NFC Chip Market to Reach Value of USD 4.97 Billion by 2031, States TMR Review

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Nov 03, 2022, 09:45 ET

The NFC chip market is projected to expand at a CAGR of 14.7% during 2022-2031
Rapid expansion of the retail, e-commerce, and consumer electronics industry is fueling the growth prospects in the NFC chip market
Growth in the fintech market of Asia Pacific is projected to boost the regional market growth

WILMINGTON, Del., Nov. 3, 2022 /PRNewswire/ -- The global NFC chip market is forecasted to gain a value of US$ 4.97 Bn by the end of 2031, according to a research report by Transparency Market Research (TMR). In addition, the TMR analysis states that the market for NFC chip is expected to grow at a CAGR of 14.7% during the forecast period, from 2022 to 2031.

Leading players in the NFC chips market are focusing on new product launches in order to expand their product portfolios. Moreover, several players in the NFC chip market are using the strategies of partnerships, collaborations, mergers, and acquisitions in order to stay ahead of the competition. Such factors, in turn, are fueling the overall market growth.

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NFC Chip Market: Key Findings

The government authorities of several nations globally are offering subsidies to telecom companies in order to support digitalization in the retail sector. This factor is resulting into rapid adoption of NFC technologies. This aside, different banks in Mexico are entering into collaboration agreements with mobile payment technology companies in order to deploy mobile POS systems. Such factors, in turn, are creating profitable prospects in the market, note researchers of a TMR study that sheds light on the recent developments in the NFC chips market.
In the healthcare industry, NFC chips are being utilized in various devices including medical implants, medical data storage devices, and monitoring systems. Hence, a rise in the adoption of advanced technologies in the healthcare industry is fueling the growth prospects in the global NFC chip market.
Due to improving spending power of people from developed and developing countries globally, there has been a surge in the expansion of the e-commerce and retail sectors in these nations. This factor is prognosticated to lead to lucrative opportunities in the global market, states a TMR study that sheds light on the how to program NFC chips.

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NFC Chip Market: Growth Boosters

Rapid development of the retail and e-commerce sectors globally is fueling the expansion opportunities in the global NFC chip market
The growth of the consumer electronics industry globally is anticipated to drive the future market demand for NFC chips
Surge in the government initiatives and subsidies offered by telecom enterprises are boosting the use of NFC technologies globally

NFC Chip Market: Regional Analysis

Asia Pacific is fastest growing market for NFC chips, note analysts at TMR. The market is prognosticated to gain sizable growth prospects due to increase in the use NFC chips in smart wearables, smartphones, high-performance NFC reader chips, and POS systems. Moreover, rapid expansion of the regional fintech market is anticipated to create lucrative prospects in the market.
The NFC chip market in Europe and North America is projected to show to growth at significant pace during the forecast period. Recent developments in the NFC chip market in these regions include a rise in use of payment gateways, surge in number of reader terminals in retail stores, and increase in the use of NFC-enabled debit and credit cards.

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NFC Chip Market: Key Players

Some of the key players profiled in the report are:

HID Global
Broadcom Inc.
Infineon Technologies AG
Intel Corporation
MediaTek Inc.
Marvell Technology, Inc.
NXP Semiconductors N.V.
Nordic Semiconductor
Renesas Electronics Corporation
Qualcomm Technologies, Inc.
Sony Corporation
Samsung Electronics Co., Ltd.
Texas Instruments Incorporated
STMicroelectronics N.V.

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
Scanners
TVs
POS Systems
Medical Devices
IoT Devices
Vehicles
Others (Gaming Consoles, Smart Wearables, etc.)

End-use Industry

Automotive & Transportation
Consumer Electronics
Retail
BFSI
Healthcare
Building & Infrastructure
Others (Industrial, Media & Entertainment, etc.)

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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. 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 analyze information.

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