Global NFC Chips Market Estimated to Gain $7.47 Billion in Revenue by 2028

A recent study by Triton Market Research titled 'Global Near Communication (NFC) Chips Market' comprises Global Analysis and Forecasts by Application (Television, Medical Equipment, Smartphone, Other Applications), Type (Non-Auxiliary, Auxiliary), Verticals (Automotive, Medical, Consumer Electronics, Retail, Banking & Finance, Other Verticals), and Geography (North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa).

Near Field Communication (NFC) Chip is a wireless standard that provides contactless transactions, information sharing, and information security.

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According to Triton's Market Report, the global near field communication (NFC) chips market is estimated to witness growth at a CAGR of 12.99% during the forecasted year 2022-2028 while earning a revenue worth $7.47 billion by 2028.

The transmission of sensitive and financial data across various platforms has increased the growth of more stable and secure technology. NFC chips are one of the protected wireless technologies that enable contactless payments across various portals.

The NFC chips offer encrypted information and communication among various devices, ensuring utmost security. The growth of the NFC chips market can be observed with the wide adoption of contactless payments across multiple industries.

Moreover, increased penetration of smartphones around the globe has further supported the growth of the near-field communication chips market.

The high cost of NFC chips compared to QR codes and barcodes has restricted the market's development. While there is the availability of alternatives, the buyers consider using the alternatives. Moreover, barcodes and QR codes can be read by any smartphone; however, NFC tags require specific devices equipped with NFC chips. And due to the lack of availability of NFC devices, companies face a challenge when adopting this technology. With limited exposure to NFC-based technology, the growth of the near-field communication chips market is affected.

The near field communication chips market is segmented into application, type, and verticals. The application segment is divided into television, medical equipment, smartphone, and other applications. The type section is branched into non-auxiliary and auxiliary. Lastly, the verticals section includes automotive, medical, consumer electronics, retail, banking & finance, and other verticals.

Globally, the Asia-Pacific is the market leader in the near field communication chips market, capturing the largest market share. The region has outstanding competitors in countries like China, Japan, India, and South Korea. Moreover, the overall demand for NFC chips has increased significantly with the rise in the growing smartphone adoption.

These factors have driven the growth of the near-field communication chips market in the region.
Murata Manufacturing Co Ltd, Marvell Technology Group Ltd, Broadcom Corporation, Inside Secure SA, Renesas Electronics Corporation, Qualcomm Inc, MediaTek Inc, Samsung Semiconductor Inc, Sony Corporation, Toshiba Corporation, NXP Semiconductors NV, STMicroelectronics NV, EM Microelectronic Marin SA, Texas Instruments Inc, and MStar Semiconductor Inc are prominent companies in the NFC chips market.

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Question & Answer: Near Field Communication (NFC) Chips Market

Question 1: Which factors lead to the growth of the near-field communication chips market?
Answer: The transmission of sensitive and financial data across various platforms has increased the growth of more stable and secure technology. NFC chips are one of the protected wireless technologies that enable contactless payments across various portals. The NFC chips offer encrypted information and communication among various devices, ensuring utmost security. The growth of the NFC chips market can be observed with the wide adoption of contactless payments across multiple industries. Moreover, increased penetration of smartphones around the globe has further supported the growth of the near-field communication chips market.

Question 2: What factors hamper the global near-field communication chips market growth?
Answer: The high cost of NFC chips compared to QR codes and barcodes has restricted the market's development. While there is the availability of alternatives, the buyers consider using the alternatives. Moreover, barcodes and QR codes can be read by any smartphone; however, NFC tags require specific devices equipped with NFC chips. And due to the lack of availability of NFC devices, companies face a challenge when adopting this technology. With limited exposure to NFC-based technology, the growth of the near-field communication chips market is affected.

Question 3: Which region is the market leader in the near-field communication chips market?
Answer: Globally, the Asia-Pacific is the market leader in the near field communication chips market, capturing the largest market share. The region has outstanding competitors in countries like China, Japan, India, and South Korea. Moreover, the overall demand for NFC chips has increased significantly with the rise in the growing smartphone adoption. These factors have driven the growth of the near-field communication chips market in the region.

Question 4: Which are the prominent companies in the NFC chips market?
Answer: Murata Manufacturing Co Ltd, Marvell Technology Group Ltd, Broadcom Corporation, Inside Secure SA, Renesas Electronics Corporation, Qualcomm Inc, MediaTek Inc, Samsung Semiconductor Inc, Sony Corporation, Toshiba Corporation, NXP Semiconductors NV, STMicroelectronics NV, EM Microelectronic Marin SA, Texas Instruments Inc, and MStar Semiconductor Inc are prominent companies in the NFC chips market.

Related Report:

Global 5G Chipset Market - https://www.tritonmarketresearch.com/reports/5g-chipset-market

The global 5G Chipset market is estimated to grow in value from 2019-to 2025 at a CAGR of 33.84% and earn revenue worth $9743.66 million by 2025.

The global 5G chipsets market forms a vital part of the deployment of 5G technology among various industries, including automotive & transportation, healthcare, consumer electronics, energy & utilities, and industrial automation. The growth of the 5G chipsets market shows tremendous growth due to the strong demand for high-speed internet with low latency.

The increased dependency, digitization, cultural trends, and higher per capita income of the consumers has contributed significantly to the growth of the 5G chipsets market. With the rise in smartphone applications, the dependency on the 5G chipsets market has enhanced.

However, due to the high cost of infrastructure necessary to set up 5G services, the production of 5G chipsets is halted to some extent.

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