The Global Near Field Communication Chips (NFC) Market size is forecast to grow at a CAGR of 25.5% from 2021-2028. The growth can be attributed to factors such as increasing demand for contactless payment systems and growing adoption in consumer electronics applications.
Near Field Communication Chips (NFC) is a wireless information and data exchange technology that enables the transfer of data over short distances. It was developed to provide connections between electronic devices, typically for financial transactions or other forms of contactless communication. NFC chips are used in many applications such as credit cards, debit cards, public transportation tickets, keycards, and identification badges.
On the basis of Types, the market is segmented into 64 Bytes, 168 Bytes, and Others.
64 Bytes Near Field Communication Chips can be defined as short-range wireless data transfer technology which can be used for contactless applications such as ticketing, credit card transactions, and other points of sale (POS) systems. This is a small chip that conforms to ISO/IEC 1809:2004 standards and operates in the 13.56 MHz frequency band or higher frequencies up to 212 MHz.
168 Bytes NFC Chips can be defined as a subset of Near Field Communication Chips that are designed for devices with small memory sizes. These NFC chips can be used in low-end smartphones or other applications where cost is a major factor and space on the device is limited, such as smart labels, tags, and key fobs.
Smaller devices often have very limited storage space. If a user needs to store large files, they may need more than the size of their device's internal memory. 168 Bytes NFC Chips can be used for storing data and transferring it from one place to another without an internet connection. These chips are also ideal for developers who want the information stored on tags that is not accessible by users or other apps unless authorized with a PIN code or password. They're also useful as backup plans when systems fail due to natural disasters such as hurricanes, earthquakes, floods, and wildfires.
On the basis of Applications, it is segmented into Consumer Electronics, Automotive, Medical, and Others. Consumer Electronics dominated this segment with more than 60%. This was closely followed by Automotive and Medical applications respectively.
NFC chips are used in consumer electronics for contactless payment systems which offer an easy way to make payments without cash or credit cards. In recent years there has been a growing adoption of NFC technology in smartphones as well as other mobile devices such as tablets due to its benefits over traditional methods like slow Bluetooth connections and low-powered WiFi signals. A number of companies have also gained popularity by embedding wireless RFID tags on their products making them trackable via smartphones with an app that can read the chip data when they are nearby – this enables customers to more effectively manage their supply chain and track their products.
Applications of NFC chips in the automotive industry are mainly for contactless payments and keyless entry systems which replace traditional methods like cash or credit cards with a phone that can be used to start the vehicle, enter without keys and pay for the fuel at gas stations. Some cars have also begun offering voice activation features through these chips as another way to make them safer by preventing drivers from taking their eyes off the road while using this technology. Automotive companies also benefit by being able to use smartphones’ location data to offer customers better service when they need it including where nearby stores are located or how traffic is running on certain routes – either through text alerts or maps that show up automatically on customer devices.
NFC chips in medical instruments can be used to track data and monitor a patient's conditions. It provides an easier way for healthcare professionals to access or transfer information, which will help them save time and do their job more efficiently.
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe occupies a significant share and has been forecast to remain as such over the coming years owing to its high smartphone penetration rate coupled with growing interest towards innovative consumer products that come equipped with NFC capabilities like contact-less payment systems which will propel revenues from hereon out.
The growing adoption of contactless payment methods in developed and emerging markets as a convenience for customers is expected to drive growth. Card payments are being replaced with mobile devices which creates an opportunity for card issuers, merchants, processors, and other stakeholders in this ecosystem to innovate new offerings using NFC technology.
Up Market Research published a new report titled “Near Field Communication Chips NFC Market research report which is segmented by Types (64 Bytes, 168 Bytes, Others), By Applications (Consumer Electronics, Automotive, Medical, Others), By Players/Companies NXP Semiconductors, Broadcom Corporation, Texas Instruments, Qualcomm, STMicroelectronics, MediaTek, Mstar Semiconductor, AMS, Sony Corporation, Marvell technology Group”.
|Report Attributes||Report Details|
|Report Title||Near Field Communication Chips NFC Market Research Report|
|By Type||64 Bytes, 168 Bytes, Others|
|By Application||Consumer Electronics, Automotive, Medical, Others|
|By Companies||NXP Semiconductors, Broadcom Corporation, Texas Instruments, Qualcomm, STMicroelectronics, MediaTek, Mstar Semiconductor, AMS, Sony Corporation, Marvell technology Group|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||232|
|Number of Tables & Figures||163|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type 64 Bytes, 168 Bytes, Others and By Application Consumer Electronics, Automotive, Medical, Others.
Some of the companies that are profiled in this report are:
Near Field Communication Chips NFC Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Near Field Communication Chips NFC Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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