iCrowdNewswire Dec 31, 2020 5:00 AM ET
The Global NFC chip market 2020 is noticeable by Market Research Future which has come into the reading, mainly amid COVID 19 crisis. This foretells that the global NFC chip market and its overall valuation would get bigger post the pandemic that is calculated to be USD 11.76 billion by the year 2023. The growth would occur at a pace of 18.86% CAGR owing to the development of the new dynamism, which is making active development in the market’s growth, mainly from the years 2018-2023.
The core advantage of NFC chips directs towards the fact that they do not require manual pairing with other NFC-enabled devices. In fact, the NFC chip automatically connects to the other chip when the other device comes nearby of less than 10 cm in a fraction of time. The rising penetration of smartphones in the market with NFC-enabled technology, consumer electronics adopting NFC technology, rise in the number of NFC-based digital transactions taking place and governments across the world pushing the public to make cashless transactions are some of the essential factors driving the NFC chips market, globally.
MRFR also identifies that significant start-ups are mushrooming in the field of NFC as NFC chips being integrated with medical equipment and the vast expenditure made on the R&D for NFCs create opportunities for the growth of this market. With this, the swelling demand for the NFC-based payment solutions has encouraged the manufacturers to widen an improved version of the digital payment platform, and thus developing the market’s worth. The growing incursion of wearable technology devices as a noteworthy component of the Internet of Things with lowered costs have enormously contributed to the industry growth.
Furthermore, the emergence of mobile wallets, such as Apple Pay, Android Pay, and Samsung Pay, are also anticipated to further motivate the substantial mobile payments growth. This is owing to the capability of paying through mobile phones instead of cards or any other cashless payment modes. The rising add-on of vendors is anticipated to surge the concentration and propel the development of near field communication infrastructure, thus accelerating the market growth during the assessment period.
Top Industry Players
The top players in the NFC chip market are identified as MStar Semiconductor, Inc. (Taiwan), Verifone Systems, Inc. (US), STMicroelectronics (Switzerland), SAMSUNG (South Korea), Broadcom Corporation (US), Ingenico Group (France), NXP Semiconductors (Netherlands), and Marvell Technology Group Ltd (Bermuda).
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In terms of storage capacity, the market has included 64 Bytes, 168 Bytes, 180 Bytes, and 540 Bytes. Among these, the 64 bytes segment might contribute a significant share to the NFC chip market while 180 bytes is likely to expand at a high growth rate.
In terms of vertical segment, the NFC chip market has included media & entertainment, BFSI, hospitality, retail, healthcare, and others. The BFSI sector could lead in future in the NFC chip market during the forecast period in support of substantial contactless payment in the retail sector. The healthcare sector is also in the line of progression at a high CAGR during the forecast period.
The global market for NFC chip is estimated to grow at a significant rate during the forecast period from 2018 to 2023 among the regions of Europe, North America, Asia-Pacific, and the rest of the world, which includes the Middle East, Africa, and South America.
Among the regions mentioned, North America might grasp a significant share of the NFC chip market during the assessment period, followed by Europe. High adoption of digital payments coupled with escalating ownership of Smartphones and internet reach is the key factor driving the NFC chip market in North America.
Asia-Pacific regional also might expand at the highest CAGR during the forecast period. This is due to government initiatives implemented in many countries promoting cashless transactions. Also, technological advancements such as a rapid increase in Smartphone adoption and contactless payments are further probable to influence the growth of the NFC chips market.
Major Highlights of TOC Covers:
- Executive Summary
- Key Business Trends
- Regional Trends and Growth
- Product Trends
- End-use Trends
- Definition and Forecast Parameters
- NFC chip Market Segmentation
- NFC chip Market Landscape
- Vendor Matrix
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