DUBLIN--(BUSINESS WIRE)--The "NFC Chip Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Storage Capacity and End User" report has been added to ResearchAndMarkets.com's offering.
The NFC chip market is expected to reach US$ 17,827.0 million by 2028 from US$ 8,714.4 million in 2021; it is estimated to grow at a CAGR of 6.7% from 2021 to 2028.
Automotive, air transport, public transportation, retail, and medical are crucial end users of NFC technology. To get a competitive edge in the present market scenario, stakeholders in the current NFC chip market are actively pursuing collaboration opportunities with other competitors in the market.
The emergence of special interest groups (SIGs) has fueled the development of future-proof new creative solutions based on NFC technology. Further, the growing need for NFC chips for NFC payments is boosting the worldwide NFC chip market in the future The global near-field communication (NFC) tags market is growing due to the rising popularity of smartphones, increasing popularity of wearable technology, and the focus shifts to providing better consumer experiences.
However, its limited operational range and security concerns hampered the market's expansion. On the other hand, rising technological improvements in NFC will create further opportunities for the market.
The global NFC chip market is segmented into type, storage capacity, end-user, and geography. On the basis of type, the NFC chip market is segmented into active and passive. Based on storage capacity, the market is segmented into 64 bytes, 168 bytes, 180 bytes, and 540 bytes. Based on end-user, the market is segmented into consumer electronics, automotive, retail, healthcare, and others.
In September 2011, the NFC Technology was introduced for the first time into smartphones and is now integrated widely into many mobile phones, such as Android or iOS based. Any NFC-enabled smartphone makes use of an NFC controller chip that is connected to an NFC antenna.
The US is one of the biggest markets for smartphones. The penetration of smartphones in the US in 2020 was around 81.6% which increased to 82.2% in 2021. Along with smartphones, consumer electronic products, such as televisions, speakers, refrigerators, cameras, and washing machines, use NFC chips to support contactless data transfer.
In 2021, consumer electronics retail sales in the US were around US$ 440 billion. The penetration of smartphones in Mexico in 2020 was around 54.4% which increased to 57.4% in 2021. Canada is one of the best-connected countries with respect to mobile communication. The country had about 33 million mobile subscribers in 2019.
NFC chips also find significant use across security checkpoints at various airports. In the US, John F Kennedy International Airport; Orlando International Airport; LaGuardia Airport; and Newark Liberty International Airport are amongst the 10 US airports that are ready for billion-dollar expansions.
Thus, increasing penetration of smartphones, growing demand for smart consumer electronics, and rising investment in the aviation sector drive the requirement for respective NFC chips across the North American region.
AMS AG, Broadcom Inc., Identiv, Inc; Toshiba Corporation, Intel Corporation, NXP Semiconductors, Samsung Electronics Co., Ltd.; Qualcomm Technologies, Inc.; STMicroelectronics, Texas Instruments Incorporated are among the key players operating in the global NFC chip market.
Key Market Dynamics
Market Drivers
- Proliferation of NFC-based Smartphones
- Rising Demand for Contactless Payment
Market Restraints
- Short Operational Range and Security Concerns
Market Opportunities
- Integration of NFCs with Medical Equipment
Future Trends
- Surge in Adoption of NFC-Enabled Wearable Technology
Company Profiles
- Broadcom Inc.
- Infineon Technologies Ag
- Identiv, Inc
- Intel Corporation
- NXP Semiconductors
- Qualcomm Technologies, Inc.
- Samsung Electronics Co., Ltd.
- STMicroelectronics
- Texas Instruments Incorporated
- Toshiba Corporation
For more information about this report visit https://www.researchandmarkets.com/r/8xgupq
