Increasing Penetration of Contactless Technology Presents Opportunities

The world's NFC market is expected to grow from USD 18 billion in 2020 to USD 34.9 billion by 2025, at a CAGR of 14.2%, according to new research.

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.

The software segment is expected to witness the highest growth in the NFC market in the coming years owing to the integration of its functionalities into routers, infotainment systems, wearable electronic devices, and other NFC-enabled devices. Additionally, more innovative software applications are expected to be launched in the coming years.