NFC Chips Market: Increasing Application of NFC Chips in Consumer Electronics to Boost Growth

The global near field communication (NFC chips) market is anticipated to witness a tremendous growth in the period from 2016 to 2024 on account of the versatility and convenience of NFC chips. These chips also provide enhanced safety, driving their demand. The growing need for secure transactions can be felt worldwide and this is boosting the growth of the NFC chips market. NFC requires PIN and does not provide retailers with credit card information about users and thus, more secure.

There is a need for efficiency and reliable mode of information sharing and this is driving the adoption of NFC chips. The requirement of faster access to data across industries is also a key factor behind the growing popularity of near field communication technology. The growing advancements and investments by players within the market are expected to help the market to grow within the forecast period.

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Asia Pacific Emerges Key Market for NFC Chips Leaving Behind North America

North America emerged as the leading regional segment within the NFC chips market, accounting for 34% of the market in 2015. The key factor behind the growth of this market in North America is the partnerships between banks and enterprises, which is helping in tokenizing the cards that use NFC chips.

The introduction of NFC reader modes, peer to peer modes, and card emulation standards is also helping the market to grow in North American region. However, it is Asia Pacific which will emerge as the leading market for NFC chips in the future.

Europe is also slated to witness a positive growth in the coming years on account of the high use of consumer electronic products in Western part of Europe. Growing applications of wireless technology is also helping the market to grow in Europe.

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Smartphones to Remain Leading Application Area

Smartphones are a key application area of NFC and thus, the smartphones segment has been leading in the NFC market. The growing demand for smartphones and increasing adoption of newer technologies is aiding the growth of this segment. The medical equipment and television segments are not far behind in terms of growth. The increasing disposable income of consumers worldwide will lead to a healthy growth of the television segment.

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