, and product identification, among others.
  • The various regional markets for NFC include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • As of 2024, there are about 5 million smartphone users globally, and by 2027, the number can reach up to 6 billion users. The growth in smartphone penetration increases the adoption of mobile wallets such as Apple Pay and Google Pay, driving the NFC market growth.
  • The growing adoption of contactless technology that offers a hygienic and convenient contactless transaction is aiding the market. By enabling contactless ticketing systems for public transport, NFC enables users to validate their tickets and pay for their fares using NFC-enabled cards or smartphones.
  • The growing popularity of wearable tech such as smartwatches and fitness trackers necessitates the incorporation of NFC for contactless payment through the devices and contactless data sharing. In Q1 2024, the shipments of the wearable market accounted for 113.1 million units, an 8.8% increase from Q1 2023.
  • NFC technology improves general security and offers a practical and safe way to manage access. Access control systems in a variety of businesses, such as offices, hotels, apartment buildings, and transit hubs, use NFC. By tapping them on access readers, NFC-enabled access cards or gadgets allow people to gain entry and authenticate themselves.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global NFC market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products, applications, and regions of NFC.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global NFC market are Thales Group, Broadcom Inc., Infineon Technologies AG, Identiv, Inc., and NXP Semiconductors N.V., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Application
  • Region
Breakup by Product
  • SD Cards
  • SIM Cards
  • NFC Covers
  • NFC ICs
  • NFC Tags
  • NFC Readers
Breakup by Application
  • Access Control
  • Ticketing
  • Data Sharing
  • Medical Devices
  • Transaction
  • Product Identification
  • Others
Breakup by Region
  • North America
  • Europe 
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Thales Group
  • Broadcom Inc.
  • Infineon Technologies AG
  • Identiv, Inc.
  • NXP Semiconductors N.V.
  • Others

 

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