According to the new research report published by The Insight Partners, titled “NFC Chip Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Active and Passive), Storage Capacity (64 Bytes, 180 Bytes, 540 Bytes, and Others) and End User (Consumer Electronics, Automotive, Healthcare, Retail, Medical, and Others)”, the global NFC chip market growth is driven by the proliferation of NFC-based smartphones, rising demand for contactless payment, integration of NFCs with medical equipment, and surge in adoption of NFC-enabled wearable technology.
The NFC chip market size is expected to grow from $8.71 billion in 2021 to $17.82 billion by 2028; it is estimated to grow at a CAGR of 10.8% during 2021–2028.
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The social distancing measures and stringent regulatory impositions in several nations during the first half of 2020 created a notable demand for contactless payment provision. As per McKinsey & Company, a 60% rise in contactless payments during the crisis was double the expected volume. Further, NFC is a bidirectional short-range communication technology that facilitates device interaction within a few centimeters. Travelers can use NFC to personalize the environment, such as infotainment settings (display and sound settings), the air-conditioner, lights, and others. As per CnEVPost, the sales of new energy vehicles (NEVs) in China increased substantially in 2021. The count of NEVs grew from 4.92 million units in 2020 to 7.84 million units in 2021. Thus, with the growing automobile industry, rising inclination towards contactless payments, and increasing sales of smartphones, the requirement for respective NFC chips is rising. All factors mentioned above are positive influencing the growth of NFC chip market.
The global NFC chip market is segmented into five regions—North America, Asia Pacific, Europe, the Middle East and Africa, and South America. NFC technology enables people to make purchases without swiping or inserting a card. All a person needs to do is tap or wave their cards at an NFC-compliant PoS terminal. The NFC technology makes it possible for devices to interact within a 4-cm radius, and these transactions are completed using certificates, tags, or even stickers, thereby influencing the adoption of contactless payment across developed and developing countries, such as the US, the UK, Germany, France, China, and Australia. For instance, more than 51% of Americans presently use contactless payment, which consists of tap-to-go credit cards and mobile wallets, such as Apple Pay and Samsung Pay. Technology adoption of NFC in mentioned countries is projected to support the growth of NFC chip market.
Similarly, the UK (64%) and South Korea (96%) have higher adoption of contactless payment, thereby influencing the adoption of NFC POS systems across retail outlets to offer a variety of payment options to the customers. Thus, the factors mentioned above are influencing the NFC chip market’s growth substantially. For instance, Paytm, a digital payments startup, announced its “Paytm Smart POS” for Android phones in March 2021, allowing businesses to take near field communication (NFC)-based credit and debit card payments using credit and debit card payments smartphones.
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The NFC chip market in the Asia Pacific region is segmented into India, Japan, Australia, China, South Korea, and the Rest of Asia Pacific. Rising GDP in developing countries, such as India and China, is resulting in a large consumer base for high-tech consumer electronics such as smartphones, smart wearables, laptops, and others. China is one of the leading manufacturers of NFC chips, while South Korea, Taiwan, and Japan are among the major contributors to the regional market growth. Many countries in the Asia Pacific are characterized by the mass production of electronic devices, automotive components, and other industrial machinery. Further, considering the strong availability of skilled human resources, the increasing number of electronics manufacturing companies in India and China is driving the NFC chip market growth. The Asia Pacific is the biggest consumer of smartphones. For instance, in 2020, Vietnam had a smartphone penetration rate of around 68.1%, with almost 66.8 million smartphones users. Indonesia had a smartphone penetration rate of around 61.5%, with approximately 170.2 million smartphones users in 2020. The count of smartphone users in Indonesia is predicted to touch 237 million by the end of 2026.
NFC Chip Market: Storage Capacity Overview
Based on storage capacity, the NFC chip market is segmented into 64 bytes, 168 bytes, 180 bytes, and 540 bytes. The NFC chips with low storage capacity are used for inventory management, supply chain management, asset tracking, and automation in ticketing and anti-counterfeiting. The NFC chips with high storage capacity, such as 180 bytes and 540 bytes, have high read/write endurance and can retain up to 50 years’ worth of data. They also support SUN (secure unique NFC message), which enables and simplifies many applications involving security and encryption such as advanced anti-counterfeiting, secured sensitive data applications, secure login, and authentication.
NFC Chip Market: Competitive Landscape and Key Developments
AMS AG; Broadcom Inc.; Identiv, Inc; Toshiba Corporation; Intel Corporation; NXP Semiconductors; Samsung Electronics Co., Ltd.; Qualcomm Technologies, Inc.; STMicroelectronics; and Texas Instruments Incorporated are among the key players profiled during this market study. In addition, several other essential NFC chip market players were studied and analyzed to get a holistic view of the market and its ecosystem.
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In 2021, Samsung Electronics worked with Microsoft on a new augmented/mixed reality project involving HoloLens, a report from the Korean media. The HoloLens is head-mounted mixed reality smart glasses developed by Microsoft for enterprises and various industries, and Samsung’s involvement could relate to hardware.
In 2021, Identiv, Inc. developed an all-in-one NFC mobile application platform. The main motive for launching the application is to make it more accessible to a broader range of developers and those who have limited or no experience with this type of software.
In 2021, Broadcom launched World’s lowest power L1/L5 GNSS receiver chip, the BCM4778, for mobile & wearable applications.
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