NFC Chip Market is expected to reach US$ 4.97 Bn by the end of 2031, it is estimated to advance at a CAGR of 14.7% from 2022 to 2031
Consistently rising demand for faster and more streamlined transmission of data and telecom information with lowest possible latency or lags is one of the key drivers propelling demand within the global NFC chip market. Technologically advanced near field communication or NFC chips offer various benefits to organizational, as well as individual end-users, including IoT-enabled applications that do not rely on batteries for power, enhanced security, and tamper status detection with dual-mode. Apart from this, some other notable drivers behind the consistent expansion of the NFC chip industry size include advent and increasing investments in futuristic and next-gen technologies, such as AI, big data analytics, cyber security, 5G telecom, cloud computing, and IoT.
Increasing Adoption in Wide Range of End-use Industries Bolsters Market Expansion
In 2021, the global NFC chip market size was valued at US$ 1.28 Bn. Over the next decade, in 2031, the market is anticipated to reach US$ 4.97 Bn. The recent studies and research report estimate that the industry will rise at a CAGR of 14.7% over 2021 to 2031. Growth of this industry is expected to be driven by their widespread application and adoption in various point-of-sale or POS terminals and systems, electronic shelf labels, parking access and management systems, smart phones and other smart devices, including laptops and tablets, and contactless payment gateways and systems. In addition to this, the rapid expansion of retail sector on a global level is also bolstering the market expansion.
The future demand for NFC chips is anticipated to increase over the next decade, owing to the consistent efforts of manufacturers and stakeholders in the industry to design, develop, and introduce new types of affordable and reliable RFID inlays in NFC chips. Furthermore, growing demand from a wide range of end-use industries, including consumer electronics, retail, building and infrastructure construction, automotive and transportation, BFSI, healthcare, and entertainment and media. Growth in the NFC chip industry size is also propelled by expansion of the global mobile wallet market.
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Asia Pacific to Emerge as the Leading Region in NFC Chip Industry
The fastest growing market for NFC chips, based on the geography, is the regional market of Asia Pacific. This trend can be ascribed to growing demand for NFC chips in consumer electronics sector in the region, for manufacture of smart phones, POS systems and portals, enhanced performance enabled reader chips for NFC technologies, and smart wearable devices. Furthermore, rapid growth of the regional fin-tech market in regional economy of India is also expected to bolster growth of the Asia Pacific NFC chip industry over the next decade.
Some of the leading players in the NFC chips industry include HID Global, Infineon Technologies AG, MediaTek Inc., NXP Semiconductors N.V., Renesas Electronics Corporation, Sony Corporation, Texas Instruments Incorporated, Broadcom Inc., Intel Corporation, Marvell Technology, Inc., Nordic Semiconductor, Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., and STMicroelectronics N.V. These key players in the market are focusing of adopting various inorganic, as well as organic growth and expansion strategies, including mergers and acquisitions, collaborations, launching new and innovative products, and strategic partnerships to increase their market share.
Few of the salient recent developments in the NFC chips industry are as follows –
-A new suite of ICs for NFC chips that feature enhanced condition monitoring, as well as tamper detection was launched by NXP semiconductors in May of 2022. These technologically new-age solutions offer various benefits in a single chip, and are developed for application in smart home, consumer brand, and healthcare products.
-A new type of affordable, yet powerful type 2 NFC tag IC that features advanced privacy settings and augmented NDEF (NFC-based Data Exchange Format) was launched by STMicroelectronics in November of 2021. Along with increased affordability, this new solution offers best performance in high-quantity data usage cases, including brand protection, displaying information about consumer products, and enhance the consumer engagement.
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