NFC Chips Market -Industry Analysis, Size, Share, Forecast 2024
Albany, NY -- (SBWIRE) -- 04/07/2017 -- Global NFC Chips Market: Snapshot
NFC chips are integrated in smartphones, laptops, tablets, and other devices to ensure efficient communication is established when specific electronic devices are close to each other. These chips are capable of facilitating communication between NFC devices that are within a radius of 4 inches. Currently, NFC technologies are sued for cash transactions, device control, and several other applications. Emergence of the gaming industry is projected to boost the global market in the near future as NFC are used in gaming consoles to share data and acquire better control of actionable metrics from a closer distance.
Global NFC Chips Market: Drivers and Trends
The terrific rise in the usage of smartphones and various other appliances has triggered a wave of demand for NFC chips across the globe. The convenience that smartphones offer for various forms of sharing information partly been due to the new and improved NFC technologies. Today, this technology is used for sharing images, making payments, software, and several other types of files wirelessly. NFC chips enable appliances to connect to smartphones to allow the users a better control over daily chores and ease of operation.
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The global NFC chips market is also being driven due to the declining prices of components, which has resulted in soaring sales. Introduction of low cost and low power NFC chips in the overall market has significantly intensified the competition by offering the consumers a wider choice. Currently, manufacturers are focused on developing NFC chips are will cut down power consumption by about 60%.
Analysts anticipate that the rise in production of smartphones is likely to boost the global NFC chips market in the near future. The demand for this technology will also be nurtured by economies that are working towards wireless payments and transactions for better transparency.
Global NFC Chips Market: Segmentation
On the basis of end users, the global NFC chips market is segmented into transportation, automotive, retail, electronics, banking, healthcare, and residential and commercial. The retail industry is expected to emerge as the key end user in the global market due to NFC-enabled PoS terminals and electronic shelf labels. The banking and healthcare segments are also expected to prove instrumental to the overall market in the coming years.
Global NFC Chips Market: Regional Outlook
In terms of geography, the global NFC chips market is segmented into Latin America, North America, Western Europe, Eastern Europe, the Middle East and Africa, and Asia Pacific. Analysts expect that North America will dominate the global market in the coming years. The high adoption of smartphones and mobiles along with swift adoption of wireless payment systems are expected to drive the NFC chips market in North America. Europe is expected to follow this trail closely as the region shows a strong inclination toward contactless transactions.
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Analysts state that Asia Pacific will also offer several lucrative opportunities to the overall market in the coming years as the emerging economies tilt towards demonetization. Increasing sales of smartphones in the region and the growing demand for new and improved technologies are also expected to boost the regional market in the near future.
Key Players Mentioned in the Report are:
The important players operating in the global NFC chips market are Broadcom Corporation, Sony, NXP semiconductors, Qualcomm, Mediatek Inc., Inside Secure, Renesas Electronics Corporation, Stmicroelectronics, Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., Gemalto NV, and Texas Instruments among others