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.
Based on device operating mode, reader emulation is projected to witness highest CAGR of 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.
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Based on offering, Non-Auxiliary products held largest share of NFC market. Non-auxiliary NFC products are internal NFC-enabled accessories that which include NFC IC/Chips designed for smartphones to make contactless payments, access control, and secure paring with other NFC devices for data sharing. Higher adoption of NFC in smartphones has fueled thr growth of Non-Auxiliary products in the NFC market.
Based on applications, banking & finance is expected to witness highest CAGR in coming years. The near field communication technology uses current mobile technologies along with cloud and is considered a revolutionizing method in improving the banking infrastructure across the globe. Using mobile wallets is a more secure option than carrying physical cards. It's because these digital e-wallet apps, such as Apple Pay, tokenize all the bank details into something that can't be accessed or used by intruders. So, if the mobile phone gets stolen, all the credit cards and other valuable details stay protected.
APAC is attributed to hold largest share of the NFC market in coming year as 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. Also, the mobile payments market is significantly growing in APAC countries such as South Korea, China, Japan, and India. According to VISA, APAC is leading the world in adopting contactless payments, which accounts for around 44% of face-to-face Visa transactions in the region, rising over 70% in a number of key markets. Visa has certified nine technology providers, such as Samsung, and is partnering with many acquirers and fintechs to bring solutions to market, having launched 'Tap to Phone' solutions in Malaysia and India, with more APAC markets to follow. Henceforth, NFC is expected to witness the highest growth in the coming years in the APAC region.
In APAC, the investments look promising, as most countries such as China, Japan, and South Korea have successfully contained the virus compared with the US and European countries. China is easing the restrictions placed on factory lockdowns and worker movement. Despite being the epicenter of COVID-19, China has maintained its dominant position as a global network leader.
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