Transparency Market Research delivers key insights on the global NFC chips market. In terms of revenue, the global NFC chips market is estimated to expand at a CAGR of 7.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global NFC chips market.
The global NFC chips market is broadly affected by several factors, including rise in demand for NFC chips among consumer electronics manufacturers, and government initiatives and subsidies coupled with rising applications in various sectors. Thus, expanding application of NFC chips in different sectors is propelling the global market for NFC chips.
NFC Chips Market: Prominent Regions
NFC chips market revenue generation in North America is expected to continue during the forecast period, owing to presence of key market players, technological advancements, and advancement in electronic appliances and services provided in the region. Business performance of the NFC chips market in Europe is expected to be favorable during the forecast period, as the rate of adoption of technologies is significantly high in the region. Countries, including Germany, Italy, and France have prominent industrial manufacturers.
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This boosts the NFC chips market in Europe. The NFC chips market in Asia Pacific is expected to expand at a notable pace, owing to the presence of electronic hubs such as China and South Korea in the region. Additionally, the presence of all major manufacturers in the region is likely to play a key role in driving the market for NFC chips.
Near field communication (NFC) is one of the recent advancements in the short-range wireless connectivity technology that leverages existing interconnection and contactless identification technologies. Over the past couple of decades, as the NFC technology continued to evolve at a rapid pace, the demand for NFC chips witnessed a consistent growth due to which, the NFC chips market has exhibited a positive growth rate over the past few years– a trend that is expected to carry forward during the forecast period.
While advancements in the financial payments sector will open up new avenues for players operating in the current NFC chip market, the increasing adoption of NFC chips from medical equipment, cosmetic, and automotive sectors is projected to provide an impetus to market growth. At the back of these factors, along with consistent advancements in technology, the global NFC chips market is on course to surpass US$ 5.6 Bn by the end of 2030.
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The advent of the novel COVID-19 pandemic is likely to have a sizeable influence on the overall growth of the global NFC chips market in 2020. While the demand for NFC chips from non-healthcare sectors is anticipated to remain modest in 2020 due to the ongoing COVID-19 crisis, healthcare and payment sectors are tipped to emerge as major end-use sectors of NFC chips during the pandemic. The increasing demand for contactless payment coupled with increasing need to improve the communication among the medical staff across hospitals is some of the major factors that are likely to boost the growth of the global NFC chips market during the assessment period.
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