NFC Chip Market Segments, Upcoming Opportunities, Trends and...

NFC Chip Market Segments, Upcoming Opportunities, Trends and Market Outlook 2030

Posted 2022-12-03 07:41:19

Market Analysis

Market Research Future (MRFR) projects the global NFC chip market to reach USD 11.76 billion at a CAGR of 18.86% from 2018 to 2023 (forecast period).

The NFC chip is incorporated into the NFC tag, allowing the tag to perform various NFC operations. NFC chip is attached to an antenna to form an inlay. The performance of the NFC depends on the NFC chip, tuning of the antenna, the NFC inlay, and the interactive device. Read and write memory, a unique identifier (UID), and memory locking are some of the features of an NFC chip. Aside from these basic features, some chips have ASCII mirroring, password protection, web service mutual authentication, and authenticity check. However, since these features are not standardized in all systems, they can only be used in limited environments.

The rapid development of payment platforms and technologies around the world has resulted in substantial growth of NFC, with similar demand trends for its components. This technology is being incorporated with smartphones to allow mobile payments, which will help consumers by providing them with easier access to digital wallets. The governments of several countries are encouraging digitization and digital payments in order to promote transparent transactions.

NFC transactions are commonly used in the retail sector to save time and cost for the stores. Moreover, the highly intuitive user interface gives a satisfying experience to users. Retail stores use NFC to make their users aware of their products or to determine if a specific product is available on their online store.

However, security, along with data manipulation, remains a major concern for the industry. Data manipulation occurs when someone corrupts the NFC data transmission, increasing the risk of a security breach.

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COVID-19 Impact on the Global NFC Chip Market

COVID-19 is an incomparable global public health emergency that has impacted almost every sector, with long-term consequences anticipated to affect industry development over the forecast period.

Market Segmentation

The global NFC chip market has been segmented into storage capacity and vertical.

By storage capacity, the global NFC chip market has been segmented into 64 Bytes, 168 Bytes, 180 Bytes, and 540 Bytes. The 64 bytes segment is predicted to contribute a major share to the NFC chip market, while 180 bytes is expected to grow at a high growth rate.

By vertical, the global NFC chip market has been segmented into BFSI, media & entertainment, retail, hospitality, healthcare, and others. The BFSI sector is expected to lead the NFC chip market during the forecast period owing to a large number of contactless payments in the retail sector. The healthcare sector is anticipated to grow at a high CAGR during the forecast period.

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Regional Analysis

Based on region, the global NFC chip market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

During the forecast period, North America is projected to retain a large share of the NFC chip market, followed by Europe. The high adoption of digital payments, combined with growing smartphone ownership and internet access, is the primary factor driving the NFC chip market in North America.

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Key Players

The key players in the NFC chip market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Intel Corporation (US), Verifone Systems, Inc. (US), MStar Semiconductor, Inc. (Taiwan), Broadcom Corporation (US), STMicroelectronics (Switzerland), Qualcomm, Inc. (US), NXP Semiconductors (Netherlands), Ingenico Group (France), SAMSUNG (South Korea), and Marvell Technology Group Ltd (Bermuda). These players contribute a major share in the growth of the NFC chip market.

Apart from the top key players, the other players that contribute to the market growth include Murata Manufacturing Co. (Japan), Media Tek, Inc. (Taiwan), Giesecke & Devrient GmbH (Germany), Renesas Electronics Corporation (Japan) and Texas Instruments (US), and others.

Summary

The global NFC chip market is set to reach USD 11.76 billion at a CAGR of 18.86% from 2018 to 2023 (forecast period). Globally, the rapid development of payment platforms and technologies has resulted in substantial growth of NFC, with similar demand patterns for its components. This technology is being integrated with smartphones to allow mobile payments, providing customers with easier access to digital wallets. The governments of several countries are encouraging digitization and digital payments in order to promote more transparent transactions.