NFC Chips Market Size Forecast Analysis to 2025: Growth Amid New Technological Possibilities

Global Market Insights recently added a detailed NFC Chips Market research study across the global, regional and country level. The report provides 360° analysis from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global market and estimates the future trend of the industry based on this detailed study.

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.

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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.

Key players operating in NFC chips market: -

1. Barclays
2. Ingenico Group
3. Giesecke & Devrient GmbH
4. Apple Inc.
5. Marvell Technology Group Ltd.
6. Sony Corporation
7. Samsung Electronics Ltd.
8. Heartland Payment Systems Inc.
9. Inside Secure
10. On Track Innovations Ltd.
11. Gemalto N.V.
12. Verifone Systems Inc.
13. Wirecard AG
14. NXP Semiconductors
15. Broadcom Corporation
16. Texas Instruments Inc.
17. Qualcomm Inc.
18. STMicroelectronics
19. Media Tek Inc.
20. MStar Semiconductor Inc.
21. Murata Manufacturing Co.
22. EM Microelectronic-Marin Sa Ltd.
23. Renesas Electronics Corporation
24. and Toshiba Corporation

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.

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The healthcare sector is expected to witness a substantial growth with the adoption of this technology in several medical activities and patient monitoring. The growing importance and the need for tracking and marking the patient’s medicines, timings, doctor’s visit, and days of recovery are driving the NFC chips market growth. This technology provides details about the medication of the patients by scanning the tags and the information about the timing of the scan is noted. This technology will help the doctors and patients in performing their tasks and activities effectively and efficiently without any errors.

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.

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