NFC Chips Market Trends By 2024 Key Players are Barclays, Ingenico Group, Giesecke & Devrient GmbH, Apple, Marvell Technology Group, Sony Corporation, Samsung Electronics, Heartland Payment Systems, Inside Secure

Market Overview: -

NFC Chips Market set to grow over the forecast time span owing to the rise in the applications of these components in consumer electronics and smart appliances. The integration of this technology into smartphones for online payment services is providing the customers the advantage of digitizing their wallet. Several OS developers are providing their own applications for this functionality. For instance, Android is offering several applications for contactless payments such as Android Pay, and Samsung is providing Samsung Pay for their users. Several players are integrating this technology into smartwatches to provide contactless payment functionality to them. In November 2016, Samsung launched its Samsung Gear S3, which provides NFC-based payments with its Samsung Pay application. The applications of this technology in these smart devices are driving the demand for the components in the NFC chips market.

Increasing government initiatives for digital payments in countries including India are driving the demand for these components, positively impacting the NFC chips market. The rise in corruption activities in the country is encouraging the government administration to support cashless payments and adopt the chips. In July 2015, the Indian government launched the Digital India Program, an initiative to provide its citizens with an improved online infrastructure by enhancing the Internet connectivity. The initiative provides a seamless payment facility in an affordable, easy, convenient, quick, and secured manner. Several advantages of government initiatives and digital payments have increased customer satisfaction, improved sales, reduced expenses, and enhanced the security. These advantages are encouraging the country to transform their payments into digital modes, thereby driving the NFC chips market growth.

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Top Key Players: -

Key players operating in NFC chips market are Barclays, Ingenico Group, Giesecke & Devrient GmbH, Apple, Inc., Marvell Technology Group Ltd., Sony Corporation, Samsung Electronics Ltd., Heartland Payment Systems, Inc, Inside Secure, On Track Innovations Ltd., Gemalto N.V., Verifone Systems, Inc., Wirecard AG, NXP Semiconductors, Broadcom Corporation, Texas Instruments, Inc., Qualcomm, Inc., STMicroelectronics, Media Tek, Inc., MStar Semiconductor, Inc, Murata Manufacturing Co., Ltd., EM Microelectronic-Marin Sa, Renesas Electronics Corporation, and Toshiba Corporation, among others.

Market share calculation in this report is not done based on companies covered in it. The calculation of NFC chips market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentation: -

Asia Pacific is expected to witness a high growth in industry share in the NFC chips market. The strong presence of smartphone players and retail sectors is the major factor driving the revenue of the industry. With the technological advancements in the smartphone industry, the need for contactless payments using mobile phones is increasing rapidly.

Growing adoption of this technology in the retail sector is expected to provide several advantages to the companies such as customer satisfaction, spreading awareness about contactless payments, and speedy transactions. The higher adoption of this technology in retail stores and the increasing demand for traffic management in these outlets are driving the NFC chips market growth.

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Increasing mergers and acquisitions in the NFC chips market are expected to grow the demand for these devices. It will provide a large market base to the leading company and will help in increasing its market coverage, thereby driving the demand of these devices. For instance, in January 2018, Qualcomm Technologies, Inc. acquired NXP Semiconductors to expand the offerings of the company. It is anticipated to accelerate its strategy of extending the leading mobile technology into robust new opportunities. This acquisition provides Qualcomm Technologies, Inc. the advantage of targeting the potential customers of NXP Semiconductors and growing their market share in the NFC chips market.

Applications of the technology in smartphones are expanding the demand for these components in the NFC chips market. The rise in technological advancements is encouraging the players to integrate the technology into mobile phones, which will provide smart solutions to the customers in their hands. Several mobile applications are developed to support this payment feature in smartphones. Several smartphones players are providing these components in their devices; for instance, the first phone integrated with these chips was Nokia 6131, which was launched in 2006. Similarly, Apple Pay uses this technology to provide contactless payment benefits to their customers; these phones detect the field and allow the authentication of the payment by touch ID, face ID, or passcode.

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