Summary

The global NFC market was valued at USD 21.69 billion in 2024 and is projected to reach USD 30.55 billion by 2029; it is expected to register a CAGR of 7.1% during the forecast period. NFC technology is widely used in industries such as retail, transportation, automotive, consumer electronics, banking & finance, and hospitality. Some of the most common use cases of NFC in these verticals include product identification, inventory management, access control, payments & transactions, and data transfer, among others. Benefits such as easy and secure contactless payments and data transfer will boost the demand for NFC technology in the coming years. Mobile payment applications, both online and in-store, are expected to drive the NFC market in the future.

“Peer-to-peer segment is expected to grow at the impressive CAGR during the forecast period.”
The peer-to-peer segment is projected to grow significantly during the forecast period as this mode allows direct communication between two NFC devices. The demand for secure and efficient payment solutions and data transfer options in sectors like retail and healthcare is driving the growth in this mode. Further, ongoing advancements in NFC technology and its integration with other technologies such as IoT and blockchain, are expected to further boost this segment. The peer-to-peer mode also offers several key benefits, like ease of use, quick data transfer, and reduced risk of unauthorized access. Additionally, it supports various other functions such as sharing contact information and transferring files.

“Retail segment is likely to hold the second largest market in 2024.”
The NFC application has shown tremendous growth in the retail industry, owing to the production of NFC-enabled smartphones. These phones have an embedded NFC chip; the consumers only have to wave the mobile phone in front of the NFC tag, and the required balance gets deducted from their account with the help of banking gateways and trusted service managers. The purchasing of the goods and services and their payment is done either online or at the point-of-sale. In the retail industry, NFC technology is used for access control, product identification, and transaction applications.

“The North America segment is likely to grow at the second highest CAGR during the forecast period.”
The US is one of the leading adopters of advanced technologies such as AI and IoT, and consistently pushing the implementation of automation across various industry verticals ranging from retail to automotive. US also ranks among the top three nations in terms of expenditure on smart city initiatives that include the implementation of contactless technologies such as NFC for access control and ticketing. Additionally, government support for technological development and favorable regulatory frameworks to develop and implement technologies such as NFC, AI, and IoT to accelerate the growth of NFC market in the country
.

Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

• By Company Type - Tier 1 – 25%, Tier 2 – 30%, Tier 3 – 45%
• By Designation— C-level Executives - 30%, Directors - 40%, Others - 30%
• By Region—North America - 30%, Europe - 20%, Asia Pacific - 40%, RoW - 10%

The NFC market is dominated by a few globally established players such as NXP Semiconductors (Netherlands), Broadcom (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Renesas Electronics Corporation (Japan), ams-OSRAM AG (Austria), Thales (France), and Infineon Technologies AG (Germany). The study includes an in-depth competitive analysis of these key players in the NFC market, with their company profiles, recent developments, and key market strategies.

Research Coverage:
The report segments the NFC market and forecasts its size by signaling technology, offering, type, operating mode, vertical, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions—North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the NFC ecosystem.

Key Benefits to Buy the Report:
• Analysis of key drivers (Rising interest towards the adoption of mobile commerce, Rising trend of wearable technology), Restraint (Security concerns related to NFC, Competition from alternative payment methods), Opportunity (Rising urbanization in emerging economies, Increasing online and in-Store payment, Growing trend of contactless technology, Rising need for connectivity between different devices), Challenges (Lack of awareness about the benefits associated with NFC).
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the NFC market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the NFC market across varied regions
• Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the NFC market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players NXP Semiconductors (Netherlands), Broadcom (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), among others in the NFC market.

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Table of Contents

1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 26
1.3 STUDY SCOPE 26
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 27
1.3.2 INCLUSIONS AND EXCLUSIONS 28
1.3.3 YEARS CONSIDERED 29
1.4 CURRENCY CONSIDERED 29
1.5 UNIT CONSIDERED 29
1.6 STAKEHOLDERS 29
1.7 SUMMARY OF CHANGES 30
2 RESEARCH METHODOLOGY 31
2.1 RESEARCH DATA 31
2.1.1 SECONDARY AND PRIMARY RESEARCH 32
2.1.2 SECONDARY DATA 33
2.1.2.1 List of key secondary sources 33
2.1.2.2 Key data from secondary sources 33
2.1.3 PRIMARY DATA 34
2.1.3.1 List of primary interview participants 34
2.1.3.2 Key data from primary sources 35
2.1.3.3 Key industry insights 35
2.1.3.4 Breakdown of primaries 36
2.2 MARKET SIZE ESTIMATION METHODOLOGY 36
2.2.1 TOP-DOWN APPROACH 36
2.2.1.1 Approach to arrive at market size using top-down analysis
(supply side) 37
2.2.2 BOTTOM-UP APPROACH 37
2.2.2.1 Approach to arrive at market size using bottom-up analysis
(demand side) 37
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 39
2.4 RESEARCH ASSUMPTIONS 40
2.5 RESEARCH LIMITATIONS 40
2.6 RISK ANALYSIS 41
3 EXECUTIVE SUMMARY 42
 
4 PREMIUM INSIGHTS 46
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN NFC MARKET 46
4.2 NFC MARKET, BY OFFERING 46
4.3 NFC MARKET, BY VERTICAL 47
4.4 NFC MARKET IN NORTH AMERICA, BY VERTICAL AND COUNTRY 47
4.5 NFC MARKET, BY COUNTRY 48
5 MARKET OVERVIEW 49
5.1 INTRODUCTION 49
5.2 MARKET DYNAMICS 49
5.2.1 DRIVERS 50
5.2.1.1 Rising interest in mobile commerce 50
5.2.1.2 Mounting demand for smart wearables and IoT devices 50
5.2.2 RESTRAINTS 50
5.2.2.1 Availability of alternative technologies for contactless applications 50
5.2.3 OPPORTUNITIES 51
5.2.3.1 Rapid urbanization in emerging economies 51
5.2.3.2 Reliance on PoS systems and smart posters to
enhance shopping experiences 51
5.2.3.3 Implementation of electronic shelf labels in retail stores 52
5.2.3.4 Rise in cellular IoT connections 52
5.2.4 CHALLENGES 53
5.2.4.1 Lack of awareness about NFC benefits 53
5.2.4.2 Security concerns related to contactless payments 53
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 54
5.4 PRICING ANALYSIS 55
5.4.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY HARDWARE TYPE 55
5.4.2 AVERAGE SELLING PRICE TREND, BY HARDWARE TYPE 56
5.5 VALUE CHAIN ANALYSIS 57
5.6 ECOSYSTEM ANALYSIS 58
5.7 INVESTMENT AND FUNDING SCENARIO 60
5.8 TECHNOLOGY ANALYSIS 60
5.8.1 KEY TECHNOLOGIES 60
5.8.1.1 NFC-enabled wearables 60
5.8.2 COMPLEMENTARY TECHNOLOGIES 61
5.8.2.1 Internet of Things (IoT) 61
5.8.3 ADJACENT TECHNOLOGIES 61
5.8.3.1 Radio-frequency identification (RFID) 61
5.9 PATENT ANALYSIS 61
5.10 TRADE ANALYSIS 63
5.10.1 IMPORT SCENARIO (HS CODE 852352) 63
5.10.2 EXPORT SCENARIO (HS CODE 852352) 64
5.11 KEY CONFERENCES AND EVENTS, 2024–2025 65
5.12 CASE STUDY 66
5.12.1 ONEID DEVELOPS USER-FRIENDLY APP TO OPTIMIZE NFC READING FOR
ID DOCUMENTS AND ENSURE SECURE DATA TRANSMISSION 66
5.12.2 NIKE INTEGRATES NFC TECHNOLOGY TO INCREASE SALES AND
CUSTOMER ENGAGEMENT 66
5.12.3 BARBADILLO ADOPTS NFC TAGS TO INCREASE CUSTOMER
ENGAGEMENT AND SALES 66
5.13 REGULATORY LANDSCAPE 67
5.13.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 67
5.13.2 STANDARDS 68
5.14 PORTER’S FIVE FORCES ANALYSIS 69
5.14.1 BARGAINING POWER OF SUPPLIERS 70
5.14.2 BARGAINING POWER OF BUYERS 70
5.14.3 THREAT OF NEW ENTRANTS 70
5.14.4 THREAT OF SUBSTITUTES 70
5.14.5 INTENSITY OF COMPETITIVE RIVALRY 70
5.15 KEY STAKEHOLDERS AND BUYING CRITERIA 71
5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS 71
5.15.2 BUYING CRITERIA 72
5.16 IMPACT OF AI/GEN AI ON NFC MARKET 72
5.16.1 INTRODUCTION 72
5.16.2 AI/GEN AI IMPACT ON KEY NFC APPLICATIONS 73
5.16.2.1 Retail 73
5.16.2.2 Consumer electronics 73
5.16.3 USE CASES 73
5.16.4 KEY COMPANIES IMPLEMENTING AI/GEN AI 73
5.16.5 FUTURE OF AI/GEN AI IN NFC ECOSYSTEM 74
6 NFC SIGNALING TECHNOLOGIES 75
6.1 INTRODUCTION 75
6.2 NFC-A 75
6.3 NFC-B 75
6.4 NFC-F 75
7 NFC MARKET, BY OFFERING 76
7.1 INTRODUCTION 77
7.2 HARDWARE 78
7.2.1 NFC ICS & ANTENNAS 79
7.2.1.1 Emphasis on ensuring proper electrical interface and maximizing power transfer to bolster segmental growth 79
 
7.2.2 NFC TAGS 80
7.2.2.1 Ability to identify proximity and vicinity to contribute to
segmental growth 80
7.2.3 NFC READERS 81
7.2.3.1 Emphasis on seamless communication and data exchange among devices to foster segmental growth 81
7.3 SOFTWARE 82
7.3.1 EASE OF USE AND FUNCTIONALITY IN ROUTERS, INFOTAINMENT SYSTEMS, AND CONSUMER ELECTRONICS TO DRIVE MARKET 82
8 NFC MARKET, BY OPERATING MODE 84
8.1 INTRODUCTION 85
8.2 CARD EMULATION 86
8.2.1 INCREASING USE TO CONVERT NFC DEVICES TO CONTACTLESS
SMART CARDS TO BOOST SEGMENTAL GROWTH 86
8.3 READER EMULATION 87
8.3.1 RISING ADOPTION TO READ DATA FROM MANDATED NFC TAGS TO
FUEL SEGMENTAL GROWTH 87
8.4 PEER-TO-PEER 87
8.4.1 ABILITY TO OFFER LINK-LEVEL COMMUNICATION BETWEEN TWO NFC DEVICES TO ACCELERATE SEGMENTAL GROWTH 87
9 NFC MARKET, BY VERTICAL 89
9.1 INTRODUCTION 90
9.2 RETAIL 92
9.2.1 PRODUCT IDENTIFICATION 93
9.2.1.1 Increasing need to identify product location and availability in retail stores to foster segmental growth 93
9.2.2 PAYMENT & TRANSACTION 93
9.2.2.1 Growing adoption of NFC-enabled devices as contactless cards to expedite segmental growth 93
9.3 TRANSPORTATION 93
9.3.1 TICKETING 95
9.3.1.1 Strong focus on convenience and security in ticketing process to augment segmental growth 95
9.3.2 ACCESS CONTROL 95
9.3.2.1 Ability of NFC to reduce cash handling to contribute to
segmental growth 95
9.4 AUTOMOTIVE 95
9.4.1 RISING DEPLOYMENT IN ACCESS CONTROL AND IN-CAR INFOTAINMENT APPLICATIONS TO BOOST SEGMENTAL GROWTH 95
9.5 RESIDENTIAL & COMMERCIAL 96
9.5.1 ACCESS CONTROL 97
9.5.1.1 Reliance on NFC to offer physical access control in buildings to fuel segmental growth 97
 
9.5.2 TIME & ATTENDANCE 98
9.5.2.1 Requirement to keep track of in-time and out-time in commercial sector to augment segmental growth 98
9.5.3 HOME AUTOMATION 98
9.5.3.1 Use of smart lighting solutions with wireless switch capabilities to boost segmental growth 98
9.6 HEALTHCARE 98
9.6.1 PATIENT IDENTIFICATION 99
9.6.1.1 Increasing deployment of NFC tags to secure access to healthcare information to bolster segmental growth 99
9.6.2 PRODUCT IDENTIFICATION 99
9.6.2.1 Growing preference for remote patient monitoring to
augment segmental growth 99
9.6.3 ACCESS CONTROL 100
9.6.3.1 Rising need to identify patient health cards and other medical items to expedite segmental growth 100
9.7 CONSUMER ELECTRONICS 100
9.7.1 WEARABLE DEVICES 101
9.7.1.1 Ability to interact with NFC-enabled devices to fuel segmental growth 101
9.7.2 MOBILE PHONES/TABLETS 102
9.7.2.1 Adoption of home automation and control solutions to bolster segmental growth 102
9.7.3 LAPTOPS/PERSONAL COMPUTERS 102
9.7.3.1 Growing popularity of touchless laptops to contribute to
segmental growth 102
9.7.4 OTHER CONSUMER ELECTRONICS 102
9.8 BANKING & FINANCE 102
9.8.1 RELIANCE ON ADVANCED TECHNOLOGIES TO ENHANCE SECURITY TO
BOOST SEGMENTAL GROWTH 102
9.9 HOSPITALITY 103
9.9.1 ACCESS CONTROL 104
9.9.1.1 Rising awareness about benefits of NFC-enabled smartphones in check-in process in hotels to drive market 104
9.9.2 PAYMENT & TRANSACTION 105
9.9.2.1 Growing preference for contactless payment to contribute to segmental growth 105
9.10 OTHER VERTICALS 105
10 NFC MARKET, BY REGION 106
10.1 INTRODUCTION 107
10.2 NORTH AMERICA 110
10.2.1 MACROECONOMIC OUTLOOK FOR NORTH AMERICA 110
10.2.2 US 117
10.2.2.1 Increasing adoption of smart city initiatives to accelerate
market growth 117
10.2.3 CANADA 118
10.2.3.1 Rising deployment of advanced communication technologies to improve enterprise efficiency to fuel market growth 118
10.2.4 MEXICO 119
10.2.4.1 Growing interest toward digital payments to contribute to
market growth 119
10.3 EUROPE 119
10.3.1 MACROECONOMIC OUTLOOK FOR EUROPE 120
10.3.2 UK 127
10.3.2.1 Rising awareness about contactless payment systems to
augment market growth 127
10.3.3 GERMANY 128
10.3.3.1 Increasing access of payment service providers to NFC antennas to bolster market growth 128
10.3.4 ITALY 129
10.3.4.1 Rapid digitalization and adoption of contactless payments to expedite market growth 129
10.3.5 FRANCE 130
10.3.5.1 Growing demand for advanced technologies to allow dynamic pricing and real-time product positioning to drive market 130
10.3.6 SPAIN 130
10.3.6.1 Rising implementation of biometric security payment solutions to accelerate market growth 130
10.3.7 SWITZERLAND 131
10.3.7.1 Growing focus on secure payment networks and reliable connectivity to foster market growth 131
10.3.8 NETHERLANDS 132
10.3.8.1 Rising emphasis on security and privacy to contribute to
market growth 132
10.3.9 REST OF EUROPE 132
10.4 ASIA PACIFIC 133
10.4.1 MACROECONOMIC OUTLOOK FOR ASIA PACIFIC 133
10.4.2 CHINA 140
10.4.2.1 Growing focus on expanding public transportation to boost
market growth 140
10.4.3 JAPAN 141
10.4.3.1 Rising trend for e-money smart cards powered by NFC technology to drive market 141
10.4.4 INDIA 142
10.4.4.1 Increasing use of NFC-enabled contactless credit cards to
fuel market growth 142
10.4.5 SOUTH KOREA 143
10.4.5.1 Mounting demand for high-end smartphones to contribute to
market growth 143
 
10.4.6 AUSTRALIA 143
10.4.6.1 Growing adoption of contactless payment methods to bolster
market growth 143
10.4.7 INDONESIA 144
10.4.7.1 Rising focus on digital infrastructure development to fuel
market growth 144
10.4.8 REST OF ASIA PACIFIC 145
10.5 ROW 145
10.5.1 MACROECONOMIC OUTLOOK FOR ROW 145
10.5.2 MIDDLE EAST 150
10.5.2.1 Burgeoning demand for NFC-enabled smartphones to
accelerate market growth 150
10.5.2.2 GCC countries 152
10.5.2.3 Rest of Middle East 152
10.5.3 SOUTH AMERICA 152
10.5.3.1 Increasing smartphone penetration and mobile payments
to drive market 152
10.5.4 AFRICA 153
10.5.4.1 Rising preference for payments using contactless cards to
contribute to market growth 153
11 COMPETITIVE LANDSCAPE 154
11.1 OVERVIEW 154
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024 154
11.3 REVENUE ANALYSIS, 2019–2023 156
11.4 MARKET SHARE ANALYSIS, 2023 157
11.5 COMPANY VALUATION AND FINANCIAL METRICS, 2024 159
11.6 PRODUCT COMPARISON 160
11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 161
11.7.1 STARS 161
11.7.2 EMERGING LEADERS 161
11.7.3 PERVASIVE PLAYERS 161
11.7.4 PARTICIPANTS 161
11.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 163
11.7.5.1 Company footprint 163
11.7.5.2 Region footprint 164
11.7.5.3 Vertical footprint 165
11.7.5.4 Operating mode footprint 166
11.7.5.5 Offering footprint 167
11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 168
11.8.1 PROGRESSIVE COMPANIES 168
11.8.2 RESPONSIVE COMPANIES 168
11.8.3 DYNAMIC COMPANIES 168
11.8.4 STARTING BLOCKS 169
11.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 170
11.8.5.1 Detailed list of key startups/SMEs 170
11.8.5.2 Competitive benchmarking of key startups/SMEs 170
11.9 COMPETITIVE SCENARIO 171
11.9.1 PRODUCT LAUNCHES 171
11.9.2 DEALS 173
12 COMPANY PROFILES 174
12.1 KEY PLAYERS 174
12.1.1 NXP SEMICONDUCTORS 174
12.1.1.1 Business overview 174
12.1.1.2 Products/Solutions/Services offered 175
12.1.1.3 Recent developments 176
12.1.1.3.1 Product launches 176
12.1.1.4 MnM view 176
12.1.1.4.1 Key strengths/Right to win 176
12.1.1.4.2 Strategic choices 176
12.1.1.4.3 Weaknesses/Competitive threats 176
12.1.2 BROADCOM 177
12.1.2.1 Business overview 177
12.1.2.2 Products/Solutions/Services offered 178
12.1.2.3 MnM view 179
12.1.2.3.1 Key strengths/Right to win 179
12.1.2.3.2 Strategic choices 179
12.1.2.3.3 Weaknesses/Competitive threats 179
12.1.3 QUALCOMM TECHNOLOGIES, INC. 180
12.1.3.1 Business overview 180
12.1.3.2 Products/Solutions/Services offered 182
12.1.3.3 Recent developments 182
12.1.3.3.1 Deals 182
12.1.3.4 MnM view 182
12.1.3.4.1 Key strengths/Right to win 182
12.1.3.4.2 Strategic choices 183
12.1.3.4.3 Weaknesses/Competitive threats 183
12.1.4 TEXAS INSTRUMENTS INCORPORATED 184
12.1.4.1 Business overview 184
12.1.4.2 Products/Solutions/Services offered 186
12.1.4.3 MnM view 186
12.1.4.3.1 Key strengths/Right to win 186
12.1.4.3.2 Strategic choices 186
12.1.4.3.3 Weaknesses/Competitive threats 186
 
12.1.5 STMICROELECTRONICS 187
12.1.5.1 Business overview 187
12.1.5.2 Products/Solutions/Services offered 189
12.1.5.3 Recent developments 190
12.1.5.3.1 Product launches 190
12.1.5.4 MnM view 190
12.1.5.4.1 Key strengths/Right to win 190
12.1.5.4.2 Strategic choices 190
12.1.5.4.3 Weaknesses/Competitive threats 191
12.1.6 RENESAS ELECTRONICS CORPORATION 192
12.1.6.1 Business overview 192
12.1.6.2 Products/Solutions/Services offered 193
12.1.6.3 Recent developments 194
12.1.6.3.1 Deals 194
12.1.7 AMS-OSRAM AG 195
12.1.7.1 Business overview 195
12.1.7.2 Products/Solutions/Services offered 196
12.1.8 THALES 197
12.1.8.1 Business overview 197
12.1.8.2 Products/Solutions/Services offered 198
12.1.9 INFINEON TECHNOLOGIES AG 199
12.1.9.1 Business overview 199
12.1.9.2 Products/Solutions/Services offered 200
12.1.9.3 Recent developments 201
12.1.9.3.1 Product launches 201
12.1.10 SONY CORPORATION 202
12.1.10.1 Business overview 202
12.1.10.2 Products/Solutions/Services offered 203
12.1.11 AVERY DENNISON CORPORATION 204
12.1.11.1 Business overview 204
12.1.11.2 Products/Solutions/Services offered 205
12.1.11.3 Recent developments 206
12.1.11.3.1 Product launches 206
12.1.12 SAMSUNG 207
12.1.12.1 Business overview 207
12.1.12.2 Products/Solutions/Services offered 208
12.1.13 IDENTIV, INC. 209
12.1.13.1 Business overview 209
12.1.13.2 Products/Solutions/Services offered 210
12.1.14 SEMICONDUCTOR COMPONENTS INDUSTRIES, LLC 211
12.1.14.1 Business overview 211
12.1.14.2 Products/Solutions/Services offered 212
12.2 OTHER PLAYERS 213
12.2.1 FLOMIO, INC. 213
12.2.2 SHANGHAI FUDAN MICROELECTRONICS GROUP CO., LTD. 213
12.2.3 HID GLOBAL CORPORATION 214
12.2.4 RESOURCE LABEL GROUP, LLC 214
12.2.5 PREMIER LABELS UK 215
12.2.6 ADVANCED CARD SYSTEMS LTD. 215
12.2.7 CRYPTERA 216
12.2.8 PERFECT ID 216
12.2.9 ID TECH 217
12.2.10 OMNIA TECHNOLOGIES PVT. LTD. 217
12.2.11 ELATEC GMBH 218
13 APPENDIX 219
13.1 INSIGHTS FROM INDUSTRY EXPERTS 219
13.2 DISCUSSION GUIDE 220
13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 223
13.4 CUSTOMIZATION OPTIONS 225
13.5 RELATED REPORTS 225
13.6 AUTHOR DETAILS 226