Driven by the growing number of NFC enabled smartphones, rising demand of NFC chips in consumer electronics and widespread adoption of contactless payments across numerous industries, the global near field communication chips (NFC) market is expected to grow with a 22.01% CAGR over the forecast period of 2019-2027.
Global near field communication chip market refers to the market of electronic chips that uses magnetic field induction for transfer of data and to establish a wireless connection.
The global near field communication chips (NFC) market is segmented based on the product, end-users and applications. The penetration of smartphones across the globe has increased significantly, and thus signifies a huge platform for the adoption of NFC chips across smartphones. Also, technological advancements and research and development in near field communication chips enable smartphones to function optimally, which has provided an incentive to the growing uptake of NFC chips in smartphones.
The rising data security and privacy concerns, complexity related to the product designing, and the lack of interoperability create the major hurdles for the NFC market to proliferate further.
Based on geography, the global near field communication (NFC) chips market is segmented into North America, Europe, Asia-Pacific and the Rest of World. The North American near field communication chips (NFC) market accounted for the highest revenue share in the global market. U.S and Canada are the major markets in this region. In terms of CAGR, the Asia-Pacific market is expected to surpass all other regional markets over the course of the forecast period. The region’s growth can mainly be attributed to the India and China near field communication chips (NFC) market.
Companies like Toshiba Corporation, EM Microelectronic-Marin SA, Inside Secure S.A., Marvell Technology Group Ltd., MStar Semiconductor Inc., Murata Manufacturing Co. Ltd., Renesas Electronics Corporation, Texas Instruments, Inc., Qualcomm Inc., STMicroelectronics NV, Media TEK Inc., Samsung Semiconductor Inc., NXP Semiconductors NV, Sony Corporation, and Broadcom Corporation are competing in this market.