NFC Chip Market is expected to top a valuation of US$ 5.8 billion by 2031 | Exclusive Report by Transparency Market Research
The surge in application of NFC in mobile payment solutions is expected to create lucrative opportunities for solution providers
Wilmington, Delaware, United States, March 22, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The NFC Chip Market was valued at US$ 1.5 Bn in 2021. NFC technology is utilized in a wide range of industries, such as automotive & transportation, consumer electronics, retail, healthcare, building & infrastructure, and BFSI. Rise in application of the technology in contactless payment solutions has accelerated the NFC Chip Market development.
Rise in adoption of NFC-enabled credit and debit cards in retail purchases in several countries is expected to create lucrative avenues for vendors. Vendors have gained revenues from significant adoption of NFC technology in e-ticketing and POS terminals in the past few years.
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Key Findings of Study
- Demand from Multiple Industries to Create Attractive Growth Opportunities: Usage of NFC-enabled devices is rising in several industries. They have become popular in retail and e-commerce sectors. Rise in demand for NFC chips in IoT applications is expected to spur revenue growth. Widespread adoption of low-latency technology for wireless networks has propelled the demand for NFC chips.
Utilization of low-cost RFID inlays by businesses for asset tracking is likely to open up new revenue streams for solution providers. The consumer electronics industry is witnessing significant demand for NFC chips. They are used as a secure technology for contactless data transfer such as from speakers, cameras, TVs, washing machines, and refrigerators.
- Mobile Devices Equipped with NFC Chips Popular Owing to High Security and Ease-of-use: Increase in commercialization of NFC-enabled devices such as smartphones has created attractive opportunities for companies operating in the global NFC chip industry. NFC technology has become popular for digital payments owing to its high security and ease-of-use.
Furthermore, rise in usage of wearables in NFC mobile payments and contactless payments presents attractive revenue potential for solution providers and technology companies. Thus, the rise in adoption of wearable payment technology is fueling the NFC Chip Market growth.
Key Drivers
- Rapidly expanding retail sector in several countries, particularly online retail sales, is a key driver of the NFC chip industry
- Rise in usage of NFC chips in public transportation services is a key trend likely to augment the NFC Chip Market value. A case in point is increased deployment of NFC technology in mobile ticketing services in public transportation.
- Surge in digital transactions in recent years has spurred the adoption of NFC technology and is likely to boost the NFC Chip Market growth
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Regional Growth Dynamics
- Asia Pacific is projected to hold major NFC Chip Market share during the forecast period 2022-2031. Rise of mobile payments in the e-commerce sector, notably in India and China in the past few years, has fueled the growth of the market in Asia Pacific. The regional market is also propelled by the expansion of the fintech sector.
- North America and Europe are anticipated to witness significant business opportunities for companies in the NFC Chip Market. Rise in number of point-of-sale (POS) terminals at retail locations and significant usage of NFC-enabled cards are driving revenues of the market in these regions.
Competition Landscape
Most vendors are implementing both organic and inorganic growth strategies in order to consolidate their positions in the NFC Chip Market. Presence of several vendors makes the landscape fragmented.
Some of the prominent players in the market include
- Intel Corporation,
- MediaTek Inc.,
- Sony Corporation,
- Samsung Electronics Co., Ltd.,
- NXP Semiconductors N.V.,
- Infineon Technologies AG,
- Intel Corporation,
- HID Global, and Broadcom Inc.
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NFC Chip Market Segmentation
Storage Capacity
- Up to 64 Bytes
- 65 to 168 Bytes
- 169 to 180 Bytes
- 181 to 540 Bytes
- Above 540 Bytes
Application
- Smartphones
- Laptops & Notebooks
- Smart Cards
- Televisions
- Point of Sales Systems
- Medical Devices
- Vehicles
- Others (Smart Wearables, Printers, etc.)
End-use Industry
- Automotive & Transportation
- Consumer Electronics
- Retail
- BFSI
- Healthcare
- Building & Infrastructure
- Others (Industrial, Media & Entertainment, etc.)
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries Covered
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- Japan
- China
- India
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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