By 2025, NFC Chips Market to Witness Substantial Growth Via Healthcare Sector

NFC chips market for 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 industry 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.

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.

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The wide adoption of contactless payments across several industries is augmenting NFC chips market. The retail sector is the leading industry where the demand for this technology is increasing rapidly. With the increase in traffic in shopping malls and retail stores, it is convenient to adopt devices with contactless payment features to save time and cost for the company. This technology will make shopping easier and quicker for customers and will allow retailers to serve them more quickly and easily. The growing need for speedy transactions is generating a massive demand for these devices in the NFC chips market.

Lack of awareness about this technology and its applications is limiting the growth of the NFC chips market. The integration of these components into smart devices and the creation of several applications to support such payment modes are expected to make the users aware about the technology in the NFC chips industry. The complexity in designing these chips is another factor restraining the industry growth. The technical challenge faced by the developers is the integration of these chips into electronic devices such as smartphones and smartwatches. The increasing applications of NFC chips other than card payments will create opportunities for the market in the future.

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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 industry growth.

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.

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