NFC Chips Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 10/20/2016 -- NFC (Near-Field Communication) enables two electronic devices to establish communication when they come near to each other. The NFC chips refer to the ICs that control transactions and store information. The NFC chips facilitate communication between NFC enabled devices within 4 inches of radius. The data transfer comprises device control, cash transactions and many other applications. The Near-Field Communication chips are rapidly incorporated in credit card terminals and smart phones. Computers, gaming consoles and other input terminals are also implementing NFC chips to share data and gain more actionable metrics from proximity to access control. Mobile payments is one of the biggest potential that uses NFC chips, as it can easily be used as a credit card.
The NFC chips market is primarily driven by the increasing adoption of smart phones and appliances. In the past couple of years, it has been observed that the demand of smart phones has increased rapidly as they are more convenient to use. Smart phones are used to share data, images, software, payments wirelessly that also saves time. The smart appliances are also employed with NFC chips that help to connect the appliances to the smart phones wirelessly via NFC. Additionally the decreasing price of the chips is also acting as major drivers in the global NFC chips market. The price of different components required to manufacture a chip is decreasing resulting in the declining cost of the NFC chips. Different key players are introducing low cost and low power NFC chips that reduce the power consumption by 60%. Moreover, increasing manufacturing of NFC enabled smart phones is boosting the demand in the global NFC chip market. Since the demand for wireless payments, sharing data has become an important part of the consumers they demand for NFC enabled smart phones which is fuelling the manufacturing of NFC enabled smart phones. Increasing demand of wireless transaction is fuelling the demand of NFC chips in the global market.
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The major restraints in the NFC chips market is the short range of communication since the NFC chips can communicate between a radius of 4 inches. The NFC chips fail to connect beyond the radius of 4 inch which makes difficult for the smart phones and appliances to stay connected with each other. In addition, need for intermediaries gateway for mobile payment is restraining the global NFC chip market.
Major opportunity in this market is the integrated Circuits (ICs) supporting NFC, Wi-Fi and Bluetooth. The implantation of NFC would be easier if the ICs comes with pre supported NFC which will be one of the important opportunities in the global market. Moreover, increasing need for connectivity between smart devices will act as an opportunity in this market. Online and In-store payment is also acting as important opportunities in this market.
The global NFC chip market has been segregated on the basis of operating mode which includes peer to peer, card emulation and reader emulation. Based on end users the market is bifurcated in to retail, automotive, transportation, residential and commercial, healthcare, electronics, banking and others. The retail industry accounted for the largest share of the overall market. The main reason driving the retail industry is due to the implementation of NFC enabled PoS terminals, and electronic shelf labels in retail industries. The market is again segregated based on geography that includes North America, Europe, Asia Pacific Middle East and Africa (MEA) and Latin America.
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Some of the important players in the NFC chip market includes are Broadcom Corporation, NXP semiconductors, Sony, Qualcomm. Some of the others players are Mediatek Inc., Inside Secure, Renesas Electronics Corporation, Stmicroelectronics, Huawei Technologies Co., Ltd., Samsung Electronics Co., Ltd. Texas Instruments, Gemalto NV among others.