Press Release
Press Release
According to a new report by EMR titled, ‘Global NFC Market Report and Forecast 2024-2032’, the market attained a value of about USD 36.20 billion in 2023. The market is estimated to grow at a CAGR of 28.4% in the forecast period of 2024-2032 to reach a value of around USD 343.70 billion by 2032.
The ease of use, convenience, and versatility of NFC technology have led to its increasing appeal in a wide range of applications. With technological advancements and innovations, NFC finds applications in different industries, including access control, mobile payments, transportation, and Internet of things (IoT) connectivity.
The Asia Pacific accounts for a significant portion of the global NFC market share due to the contactless mobile payments revolution in China and India. In China, the growing number of contactless payment users on WeChat Pay, Union Pay, and Ali Pay; and in India, the revolution of Unified Payment Interface (UPI) expands the market globally. In 2023, WeChat Pay recorded 935 million users and 65 million users for businesses. In India, as of December 2023, the number of UPI transactions reached 12.02 billion, with service processing payments of Rs 18.23 lakh crore. This indicated a 54% increase in volume and a 42% increase in transaction value each year.
In October 2023, Thales Group (OTCMKTS: THLLY) launched the SafeNet IDPrime FIDO Bio Smart Card, a strong multi-factor authentication (MFA) for the enterprise. With this innovative contactless smart card, users can bypass passwords and swiftly and securely access workplace devices, apps, and cloud services with just their fingerprints.
By making it simple to register and authenticate using biometrics, the SafeNet IDPrime FIDO Bio Smart Card helps end users adopt password-less multi-factor authentication. Users can utilise the on-card sensor to enter with their fingerprints instead of a password. Additionally, the smart cards have contactless functionality, which enables users to just tap the card on any NFC-capable device. This smart card offers business users several advantages over standard passwords, such as increased speed, security, and convenience.
Figure: Top 5 Countries with Most Number of Contactless Transactions (in Million) Globally, 2022
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The major players in the global NFC market are Thales Group, Broadcom Inc., Infineon Technologies AG, Identiv, Inc., and NXP Semiconductors N.V., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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