Near Field Communication (NFC) Market Growing at 12.30% CAGR to Hit USD 60.2 Billion by 2032
The Near Field Communication (NFC) Market is experiencing rapid growth, driven by the increasing adoption of contactless payment solutions, rising use in IoT applications, and the growing demand for secure data transfer across various industries. In 2023, the market was valued at USD 24.23 billion, and it is projected to grow from USD 26.3 billion in 2024 to USD 60.2 billion by 2032, with a CAGR of 12.30% during the forecast period (2024–2032).
Key Companies in the near field communication (NFC) market include
NXP Semiconductors (The Netherlands)
Qualcomm (US)
Broadcom (US)
STMicroelectronics (Switzerland)
Texas Instruments (US)
Key Drivers of Market Growth
Rise in Contactless Payment Solutions
The widespread adoption of contactless payments is a major factor driving the NFC market. With the growing preference for cashless transactions, NFC-based mobile wallets like Google Pay, Apple Pay, and Samsung Pay are gaining traction.
Increased penetration of NFC-enabled smartphones and wearables has fueled seamless, secure, and convenient transactions worldwide.
The COVID-19 pandemic accelerated the shift toward touch-free transactions, reinforcing NFC's role in retail, hospitality, and transportation sectors.
Download Sample Pages
https://www.marketresearchfuture.com/sample_request/1590
Growth of IoT and Smart Devices
The integration of NFC in smart home devices, wearables, and automobiles is expanding its use beyond traditional payments.
NFC is widely used in IoT-enabled smart appliances, allowing seamless pairing, authentication, and data exchange between devices.
As the IoT ecosystem expands, NFC technology will continue to be a key enabler in automated interactions and smart connectivity.
Increased Adoption in Healthcare and Security
NFC-based smart cards and wearable devices are being used for secure patient identification, medical record access, and contactless authentication in healthcare settings.
The demand for secure access control systems using NFC for building entry, workplace security, and event ticketing is also rising.
Expanding Use in Transportation and Retail
Public transport systems worldwide are integrating NFC-based ticketing to offer passengers a seamless experience.
In retail, NFC technology is enhancing customer engagement by enabling smart advertising, personalized promotions, and loyalty programs.
Market Segmentation
By Product Type
NFC Tags – Used for information sharing, marketing, and authentication.
NFC Readers – Deployed in payment terminals, transit systems, and retail.
NFC Chips – Embedded in smartphones, credit cards, and smart devices.
By Application
Payments and Transactions – Mobile wallets, contactless payments, banking.
Retail and Marketing – Smart advertisements, loyalty programs, digital signage.
Healthcare – Patient identification, medical device connectivity.
Access Control and Security – Keyless entry, secure authentication, ID verification.
Transportation – NFC-based ticketing, public transit systems.
By Region
North America – Leading in NFC adoption, driven by the presence of major tech players and widespread mobile payment adoption.
Europe – Strong growth due to digital banking and widespread NFC-enabled transportation systems.
Asia-Pacific – Rapid expansion fueled by high smartphone penetration, growing e-commerce, and government initiatives promoting cashless transactions.
Rest of the World (RoW) – Increasing investments in smart infrastructure and digital payment adoption.
Future Outlook
The Near Field Communication (NFC) Market is poised for sustained growth, with increasing demand for secure, fast, and contactless solutions across industries. Key trends shaping the market include:
Advancements in NFC security to prevent fraud and enhance encryption.
Integration of NFC in IoT, automotive, and wearables for seamless connectivity.
Expansion of NFC-based digital identity verification in financial and governmental applications.
With rising consumer preference for convenient, contactless interactions, NFC technology will continue to revolutionize payments, access control, healthcare, and smart devices, driving significant market expansion in the coming years.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. The MRFR team have a supreme objective to provide the optimum quality market research and intelligence services for our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Explore More:
https://www.wantstats.com/
https://www.wiseguyreports.com/
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
41 minutes ago
- Winnipeg Free Press
Amazon extends Prime Day discounts to 4 days as retailers weigh tariff-related price increases
NEW YORK (AP) — Amazon is extending its annual Prime Day sales and offering new membership perks to Generation Z shoppers amid tariff-related price worries and possibly some consumer boredom with an event marking its 11th year. The e-commerce giant's promised blitz of summer deals for Prime members starts at 3:01 a.m. Eastern time on Tuesday. For the first time, Seattle-based Amazon is holding the now-misnamed Prime Day over four days; the company launched the event in 2015 and expanded it to two days in 2019. Before wrapping up Prime Day 2025 early Friday, Amazon said it would have deals dropping as often as every 5 minutes during certain periods. Prime members ages 18-24, who pay $7.49 per month instead of the $14.99 that older customers not eligible for discounted rates pay for free shipping and other benefits, will receive 5% cash back on their purchases for a limited time. Amazon executives declined to comment on the potential impact of tariffs on Prime Day deals. The event is taking place two and a half months after an online news report sparked speculation that Amazon planned to display added tariff costs next to product prices on its website. White House Press Secretary Karoline Leavitt denounced the purported change as a 'hostile and political act' before Amazon clarified the idea had been floated for its low-cost Haul storefront but never approved. Amazon's past success with using Prime Day to drive sales and attract new members spurred other major retail chains to schedule competing sales in July. Best Buy, Target and Walmart are repeating the practice this year. Like Amazon, Walmart is adding two more days to its promotional period, which starts Tuesday and runs through July 13. The nation's largest retailer is making its summer deals available in stores as well as online for the first time. Here's what to expect: Will a longer Prime event lessen the urgency? Amazon expanded Prime Day this year because shoppers 'wanted more time to shop and save,' Amazon Prime Vice President Jamil Ghani recently told The Associated Press. Analysts are unsure the extra days will translate into more purchases given that renewed inflation worries and potential price increases from tariffs may make consumers less willing to spend. Amazon doesn't disclose Prime Day sales figures but said last year that the event achieved record global sales. Adobe Digital Insights predicts that the sales event will drive $23.8 billion in overall online spending from July 8 to July 11, 28.4% more than the similar period last year. In 2024 and 2023, online sales increased 11% and 6.1% during the comparable four days of July. Vivek Pandya, lead analyst at Adobe Digital Insights, noted that Amazon's move to stretch the sales event to four days is a big opportunity to 'really amplify and accelerate the spending velocity.' Caila Schwartz, director of consumer insights and strategy at software company Salesforce, noted that July sales in general have lost some momentum in recent years. Amazon is not a Salesforce customer, so the business software company is not privy to Prime Day figures. 'What we saw last year was that (shoppers) bought and then they were done, ' Schwartz said. 'We know that the consumer is still really cautious. So it's likely we could see a similar pattern where they come out early, they're ready to buy and then they take a step back.' How will rising costs from tariffs affect discounts? Amazon executives reported in May that the company and many of its third-party sellers tried to beat big import tax bills by stocking up on foreign goods before President Donald Trump's tariffs took effect. And because of that move, a fair number of third-party sellers hadn't changed their pricing at that time, Amazon said. Adobe Digital Insights' Pandya expects discounts to remain on par with last year and for other U.S. retail companies to mark 10% to 24% off the manufacturers' suggested retail price between Tuesday and Friday. Salesforce's Schwartz said she's noticed retailers becoming more precise with their discounts, such as offering promotion codes that apply to selected products instead of their entire websites. Will shoppers stick to necessities or splurge? Amazon Prime and other July sales have historically helped jump-start back-to-school spending and encouraged advance planners to buy other seasonal merchandise earlier. Analysts said they expected U.S. consumers to make purchases this week out of fear that tariffs will make items more expensive later. Brett Rose, CEO of United National Consumer Supplies, a wholesale distributor of overstocked goods like toys and beauty products, thinks shoppers will go for items like beauty essentials. 'They're going to buy more everyday items,' he said. What are some of the deals? As in past years, Amazon offered early deals leading up to Prime Day. For the big event, Amazon said it would have special discounts on Alexa-enabled products like Echo, Fire TV and Fire tablets. Walmart said its July sale would include a 32-inch Samsung smart monitor priced at $199 instead of $299.99; and $50 off a 50-Inch Vizio Smart TV with a standard retail price of $298.00. Target said it was maintaining its 2024 prices on key back-to-school items, including a $5 backpack and a selection of 20 school supplies totaling less than $20. How will Amazon's third-party sellers fare? Independent businesses that sell goods through Amazon account for more than 60% of the company's retail sales. Some third-party sellers are expected to sit out Prime Day and not offer discounts to preserve their profit margins during the ongoing tariff uncertainty, analysts said. Rose, of United National Consumer Supplies, said he spoke with third-party sellers who said they would rather take a sales hit this week than use up a lot of their pre-tariffs inventory now and risk seeing their profit margins suffer later. However, some independent businesses that market their products on Amazon are looking to Prime Day to make a dent in the inventory they built up earlier in the year to avoid tariffs. Home fragrance company Outdoor Fellow, which makes about 30% of its sales through Amazon's marketplace, gets most of its candle lids, labels, jars, reed diffusers and other items from China, founder Patrick Jones said. Fearing high costs from tariffs, Jones stocked up at the beginning of the year, roughly doubling his inventory. Wednesdays Columnist Jen Zoratti looks at what's next in arts, life and pop culture. For Prime Day, he plans to offer bigger discounts, such as 32% off the price of a candle normally priced at $34, Jones said. 'All the product that we have on Amazon right now is still from the inventory that we got before the tariffs went into effect,' he said. 'So we're still able to offer the discount that we're planning on doing.' Jones said he was waiting to find out if the order he placed in June will incur large customs duties when the goods arrive from China in a few weeks. ___ AP Business Writer Mae Anderson contributed to this report.
Toronto Star
an hour ago
- Toronto Star
Amazon extends Prime Day discounts to 4 days as retailers weigh tariff-related price increases
NEW YORK (AP) — Amazon is extending its annual Prime Day sales and offering new membership perks to Generation Z shoppers amid tariff-related price worries and possibly some consumer boredom with an event marking its 11th year. The e-commerce giant's promised blitz of summer deals for Prime members starts at 3:01 a.m. Eastern time on Tuesday. For the first time, Seattle-based Amazon is holding the now-misnamed Prime Day over four days; the company launched the event in 2015 and expanded it to two days in 2019.
Winnipeg Free Press
5 hours ago
- Winnipeg Free Press
Merchbot enters Bombers' starting lineup
Winnipeg Blue Bombers fans can now purchase team merchandise at Princess Auto Stadium the same way they might buy a bag of chips in a workplace break room. Manitoba-based Vidir Solutions Inc. launched its merchandise vending machine at the Bombers' 2025 CFL season home opener last month. Referred to by the company as 'merchbot,' the machine allows fans to purchase hats, hoodies and T-shirts with a few taps on a touchscreen. Vidir is advertising the machine as the first of its kind to be found at a North American sporting event. It's designed to revolutionize how athletic programs manage merchandise sales. 'We wanted to create something that would cause some sizzle and some buzz,' said Mario Fontes, director of sales and marketing. 'We feel that the merchbot has some value for all kinds of sports organizations out there.' A family-owned business, Vidir makes an assortment of specialized automated material handling units. The business is headquartered about 100 kilometres north of Winnipeg in Arborg, with an additional manufacturing facility in Teulon. Vidir's vertical storage solutions are used by some of the biggest retailers in the world, including Walmart, Home Depot and Lowes. According to the company, the merchandise vending machine product improves a sports team's operations by automating the merchandise sales process in a compact space, improving the speed of service while maximizing on-hand inventory quantities. The challenge with the Bomber Store at Princess Auto Stadium, Fontes said, is it gets busy and the lines at the tills can get long. There's a potential for lost sales if people lose patience and leave the store before making their purchase. 'This (merchandise vending machine) allows teams to have multiple facilities in the building where people can pick up their hat or jersey away from the store,' Fontes said. The Bombers' machine is 2.1 metres tall, 1.5 m wide and 1.5 m deep, but Fontes said the company can manufacture merchandise vending machines more than three times that size. He added that Micro Center, a computer retail chain in the United States, is already using Vidir-created machines at six of its stores that are similar to the merchandise vending machine. The Micro Center machines are 7.3 m tall, 4.8 m wide and 1.8 m deep, and are self-serve kiosks where people can purchase different colours and gauges of 3D printing filaments. Vidir employees build the software that runs these machines. The software allows customers to track their inventory with ease. 'It's not just a hardware solution — it's a software solution as well,' Fontes said. He calls the Bombers' machine a test unit and envisions Vidir building six- and 7.5-metre-tall versions for sports teams. Monday Mornings The latest local business news and a lookahead to the coming week. 'We're very happy about the product,' said Fontes, who declined to share how much such a machine might retail for. The merchandise vending machine has worked out well for the Blue Bombers, said Wade Miller, team president and CEO. 'For them to create something that helps us save space in our stadium and allows for vertical storage … it's fantastic,' Miller said. 'It allows us to carry more product than we usually would in that area (of the stadium). As our fans get used to it, we look forward to growing it.' Vidir Solutions was founded in 1986 by Willie Dueck, a farmer and entrepreneur. The company has more than 250 employees in Canada and around 20 in the U.S. It provides products to 45 countries. Aaron EppReporter Aaron Epp reports on business for the Free Press. After freelancing for the paper for a decade, he joined the staff full-time in 2024. He was previously the associate editor at Canadian Mennonite. Read more about Aaron. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
