Global NFC Chips Market Projected to Surge at $7.47 Billion by 2028

As per Triton's research report, the global near-field communication (NFC) chips market accumulated $3.06 billion in 2021 and is estimated to advance at a CAGR of 12.88% by 2028.

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

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Triton's report reveals that the global near field communication (NFC) chips market is likely to exhibit growth at a CAGR of 12.99% during the forecasted period 2022-2028. Additionally, it is estimated to gain a revenue worth $7.47 billion by 2028.

NFC chips are widely used for contactless transactions, along with other applications, such as logistics, information sharing, and security.

For easy use and automation of consumer electronics, NFC chips are widely used in various electronic devices, namely television, Wi-Fi routers, washing machines, Bluetooth speakers, fridges, and projectors. The integration of IoT nodes with the wireless network has influenced the growth of the NFC chips market. Moreover, the government's surge in the initiatives and subsidies has boosted the demand for cashless transactions, thus contributing to the near field communication (NFC) chips market growth.

On the other hand, the higher cost of NFC chips compared to other alternatives has hindered the growth of the NFC chips market. In addition, the rising concern for data security and privacy, such as online hacking, information theft, and data breaches, are impacting the NFC technology market as contactless transactions record personal information for payment purposes.

The near field communication (NFC) chips market is categorized by type, verticals, and application. Product type is divided into auxiliary and non-auxiliary, while verticals are classified as consumer electronics, automotive, retail, banking & finance, medical, and other verticals. In terms of application, it is divided into television, medical equipment, smartphone, and other applications.

The Asia-Pacific region is estimated to have the fastest growth in the near field communication (NFC) chips market for the forecasted period. The growth in the region is attributed to technology development in China and Japan. Besides this, South Korea and India have outperformed in the market. Numerous companies in the Asia-Pacific are introducing innovations within near-field communication technology products, enabling the market's growth.

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

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

Question 1: What factors are contributing to the near-field communication chips market's growth?
Answer: For easy use and automation of consumer electronics, NFC chips are widely used in various electronic devices, namely television, Wi-Fi routers, washing machines, Bluetooth speakers, fridges, and projectors. The integration of IoT nodes with the wireless network has influenced the growth of the NFC chips market. Moreover, the government's surge in the initiatives and subsidies has boosted the demand for cashless transactions, thus contributing to the near field communication (NFC) chips market growth.

Question 2: What factors have hindered the growth of the near-field communication chips market?
Answer: The higher cost of NFC chips compared to other alternatives has hindered the growth of the NFC chips market. In addition, the rising concern for data security and privacy, such as online hacking, information theft, and data breaches, are impacting the NFC technology market as contactless transactions record personal information for payment purposes.

Question 3: Which region has the fastest growth in the NFC chips market?
Answer: The Asia-Pacific region is estimated to have the fastest growth in the near field communication (NFC) chips market for the forecasted period. The growth in the region is attributed to technology development in China and Japan. Besides this, South Korea and India have outperformed in the market. Numerous companies in the Asia-Pacific are introducing innovations within near-field communication technology products, enabling the market's growth.

Question 4: Which are the key players in the NFC chips market?
Answer: MStar Semiconductor Inc, Marvell Technology Group Ltd, EM Microelectronic Marin SA, Samsung Semiconductor Inc, STMicroelectronics NV, NXP Semiconductors NV, MediaTek Inc, Inside Secure SA, Texas Instruments Inc, Murata Manufacturing Co Ltd, Toshiba Corporation, Broadcom Corporation, Sony Corporation, Qualcomm Inc, and Renesas Electronics Corporation are the key players 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 advance at a CAGR of 33.84% during the forecasted period 2021-2025 while earning $9743.66 million worth of revenue by 2028.

The development of 5G chipsets in the market has enabled operators and mobile manufacturers to upgrade their technology. The growth of 5G chipsets in modern smartphones has boosted the demand for high-speed internet, supporting the global 5G chipset market's progression.

The initiatives by the government for smart cities have leveraged the market growth and created demand for IoT and AI technology. However, due to technical issues, privacy, and security concerns, the growth of the 5G chipset market is restricted globally.

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