NFC Chips Market: High Demand for Efficiency and Quick Accessibility to Drive Demand
Other prominent players in this market are Broadcom Corp., STMicroelectronics, Qualcomm Inc., Texas Instrument, and AMS AG. These enterprises are being actively involved in mergers, acquisitions, and partnerships, which is likely to increase the competition within the market in the near future, states the research report.
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As per TMR’s estimations, the opportunity the global market for NFC chips is projected to expand at a CAGR of 26.0% over the period from 2016 to 2024, proliferating from a value of US$1.35 bn in 2015 to US$10.62 bn by the end of the forecast period. The smartphone segment has emerged as the market leader and is expected to retain this position throughout the period of the forecast, thanks to the increased uptake of communication technologies.
Demand for NFC Chips to Increase in Consumer Electronics
According to the research study, the consumer electronics, automotive, retail, medical, and the aviation industries are the prime end users of NFC chips across the world. The consumer electronics segment has been leading this market and is anticipated to remain doing so over the forecast period, thanks to the increasing interest of consumers for luxury goods, fueled by the rise in their disposable income. The retail and the aviation industries are also expected to register a significant rise in the uptake of NFC chips, owing to the augmenting demand for NFC-enabled PoS terminals across the world.
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Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe have been considered as the key regional markets for NFC chips across the world. North America, among these, led the overall market in 2015 with a share of more than 34% on the ground of the partnerships between leading banks and enterprises that tokenize card using NFC chips and the introduction of various NFC modes. Asia Pacific, however, is all set to take the reign from North America by the end of the forecast period, rising at a CAGR of 27.90%. The increasing number of smartphone users is projected to propel the Asia Pacific NFC chips market in the years to come, notes the research study.
NFC Chips Find Widespread Usage in Consumer Goods
“The increasing application of NFC chips in consumer electronics is the key factor behind the growth of the global NFC chips market,” says an analyst at TMR. As NFC chips simplify user interfaces, thereby enhancing their applicability, their usage in consumer goods has surged significantly. Smartphone vendors have begun to install NFC chips in their handsets, which is also adding to the growth of this market considerably.
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Although the future of this market looks bright, the complexity in product designs and the dearth of awareness among consumers are expected to limit the uptake of NFC chips, which may create hindrances for this market in the next few years, states the research report.
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