NFC Chips Market Players Likely to Experience Prominent Demand Opportunities from Automotive Sector: TMR
- NFC chips market is foreseen to expand at decent pace with increased acceptance of NFC chips in several end-use industries. Enterprises need to grow interest in research activities to explore probable uses of NFC chips in different industrial sectors
- North America NFC chips market is predicted to continue its dominance during 2020-2030
ALBANY, N.Y., Nov. 25, 2020 /PRNewswire/ -- NFC refers to near field communication, which is considered as one of the latest developments in the short-range wireless connectivity technology. In past few years, there is remarkable development in the NFC technology. As a result, there is extensive increase in the use of NFC chips in various end-use industries such as automotive, consumer electronics, medical, aviation, and retail. This scenario is likely to boost the growth of the global NFC chips market during the assessment period 2020–2030.
Analysts at TMR note that the global NFC chips market will show growth at promising of CAGR of 7.5% during the assessment period 2020–2030. This growth is on the back of plethora of factors. The market is experiencing remarkable growth in demand for NFC chips from finance and payment sector as well as automotive sector. Growing focus of many vendors working in the NFC chips market toward technological advancements is foreseen to help in the expansion of this market during forecast period of 2020 to 2030.
The global NFC chips market is estimated to grow at 7.5% CAGR during the forecast period of 2020 to 2030.
The market is predicted to surpass the valuation of approximately US$ 5.6 Bn by 2030 end.
Europe and North America markets for NFC chips are likely to experience prominent expansion opportunities in the forthcoming period.
Explore 164 pages of top-notch research, incisive insights, and detailed country-level projections on NFC Chips Market (Product Application: Smartphone, Television, Medical Equipment, Cars, and Others; Storage Capacity: 64 Bytes, 168 Bytes, 180 Bytes, 540 Bytes, and Others; and End User: Consumer Electronics, Automotive, Retail, Medical, Aviation, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 athttps://www.transparencymarketresearch.com/nfc-chips-market.html
NFC Chips Market: Key Driving Factors and Promising Avenues
NFC chips are gaining traction across numerous end-use industries owing to their ability to simplify the user interfaces. Owing to this factor, there is remarkable increase in the use of NFC chips in a wide range of consumer products.
NFC chips are in high demand from smartphone manufacturing companies, including Samsung and Apple. This factor is predicted to generate promising expansion opportunities in the NFC chips market in the assessment period of 2020 to 2030.
In recent period, there is remarkable increase in the use of NFC chips across numerous security systems for communication purpose. Key reason behind this trend is the ability of NFC chips to offer safer services than that of other alike technologies such as Wi-Fi and Bluetooth. This factor is forecasted to fuel the expansion of the global NFC chips market in the forthcoming years.
Aside From smartphones, NFC chips find application in a wide range of consumer electronic goods including televisions, speakers, refrigerators, washing machines, and cameras. Main function of NFC chips in these devices is offer contactless data transfer. Thus, increased demand for all these products is estimated to generate prodigious sales opportunities in the global NFC chips market in the years ahead.
The global NFC chips market is likely to gain the advantage of increased acceptance of advanced connectivity technologies and growing digitalization in all worldwide locations.
Analyze global NFC chips market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
NFC Chips Market: Competitive Assessment
Major players working in the NFC chips market are growing focus on the development of cost-efficient products. This move is helping enterprises to attract new customer base.
Several stakeholders are increasing interest in merger and acquisition activities. With this strategy, players are eyeing their regional expansion.
The list of important companies working in the NFC chips market includes Broadcom Inc., NXP Semiconductors B.V., Texas Instruments Inc., Texas Instruments Inc., Samsung Electronics Co., Ltd., Qualcomm Inc., STMicroelectronics N.V., AMS AG, and MediaTek Inc.
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