Valuates reports that the global NFC market size, which was valued at $US15.5 billion in 2019, is projected to reach USD 54.521 billion by 2028, at a CAGR of 14.8 per cent, driven by mobile commerce and security applications.

Smart wearables and IoT devices are becoming increasingly popular by adding additional functions and because of the increased need for contactless solutions, the COVID-19 epidemic has accelerated the growth pace of the near-field communication market.

As well as payments, key applications of NFC include such as smart posters, NFC-enabled smart automobiles, and smart sensors, boarding passes and security access by airlines, as well as keyless entry for businesses, buildings, and cars, providing the NFC industry with growth potential.

The increasing trend of mobile commerce and the growing usage of wearable technology are 2 key drivers of growth in the NFC market. The demand for convenient data transfer and security, as well as the widespread use of smartphones, is expected to propel the near-field communication market forward. Due to the COVID-19 epidemic, there is an increase in demand for contactless payments, which in turn is expected to propel the NFC market to grow.

Mobile commerce is a rapidly growing technology sector that has grown at an unparalleled rate over the last decade. NFC technology is now widely used by smartphone users to make payments to NFC-enabled PoS systems.