Summary
- • Global NFC market size expected to reach $47.43 billion by 2024
- • NFC-enabled smartphone shipments to exceed 1.6 billion units by 2024
- • NFC payment transaction value to reach $130 billion globally by 2020
- • Over 90% of new smartphones shipped in 2020 were NFC-enabled
- • NFC tag shipments to reach 5 billion units by 2024
- • Retail sector to account for 45% of NFC market share by 2025
- • NFC-based ticketing solutions to grow at a CAGR of 19.7% from 2020 to 2027
- • 70% of all point-of-sale terminals to be NFC-ready by 2022
- • NFC Forum membership grew by 20% in 2020
- • Apple Pay transactions to reach 1.5 billion by 2023
- • NFC market in Asia-Pacific to grow at a CAGR of 21.8% from 2021 to 2028
- • Over 2 billion NFC-enabled devices in use globally by 2020
- • NFC tag unit prices to fall below $0.05 by 2024
- • 40% of US consumers have used contactless payments
- • NFC-based access control market to reach $4.4 billion by 2025
With the global NFC industry on a skyrocketing trajectory, its clear that tapping, not swiping, is the future of transactions. From the predicted $47.43 billion market size by 2024 to over 2 billion NFC-enabled devices in use, the statistics paint a picture of a contactless revolution sweeping through retail, automotive, healthcare, and beyond. In a world where 70% of point-of-sale terminals will be NFC-ready by 2022, it seems the only thing not Near Field Communication is falling behind on this tech tidal wave.
Device Adoption
- NFC-enabled smartphone shipments to exceed 1.6 billion units by 2024
- Over 90% of new smartphones shipped in 2020 were NFC-enabled
- Over 2 billion NFC-enabled devices in use globally by 2020
- 75% of all smartphones to be NFC-enabled by 2022
- Over 1 billion NFC secure element shipments in 2020
- NFC-enabled wearable device shipments to reach 515 million units by 2024
- Over 60% of smartphones in use globally are NFC-enabled as of 2021
- NFC-based IoT connections to exceed 1 billion by 2024
- Over 30% of all smartphones shipped in 2020 support NFC secure elements
Interpretation
Looks like the NFC industry is not just tapping into success but making a full-on connection with it! With NFC-enabled smartphones set to conquer the billion mark by 2024 and over 90% of new smartphones already embracing NFC technology, it's clear that we're all moving towards a future where waving your phone to pay is as common as saying hello. With over 2 billion NFC-enabled devices in use globally, it seems like we've truly entered the era of tap-and-go convenience. So, if you ever doubted the power of a simple tap, think again - NFC is not just a trend, it's a global takeover in progress.
Industry Applications
- Retail sector to account for 45% of NFC market share by 2025
- NFC-based ticketing solutions to grow at a CAGR of 19.7% from 2020 to 2027
- NFC-based access control market to reach $4.4 billion by 2025
- NFC-based smart packaging market to grow at a CAGR of 8% from 2021 to 2026
- NFC market in automotive sector to reach $1.3 billion by 2025
- NFC-based ticketing solutions market to reach $68 billion by 2025
- NFC market in healthcare to grow at a CAGR of 20.4% from 2021 to 2028
- NFC-based mobile ticketing users to reach 375 million by 2022
- NFC-based access control solutions market to grow at a CAGR of 17.4% from 2021 to 2026
- NFC-based smart home market to grow at a CAGR of 26.8% from 2021 to 2026
- NFC market in industrial automation to reach $2.5 billion by 2025
- NFC-based loyalty program users to reach 1 billion by 2024
- NFC-enabled vehicle keys to be adopted by 25% of new cars by 2025
- NFC-based transit fare collection to be adopted by 150 cities globally by 2023
- NFC-based digital key solutions to be adopted by 25% of hotels by 2025
- NFC market for gaming and entertainment to grow at a CAGR of 22.3% from 2021 to 2026
Interpretation
The future seems promising for NFC technology, with its fingerprints set to leave a mark across various industries. From revolutionizing access control and ticketing solutions to infiltrating retail and healthcare sectors, NFC's exponential growth trajectory is undeniable. By 2025, it's predicted that NFC will have firmly entrenched itself in the automotive, industrial automation, and smart packaging realms, all while making significant strides in smart home integration and loyalty programs. With NFC technology poised to be the key player in a digital-driven world, it seems the only way for this industry is up. Get ready to tap, connect, and transact with ease in a future that's buzzing with NFC possibilities.
Industry Growth
- NFC Forum membership grew by 20% in 2020
- NFC Forum has over 150 member companies as of 2021
- NFC Forum has released over 20 technical specifications since its inception
- NFC Forum has conducted over 30 plugfests since its inception
- NFC Forum has over 100 authorized test laboratories globally
- NFC Forum has released over 100 application documents since its inception
- NFC Forum has over 50 task forces and working groups
Interpretation
The NFC Forum is no stranger to growth, with a membership surge of 20% in 2020 proving that even in a socially distant world, connection remains a top priority. With over 150 member companies onboard in 2021, the forum's influence is undeniable. Armed with a plethora of technical specifications, plugfests, test laboratories, application documents, and task forces, the NFC Forum is not just talking the talk but walking the walk in pushing the boundaries of Near Field Communication technology. It's clear that when it comes to enabling seamless digital interactions, the NFC Forum is not just a player – it's the master of the game.
Market Growth
- Global NFC market size expected to reach $47.43 billion by 2024
- NFC market in Asia-Pacific to grow at a CAGR of 21.8% from 2021 to 2028
- NFC chip market to grow at a CAGR of 8.5% from 2021 to 2028
- NFC market in Europe to reach $10.62 billion by 2025
- NFC market in North America to reach $13.72 billion by 2025
- NFC market in Latin America to grow at a CAGR of 18.7% from 2021 to 2028
- NFC market in Middle East and Africa to reach $3.27 billion by 2025
Interpretation
In a world where cash is becoming as vintage as a vinyl record, the NFC industry is poised to make it rain with a projected market size of $47.43 billion by 2024. With Asia-Pacific sprinting ahead with a growth rate of 21.8% and the NFC chip market not lagging behind at 8.5%, it seems like we are all set for a contactless revolution. While Europe, North America, Latin America, and the Middle East and Africa region are all claiming their slice of the NFC pie, your wallet might soon just be a relic of the past - lost in the digital shuffle of tap-and-pay convenience.
NFC Tags
- NFC tag shipments to reach 5 billion units by 2024
- NFC tag unit prices to fall below $0.05 by 2024
- NFC tag market to reach $4.9 billion by 2025
- NFC Forum Type 5 Tag to account for 25% of all NFC tag shipments by 2022
- NFC tag IC shipments to exceed 3 billion units by 2022
- NFC tag memory prices to decrease by 30% year-over-year until 2024
- NFC tag antenna market to reach $1.2 billion by 2025
- NFC tag market for retail applications to reach $2.1 billion by 2025
- NFC tag unit shipments for automotive applications to reach 500 million by 2024
Interpretation
As the NFC industry gears up for a dramatic shift, with NFC tag shipments set to skyrocket to 5 billion units by 2024 and prices plummeting below $0.05, it's clear that the era of connectivity is upon us. With the NFC tag market projected to hit $4.9 billion by 2025, it seems that these tiny yet mighty tags are set to make a big impact. And let's not forget the rise of NFC Forum Type 5 Tags, poised to dominate 25% of all shipments by 2022, as well as the anticipated surge in NFC tag applications for retail and automotive use. As memory prices decline and the antenna market expands, it's safe to say that the future of NFC is looking bright – and affordable – for all sectors involved. So, get ready to tap into a world of possibilities with NFC technology!
Payment Infrastructure
- 70% of all point-of-sale terminals to be NFC-ready by 2022
- Over 29 million NFC-enabled POS terminals shipped in 2020
- Over 90% of top 200 global retailers accept NFC payments
- Over 80% of POS terminals in Canada are NFC-enabled
- Over 1 million NFC-enabled POS terminals deployed in Japan
- Over 90% of new POS terminals shipped globally are NFC-enabled
- Over 70% of all POS terminals in Europe are NFC-enabled
Interpretation
The rise of NFC technology in the point-of-sale industry is nothing short of electrifying. With 70% of terminals set to be NFC-ready by 2022, it's clear that contactless payments are no longer just a trend but a dominant force. From the 29 million NFC-enabled POS terminals shipped in 2020 to the over 90% acceptance rate among top global retailers, the convenience and efficiency of NFC payments have captured the attention of both businesses and consumers worldwide. So, whether you're in Canada, Japan, Europe, or beyond, the future of transactions is tapping, not swiping.
Payment Transactions
- NFC payment transaction value to reach $130 billion globally by 2020
- Apple Pay transactions to reach 1.5 billion by 2023
- 40% of US consumers have used contactless payments
- Google Pay transactions to exceed 200 million by 2023
- 50% of global smartphone users to use mobile wallets by 2025
- Over 50% of all card present transactions in Australia are contactless
- NFC-based mobile payment users in China to reach 700 million by 2022
- Over 40% of in-store transactions in the UK are contactless
- Over 50% of all card transactions in Australia are contactless
- NFC-based mobile wallet transactions to exceed $1 trillion globally by 2024
Interpretation
In a world where cash is no longer king, the NFC industry is reigning supreme, with numbers painting a rosy future for contactless payments. With transactions values skyrocketing, it seems even Apple Pay is set to become a trillionaire in the industry. It's a contactless revolution sweeping the globe, from Australia to China, with mobile wallets becoming the must-have accessory for savvy smartphone users. So, whether you're tapping away in the UK or swiping in the US, it's clear that the future of payments is just a touch away.
