Press release
Global Near Field Communication (NFC) Chips Market – Forecast from 2018 to 2023
The purpose of this study is to provide insights regarding the market status and future of the NFC Chips market. Due to its usability, it has a wide range of applications across the industry vertical. This study will help the stakeholders, manufacturers, raw material suppliers and consultants across the market. The Global NFC Market is expected to grow at a CAGR of 24.15% and reach the market valuation of US$10.259 billion by 2023, from US$2.802 billion in 2017.
Near Field Communication (NFC) Chips operate as one part of a wireless transmission link. Once it is activated by another NFC chip, small data packets can be shared between the two if they are within the range of 4 centimeters. NFC chips provide a secure and reliable mode of transfer of small amounts of data. It thus is used for applications such as authentication, access control, payments, and others.
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The increasing application and uses of NFC chips in a variety of consumer electronics will be the main driving force of the growth in the market during the forecasted period. The increasing trend of electronic payment, the push of governments towards a cashless economy, the growing demand for access portals at industries and offices has led to a rise in the market for NFC chips. The growing number of smartphones with NFC chips will lead to a direct impact on the NFC chip market. NFC chips are being used in healthcare devices that assist in wireless reporting and regulation of devices. However, the use of alternative solutions like Bluetooth Low-Energy (BLE), QR Codes, WiFi, LiFi and the likes, will hamper the growth of the market.
The Asia-Pacific region is estimated to witness significant growth in this market because of the increase in the manufacturing and sale of Consumer Electronics in the countries like India and China. The North American and European region hold a significant amount of share of the market due to the early adoption of technology and the presence of some key market players.
The report has been analyzed based on the following segmentations:
Based on Application:
Authentication
Access Control
Payments
Others
Based on End-User Industry:
Retail
Healthcare
Consumer Electronics
Others
Based on Geography:
North America
South America
Europe
The Middle East and Africa
Asia Pacific
Also, the following companies are profiled in this report:
Qualcomm Technologies Inc.
NXP Semiconductors
STMicroelectronics
Infineon Technologies
Renasas Electronics Corporation
Toshiba
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About Us:
Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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