NFC (Near Field Communication) Market Revenue to Cross USD 53.59 Billion

The Global Near Field Communication Market size reached USD 20.52 Billion in 2021. The NFC (Near Field Communication) Market is growing at robust CAGR of 14.7%, and reach size of USD 53.59 Billion by 2028 Research Report Added by Brandessence Market Research & Consulting Pvt ltd.

The major factors driving the growth of global NFC market is rising demand for secure & contactless payments and information systems.

The rise in NFC communication for contactless information sharing has significantly contributed in healthcare sector, transportation, social networking and improved the customer service. NFC is rising along with the demand of smart phones, as now everything is possible with smart phones.

The report by Gartner in 2020, predicted the use of 36 billion IoT devices for NFC enabled mobile payments. Also GSMA predicted the 80% of global connections will be enabled by NFC and smart phones by 2025. This powerful combination of NFC with smart phones is driving the NFC market significantly. Furthermore, surge in the adoption of smart wearable devices and IoT based devices is also expected to contribute the market growth. However, rising safety concerns, availability of substitute payment methods and short-range communication is likely to restrain the market growth. On the other hand, rising demand for contactless payment as well as growing demand for connectivity between devices followed with increasing urbanization is expected to create ample opportunities in the NFC market.