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Market Analysis
The NFC chip market will touch USD 11.837 billion at an 18.86% CAGR by 2032, as per the recent Market Research Future report.
Key Players
Eminent industry players profiled in the NFC chip market report include
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Drivers
Increasing Use of Mobile Payments Worldwide to Boost Market Growth
The increasing use of mobile payments worldwide will bolster market growth over the forecast period. Today a good number of people use their smartphones for making payments and the NFC technology in fact is a chief enabler of the trend. Smartphones that are NFC-enabled can be utilized for making payments at the point-of-sale terminal which supports contactless payments that is more secure and convenient over traditional payment methods or cash.
Opportunities
Growing Adoption of IoT to offer Lucrative Opportunities
The growing adoption of IoT will offer lucrative opportunities for the NFC chip market in the forecast period. IoT needs secure communication between the connected devices utilizing wireless technologies like NFC tags, readers, or chipsets.
Restraints and Challenges
High Implementation Cost to act as Market Restraint
The high implementation cost and short ranges of data reading may act as market restraints over the forecast period.
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Market Segmentation
The global NFC chip market is bifurcated based on verticals and storage capacity.
By storage capacity, 180 bytes will lead the market over the forecast period.
By verticals, banking & financial institutions will domineer the market over the forecast period.
COVID-19 Analysis
Owing to COVID-19 epidemic, there has been a surge in digital payments which became a necessity. The payment companies witnessed a new record of novel sign-ups as well as increased volumes on the online channels for the pandemic disrupting traditional methods of payment. Such instances had a positive impact on the market growth.
Regional Analysis
North America to Head NFC Chip Market
North America will head the NFC chip market over the forecast period for the development of data centers together with the launch of 5G within the region. The increase in the use of payment gateways, rise in reader terminals in the retail store, and adoption of credit and debit cards that are NFC-enabled are boosting market growth. Besides, the growing adoption of contactless payment systems as well as the growing requirement for secure data transfer is also propelling market growth. Also, mobile phone manufacturers all over Canada and the US are making it simpler in accessing the mobile payment technology via including it in every new mobile handset and also making the application function across every available mPayment solution.
APAC to Have Admirable Growth in NFC Chip Market
The APAC region will have admirable growth in the NFC chip market over the forecast period with a 43% market share for the increase in smartphone users and growing use of mobile payment systems. Besides, the use of the NFC chip in POS systems, high-performance NFC reader chips, smartphones, and wearables coupled with the rapid expansion of regional Fintech market are also adding market growth.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
