Pune, India, Nov. 06, 2023 (GLOBE NEWSWIRE) -- According to a new report on “NFC Chip Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type (Active and Passive), Storage Capacity (64 Bytes, 180 Bytes, 540 Bytes, and Others) and End User (Consumer Electronics, Automotive, Healthcare, Retail, Medical, and Others) ” the market in terms of revenue was estimated to be worth $8.71 billion in 2021 and is poised to reach $17.82 billion by 2028, growing at a CAGR of 10.8% from 2021 to 2028.
The growth of the global NFC chip market is driven by proliferation of NFC-based smartphones and rising demand for contactless payment. however, surge in adoption of NFC-enabled wearable technology.
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Global NFC Chip Market Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 8.71 billion in 2021 |
| Market Size Value by | US$ 17.82 billion by 2028 |
| Growth rate | CAGR of 10.8% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Type, Storage Capacity, End User, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The social distancing measures and stringent regulatory impositions in several nations during the first half of 2020 created a notable demand for contactless payment provision. As per McKinsey & Company, a 60% rise in contactless payments during the crisis was double the expected volume. Further, NFC is a bidirectional short-range communication technology that facilitates device interaction within a few centimeters. Travelers can use NFC to personalize the environment, such as infotainment settings (display and sound settings), the air-conditioner, lights, and others. As per CnEVPost, the sales of new energy vehicles (NEVs) in China increased substantially in 2021. The count of NEVs grew from 4.92 million units in 2020 to 7.84 million units in 2021. Thus, with the growing automobile industry, rising inclination towards contactless payments, and increasing sales of smartphones, the requirement for respective NFC chips is rising. All factors mentioned above are positively influencing the growth of NFC chip market.
Automotive, air transport, public transportation, retail, and medical are critical sectors expected to be the most 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. Growth in above-mentioned areas will have a positive impact in the growth of NFC chip market.
The global NFC chip market is segmented into five regions—North America, Asia Pacific, Europe, the Middle East and Africa, and South America. NFC technology enables people to make purchases without swiping or inserting a card. All a person needs to do is tap or wave their cards at an NFC-compliant PoS terminal. The NFC technology makes it possible for devices to interact within a 4-cm radius, and these transactions are completed using certificates, tags, or even stickers, thereby influencing the adoption of contactless payment across developed and developing countries, such as the US, the UK, Germany, France, China, and Australia. For instance, more than 51% of Americans presently use contactless payment, which consists of tap-to-go credit cards and mobile wallets, such as Apple Pay and Samsung Pay. Technology adoption of NFC in mentioned countries are projected to support the growth of NFC chip market.
Similarly, the UK (64%) and South Korea (96%) have higher adoption of contactless payment, thereby influencing the adoption of NFC POS systems across retail outlets to offer a variety of payment options to the customers. Thus, the factors mentioned above are influencing the NFC chip market's growth substantially. For instance, Paytm, a digital payments startup, announced its "Paytm Smart POS" for Android phones in March 2021, allowing businesses to take near field communication (NFC)-based credit and debit card payments using credit and debit card payments smartphones.
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Global NFC Chip Market: Storage Capacity Overview
Based on storage capacity, the NFC chip market is segmented into 64 bytes, 168 bytes, 180 bytes, and 540 bytes. The NFC chips with low storage capacity are used for inventory management, supply chain management, asset tracking, and automation in ticketing and anti-counterfeiting. The NFC chips with high storage capacity, such as 180 bytes and 540 bytes, have high read/write endurance and can retain up to 50 years’ worth of data. They also support SUN (secure unique NFC message), which enables and simplifies many applications involving security and encryption such as advanced anti-counterfeiting, secured sensitive data applications, secure login, and authentication.
Global NFC Chip Market: Competitive Landscape and Key Developments
AMS AG; Broadcom Inc.; Identiv, Inc; Toshiba Corporation; Intel Corporation; NXP Semiconductors; Samsung Electronics Co., Ltd.; Qualcomm Technologies, Inc.; STMicroelectronics; and Texas Instruments Incorporated are among the key players profiled during this market study. In addition, several other essential NFC chip market players were studied and analyzed to get a holistic view of the market and its ecosystem.
Recent Developments:
- In 2021, Samsung Electronics worked with Microsoft on a new augmented/mixed reality project involving HoloLens, a report from the Korean media. The HoloLens is head-mounted mixed reality smart glasses developed by Microsoft for enterprises and various industries, and Samsung's involvement could relate to hardware.
- In 2021, Identiv, Inc. developed an all-in-one NFC mobile application platform. The main motive for launching the application is to make it more accessible to a broader range of developers and those who have limited or no experience with this type of software.
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