NFC Chip Market Highlights:
NFC chip is integrated into NFC tag which lets the tag perform various NFC operations. NFC chip is attached to an antenna to form an inlay. The performance of NFC depends on the NFC chip, tuning of the antenna, the NFC inlay, and the interactive device. A few features of NFC chip include read and write memory, unique identifier (UID), and memory locking. Apart from these basic features, some chips also have (American Standard Code for Information Interchange) ASCII mirroring, password protection, web service mutual authentication, and authenticity check. However, as these features are not standardized across all the systems, these can only be used in limited environments.
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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.
NFC Chip Market Segmentation:
By storage capacity, the market has been segmented into 64 Bytes, 168 Bytes, 180 Bytes, and 540 Bytes. The 64 bytes segment is expected to contribute a major share to NFC chip market while 180 bytes is expected to grow at a high growth rate.
By vertical, the NFC chip market is segmented into BFSI, media & entertainment, retail, hospitality, healthcare, and others. The BFSI sector is expected to dominate the NFC chip market during the forecast period due to a large number of contactless payments in the retail sector. The healthcare sector is expected to grow at a high CAGR during the forecast period.
NFC Chip Market 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, the other players that contribute to the market growth include Murata Manufacturing Co. (Japan), Media Tek, Inc. (Taiwan), Giesecke & Devrient GmbH (Germany), Renesas Electronics Corporation (Japan) and Texas Instruments (US), and others.
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NFC Chip Market Regional Analysis:
The NFC chip market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. 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.
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