The global near field communication (NFC) market size is estimated to reach USD 61.23 billion by 2030, registering a CAGR of 12.3% from 2025 to 2030, according to a new report by Grand View Research, Inc. According to the researchers, the industry is poised for unprecedented growth over the forecast period due to the increasing penetration of smartphones in developing economies.

The increasing adoption of mobile payment services has led to the intensive use of POS with the introduction of e-wallets and Apple Watch. Banking institutions, payment gateways, and payment processors are expected to expand their capabilities to accommodate the new enhanced technology. The emergence of mobile wallet services has enabled users to pay for services via mobile devices or through cashless payment modes, which has further boosted the growth of the near field communication market.

Enhanced digital payment platforms

The increasing demand for NFC-based payment solutions has led manufacturers to develop an enhanced version of the digital payment platform, which has further boosted the market growth. The growing penetration of wearable technology devices as an important component of the Internet of Things with reduced costs has also contributed immensely to the industry growth, according to analysts.

Mobile Wallets

The emergence of mobile wallets, such as Android Pay, Apple Pay, and Samsung Pay, is also expected to further drive the significant growth of mobile payments, as they allow payments to be made using mobile phones instead of cards or other cashless payment methods. The increasing number of vendors is expected to increase concentration and drive the development of near field communication infrastructure, thereby accelerating the market growth. The increasing need to reduce the cost of ownership and the growing need for convenience will continue to drive the market.

Software a fast-growing segment

In terms of device operating mode, the reader emulation segment led the market with the largest revenue share of 40.8% in 2024, and in terms of offering, the software segment is expected to grow at the fastest CAGR over the forecast period. In terms of vertical markets, the retail segment held the leading revenue share in the global market in 2024, owing to the rapidly growing adoption of contactless payment solutions in this industry.

Some of the key players in this market include companies such as NXP Semiconductors, Broadcom, Qualcomm Technologies, Samsung, Texas Instruments, ST Microelectronics, Infineon Technologies, Sony, Rambus, and Apple.