NFC Market worth $34.9 billion by 2025

According to the new market research report "NFC Market with COVID-19 impact by Device operating mode" 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 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.

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.