The global near field communication (NFC) chips market is estimated to propel with a CAGR of 11.78% during the forecast period, 2022-2030. Rising demand for NFC chips in consumer electronics, government initiatives to promote cashless transactions, the growing number of NFC-enabled smartphones, and the adoption of contactless payments across industries are driving the market growth.
According to research, contactless payments are two times faster than the conventional debit card, credit card, or cash transactions. Therefore, the demand for contactless payments is surging across retail, transport, and other industry verticals, due to ease of transaction and increased efficiency. Globally, several firms have installed contactless payment systems to streamline payments process, reduce cash handling, increase operational efficiency, and lower operating costs.
Additionally, smartphones are equipped with NFC chips which can be used for making contactless payments. There is an increase in NFC-enabled transactions due to the benefits offered by this technique. The debit/credit card information can be digitally stored on the mobile through applications such as Mastercard Pay Pass, Google Wallet, Visa payWave, PayPal, etc. The increasing number of NFC-based digital transactions is boosting market growth.
In addition, NFC chips allow users to connect their smart devices with remote control to mirror the device’s display on the television’s screen. NFC chips are also deployed in other consumer electronics such as televisions, washing machines, Wi-Fi routers, refrigerators, cameras, printers, headsets, etc. Thus, the adoption of NFC technology in various consumer electronics products boosts the global near field communication (NFC) chips market growth.
The global near field communication (NFC) chips market growth entails the evaluation of North America, Asia-Pacific, Europe, and Rest of World. Asia-Pacific is anticipated to rise with the highest growth rate by 2030, owing to the advertisements employed by the governments, network operators, and manufacturers to spread information about the benefits of the NFC technology.
The intense competitive rivalry in the global near field communication (NFC) chips market is expected to move from moderate to high levels over the forecast period. The market is concentrated in nature and competitive with the presence of big players. Further, companies are trying to compete by providing similar features at competitive prices for the products.
Sony Corporation, Marvell Technology Inc, Texas Instruments Incorporated, NXP Semiconductors NV, Murata Manufacturing Co Ltd, etc., are some of the leading market players operating globally.
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