Press release
The Global NFC Chips Market to Exhibit 12.99% CAGR by 2028
Global Near Field Communication (NFC) Chips Market
It further explains the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Market Strategies, Drivers, Challenges, Opportunities, Market Attractiveness Index, Vendor Scorecard, Competitive Landscape, Research Methodology & Scope, Global Market Size, and Forecasts & Analysis (2022-2028).
Triton Market Research's market report highlights that the global market for near field communication (NFC) chips would expand with a 12.99% CAGR over the forecasted period 2022-2028.
Request a Free Sample Report on the Global Near Field Communication (NFC) Chips Market: https://www.tritonmarketresearch.com/reports/near-field-communication-chips-market#request-free-sample
Owing to the penetration of smartphones, the near field communication (NFC) chips market is swiftly gaining popularity with the increased use of contactless payment through electronic gadgets. NFC produces a short-range radio signal that helps transform sensitive financial and authenticate data, thereby ensuring data security. Various industries, such as retail, transport, etc., are adopting contactless payment to ease their transactions. Today, almost every smartphone is embedded with NFC chips to enable contactless payments. Moreover, the demand for smartphones across the globe has contributed to providing a secure communication capability in smartphones. All such market drivers have highly driven the growth of the near field communication (NFC) chips market.
However, with the availability of easy substitutes such as Zigbee, Bluetooth, and Wi-Fi, companies look out for other alternatives that can offer more benefits than NFC technology. Also, NFC chips equipped with smartphones make it a complex product that restricts the growth of the NFC chips market.
The Asia-Pacific is leading in the near field communication (NFC) chips market and is expected to grow in the upcoming years. The growth in the region is mainly attributed to the advertising techniques of the network operators, manufacturers, and governments. Besides, the region is popular in driving the market demand for NFC applications, thus increasing the growth of the NFC chips market. With the help of government incentives, the near field communication chips market is expected to witness robust growth.
The leading companies in the near field communication chips market are Broadcom Corporation, Samsung Semiconductor Inc, Sony Corporation, Inside Secure SA, Toshiba Corporation, Texas Instruments Inc, Qualcomm Inc, Murata Manufacturing Co Ltd, Marvell Technology Group Ltd, Renesas Electronics Corporation, EM Microelectronic Marin SA, MediaTek Inc, STMicroelectronics NV, NXP Semiconductors NV, and MStar Semiconductor Inc.
The near field communication chips market has an intensive and dominating buyer portfolio, as investors' funding and encouraged R&D support small companies set up business on a large scale. This has increased the number of companies in the NFC chip market. Moreover, there is cut-throat competition among competitors due to the presence of big players.
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