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.
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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.
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Segment Overview
The storage capacity of the market has been segmented into the 64 bytes that has a huge contribution within a major share of the NFC chip market for the better advancement of the 180 bytes, 540 bytes. However, the NFC chip market has segmented during the forecast period and a large number of contact-less people has been addressed completely for the retail sector. Therefore, the NFC chip market has been segmented within the media and entertainment along with the dominance of the CAGR marketing during the forecast period. Apart from that, the synthesis of the entire access has been forecasted with the basic focus on chip marketing analysis.
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Regional Analysis:
The NFC chip market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical NFC Chips Market Analysis 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 NFC chips 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 NFC chip 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.
