Market Drivers & Trends
According to the study, the rapid development of payment platforms, along with advanced technologies, have led to the significant growth of NFC, globally. The product is registering high demand trends for its components for a secure money transaction with the help of the technology, which is being integrated with smartphones to enable mobile payments. These are benefitting customers with ease of access to digital wallets at a higher level, which is contributing to the market growth substantially.
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At present, the government of several countries, globally are speedily promoting digitization and digital payments to encourage transparent transactions, which has motivated the market to expand substantially during the forecast period. At the same time, NFC transactions are widely being adopted mainly in the retail sector. The launch of these chips mostly benefits as saving of time and cost of the stores.
On the other hand, the highly intuitive user interface provides users that offers a satisfying experience is yet another factor driving the market to expand during the forecast period. Therefore, the retail stores use NFC to make their users aware of their products or check the availability of product on their online store. On the flip side, the factor of security remains one of the crucial concerns for the market along with data manipulation, which happens when someone corrupts the NFC data transmission. Such a situation can introduce increased risk of security breach and can hinder the market’s growth during the assessment period.
The prominent players in the NFC chip market are identified as SAMSUNG (South Korea), Verifone Systems, Inc. (US), Broadcom Corporation (US), MStar Semiconductor, Inc. (Taiwan), Intel Corporation (US), STMicroelectronics (Switzerland), Qualcomm, Inc. (US), NXP Semiconductors (Netherlands), Ingenico Group (France), and Marvell Technology Group Ltd (Bermuda). These players have contributed exceptionally with a larger share in the growth of NFC chip market.
Apart from the top key players, other players that contribute to the market growth include Media Tek, Inc. (Taiwan), Renesas Electronics Corporation (Japan) and Texas Instruments (US), Murata Manufacturing Co. (Japan), Giesecke & Devrient GmbH (Germany), and to name a few.
Industry News September 2019:
Australia Post added support for iPhone NFC passport that reads to its all-Digital iD service, enabling Australian residents to use their smartphone for registering with the government-approved platform. This is to use their new digital identity for a wide range of applications from opening a bank account to delivering proof of age in a bar.
The segmental analysis of the global NFC chips can be done by the elements of storage capacity and vertical.
In terms of storage capacity: 64 Bytes, 168 Bytes, 180 Bytes, and 540 Bytes are the segments. Wherein, the 64 bytes segment is likely to contribute a significant share to the NFC chip market while 180 bytes is to grow at a high growth rate.
In terms of vertical: BFSI, media & entertainment, retail, hospitality, healthcare are the segments. Wherein, the BFSI sector can lead the NFC chip market during the forecast period, in support of many contactless payments being done in the retail sector.
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The regional analysis of the NFC chip market has been studied for the key regions of North America, Europe, Asia-Pacific, and the rest of the world.
Among these regions, North America is likely to acquire a significant share of the NFC chip market during the forecast period. It is the high adoption of digital payments coupled with rising ownership of smartphones, and the internet is to reach sky limits, which are the significant factors driving the NFC chip market in North America.
The Asia-Pacific market for NFC chip is also to expand at the highest CAGR during the forecast period owing to several government initiatives that are implemented in many countries for promoting cashless transactions. Besides, the technological advancements such as a rapid surge in the adoption of smartphone and contactless payments are added factors expected to drive the growth of the NFC chips market.
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