At CAGR of 10.8%, NFC Chip Market is projected to reach US$ 17,827.0 Million by 2028

According to our latest market study on "NFC Chip Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Storage Capacity, End-User," the market was valued at US$ 8,714.4 million in 2021 and is projected to reach US$ 17,827.0 million by 2028; it is expected to grow at a CAGR of 10.8% from 2021 to 2028.

NFC (near-field communication) is a technology that is commonly employed in various communication apps. Patient identification, blood transfusion, drug administration, medical personnel tracking, and medical record access have all been demonstrated in the realm of health care. The wave of NFC technology has been merged with the internet of things technologies in health care. NFC technology aids in improving workflow by combining mobile EMR systems by employing bedside technology. Public and private spaces exist in many healthcare facilities, including hospitals, treatment centers, clinics, and pharmacies. It is critical to keep these spaces separate, with only authorized staff having access to medical cabinets or operating rooms. NFC tags help in tracking and logging every entrance and exit, and employee badges, smartphones, and other devices can be equipped with NFC for access privileges. NFC allows hospitals to track every movement carried out in hospitals. The mentioned aspects are driving the growth of the NFC chip market.

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Data is gathered and stored in access-controlled databases that may be viewed in various forms to help improve logistics, simplify record-keeping, and avoid errors. Patients' traditional bracelets can be replaced with NFC tags and NFC-enabled wristbands, updated with real-time information such as when a drug was last administered or which treatment needs to be performed. When NFC tags are placed on a medication's package or labeling, users can verify the medication's legitimacy, check dosage details, and learn about side effects and drug interactions by simply pressing the tag with their smartphone or tablet. The tag also provides access to web links, extra information, a refill request, or a medical professional's contact information. As the industry implements the technology, NFC significantly enhances care by decreasing costs, boosting efficiency, and improving outcomes in healthcare institutions and at home.

Smartphones have become an integral component of the lives of today's consumers. Consumers are using their cell phones to make quicker and faster payments in addition to traditional ways of communication. NFC is a convenient means of payment as it combines a consumer's mobile device with their wallet. It allows users to conduct mobile transactions, trade digital material quickly, and link their devices to other devices by touch. As a result, the number of devices equipped with NFC technology is growing, which helps in gaining the expansion and popularity of NFC technology in emerging markets. NFC chips make user interfaces easier to use, making them more useful in consumer products. Smartphone manufacturers, such as Apple and Samsung, include NFC chips in their handsets, resulting in increased demand for NFC chips among mobile phone manufacturers. With the increasing use of smartphones, penetration of NFC will also rise will boost the growth of the NFC chip market.

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The surge in Adoption of NFC-Enabled Wearable Technology

Wearable technology is a new trend that integrates electronics into daily activities and responds to changing lifestyles by allowing devices to be worn on any part of the body. Wearable technology is driven by connecting to the internet and giving data exchange choices between a network and a device. Due to the surge in the fitness trend among consumers, wearable has received a lot of popularity. According to Cisco Systems, linked wearable devices are predicted to rise from 593 million in 2018 to 1,105 million in 2022 due to additional features, such as the brand that suits the everyday lifestyle. Strong brands like Apple and Fossil keep their pricing constant with typical watch price bands to preserve their sales. Many additional premium watchmakers, like TAG and Armani, have entered the segment due to Google's WearOS. Despite significant space and power constraints, intelligent wearables and IoT devices are becoming increasingly popular by adding additional functions.

Players operating in the NFC chip market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

1. In 2021, Broadcom launched World's lowest power L1/L5 GNSS receiver chip, the BCM4778, for mobile & wearable applications.

NFC Chip Market: Competitive Landscape

AMS AG; Broadcom Inc.; Identiv, Inc; Toshiba Corporation; Intel Corporation; NXP Semiconductors; Samsung Electronics Co., Ltd.; Qualcomm Technologies, Inc.; STMicroelectronics; and Texas Instruments Incorporated are among the key players profiled during the study of the NFC chip market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.

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