Global NFC Chip Market was valued at USD 2.971 billion in 2023 and is expected to reach USD 11.837 billion by the end of the forecast period at a CAGR of 16.32%

Pune, India, March, 2019, MRFR Press Release/- Market Research Future published a half-cooked research report on the global NFC chip market.

Market Highlights:The rise in number of digital transactions globally is leading to the increased demand for NFC chip market. Furthermore, its advantages including cost and time reduction is further adding to the growth of the NFC chip market. Growing need for speedy transactions is also creating demand for NFC where retailers can serve their customers quickly and efficiently. Moreover, government initiatives towards a transparent cashless economy have helped the NFC chip market to grow at a higher pace globally.

Key Players:The key players in the NFC chip market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Intel Corporation (US), Verifone Systems, Inc. (US), MStar Semiconductor, Inc. (Taiwan), Broadcom Corporation (US), STMicroelectronics (Switzerland), Qualcomm, Inc. (US), NXP Semiconductors (Netherlands), Ingenico Group (France), SAMSUNG (South Korea), and Marvell Technology Group Ltd (Bermuda). These players contribute a major share in the growth of NFC chip market.

Apart from the top key players, other players contribute to the market growth. These include Murata Manufacturing Co. (Japan), Media Tek, Inc. (Taiwan), Giesecke & Devrient GmbH (Germany), Renesas Electronics Corporation (Japan) and Texas Instruments (US), and others.

Regional Analysis

The NFC chip market is estimated to grow at a significant rate during the forecast period from 2024 to 2032. The geographical analysis of NFC chip market has been done for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and South America). North America is expected to hold a significant share of the NFC chip market during the forecast period followed by Europe. Adoption of advanced technologies, digitization and high adoption rate of digital payments coupled with high ownership of smartphones and internet penetration are some of the major factors driving the NFC chip market in North America.

A large number of government initiatives implemented in many countries such as India and Japan for promoting cashless transactions is leading to the demand for NFC chips in the Asia-Pacific region. Also, technological advancements such as a rapid increase in smartphone adoption and contactless payment are further boosting up the growth of NFC chips market. NFC enables consumers to have a better connection with stores and offers which improves customer satisfaction and the retailers in return have better consumer insights which help them to serve better. Therefore, it widely being adopted in the retail sector. Thus, Asia-pacific is expected to grow at the highest CAGR during the forecast period.