APAC is attributed to hold largest share of the NFC market in coming year

 The NFC market is expected to grow from USD 18.0  billion in 2020 to USD 34.9 billion by 2025, at a CAGR of 14.2%. The major factors driving the growth of the NFC market are the increasing trend of mobile commerce and growing adoption of the wearable technology. However, the issue of short-range communication is expected to restrain the growth of the market.

Based on device operating mode, reader emulation is projected to witness highest CAGR of the NFC market for the forecast period, as the majority of mobile phone and retail applications use NFC chip in reader emulation mode. There is high adoption of NFC-based mobile wallets, such as Goggle pay, Samsung pay, Apple Pay, and Android Pay, which are expected to witness the highest CAGR in the coming years, owing to the high demand originating from payments.

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APAC is attributed to hold largest share of the NFC market in coming year as it has some of the world’s fastest-growing and leading industrialized economies. It is witnessing dynamic changes in the adoption of new technologies and advancements in organizations across industries. Also, the mobile payments market is significantly growing in APAC countries such as South Korea, China, Japan, and India. According to VISA, APAC is leading the world in adopting contactless payments, which accounts for around 44% of face-to-face Visa transactions in the region, rising over 70% in a number of key markets. Visa has certified nine technology providers, such as Samsung, and is partnering with many acquirers and fintechs to bring solutions to market, having launched ‘Tap to Phone’ solutions in Malaysia and India, with more APAC markets to follow. Henceforth, NFC is expected to witness the highest growth in the coming years in the APAC region.

In APAC, the investments look promising, as most countries such as China, Japan, and South Korea have successfully contained the virus compared with the US and European countries. China is easing the restrictions placed on factory lockdowns and worker movement. Despite being the epicenter of COVID-19, China has maintained its dominant position as a global network leader.

The NFC market in APAC is foreseen to grow at a significant rate. The growth of the NFC market in APAC is mainly driven by increasing developments (such as R&D activities, investments, and partnerships among companies) related to NFC in countries such as Japan, China, and South Korea. Additionally, it has some of the world’s fastest-growing and leading industrialized economies. It is witnessing dynamic changes in the adoption of new technologies and advancements in organizations across industries.

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