NFC Market Size To Reach USD 54,521 Million By 2028

The global NFC market size was valued at USD 15,531 million in 2019, and is projected to reach USD 54,521 million by 2028, registering a CAGR of 14.8% from 2021 to 2028.

The expansion of the NFC market is projected to be fueled by the growing trend of mobile commerce. Mobile commerce is a rapidly growing technology sector that has grown at an unparalleled rate over the last decade.

NFC technology is now used by smartphone users to make payments. Furthermore, with technology like NFC enabling PoS systems, mobile devices have become a significant means of data transfer. Various financial institutions are working with mobile app developers to create apps that will allow customers to conduct business transactions.

Because of the increased need for contactless solutions, the COVID-19 epidemic has accelerated the growth pace of the near-field communication market. Furthermore, factors such as the increasing usage of NFC technology in smart packaging for healthcare and the increase in demand for NFC in emerging medical applications as a result of the pandemic have provided lucrative potential prospects for the industry.

The surge in focus toward providing improved customer experience is expected to further boost the NFC market growth. Companies can keep their customers by offering NFC-enabled contactless payments and a diverse range of other apps that can help them enhance their workflow and customer experience. Furthermore, novel applications of NFC, such as smart posters, NFC-enabled smart automobiles, and smart sensors, have acquired popularity among consumers, particularly among the young and technically minded, allowing established firms to expand into new areas. Aside from payments and device-to-device sharing, NFC technology is being used for boarding passes and security access by airlines, as well as keyless entry for businesses, buildings, and cars, providing the NFC industry with growth potential.