Near Field Communication (Nfc) Chips Market Size to grow by USD 3706 million between 2024-2028
According to a research report “ Near Field Communication (Nfc) Chips Market” by Type (Non-auxiliary, Auxiliary) Product (Smartphones, Smart wearables, POS terminals, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3706 million, at a CAGR of 13.64% during the forecast period. The global smartphone market is experiencing significant expansion, with the number of mobile subscribers projected to reach 5.7 billion by 2025, representing a compound annual growth rate (CAGR) of 1.8% from 2021's 5.3 billion. This growth is largely attributed to the increasing smartphone penetration, which has risen from 62% in 2018 to 67% in 2021. The primary driver of this market growth is the increasing demand for affordable smartphones, with sales of devices under USD200 accounting for a substantial portion of the market. Countries such as India, Vietnam, the Philippines, Sri Lanka, and Pakistan in the Asia-Pacific region, as well as Spain, Greece, and Turkey in Europe, Middle East, and Africa (EMEA), are major contributors to this trend..
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By Type, the Non-auxiliary segment is projected to dominate the market size in 2024
In the business realm, Non-auxiliary NFC (Near Field Communication) products encompass internal NFC-enabled accessories, such as NFC IC/Chips integrated into smartphones for contactless payment solutions, access control, and secure data exchange with compatible NFC devices. NFC ICs are also embedded in various non-auxiliary items, including controllers, antennas, NFC tags, and NFC readers. NFC tags offer versatility, as they can transmit and store a vast array of information, including web addresses, contact details, and brief text messages. These tags are cost-effective and reusable, as their data can be reset for multiple applications. Passive NFC tags are read by dedicated NFC readers, while NFC readers are frequently integrated into contactless POS terminals and access control systems for public transportation and other commercial applications.
By Product, Smartphones segment is expected to hold the largest market size for the year 2024
The market for Near Field Communication (NFC) chips is experiencing significant growth due to increasing demand from smartphone vendors. The integration of NFC chips enables contactless payment capabilities and access control functions in smartphones. NFC chips support three primary modes of operation: peer-to-peer, read/write, and card emulation. In peer-to-peer communication, NFC-enabled smartphones facilitate wireless connectivity with other compatible devices for file transfer. NFC-enabled laptops and smartphones utilize NFC chips, such as NFC controllers, to enable two-way communication. In the read/write mode, NFC-enabled smartphones can write data onto NFC readers and read stored data, offering enhanced functionality for users.
APAC is forecasted to hold the largest market size by region in 2024
The Near Field Communication (NFC) chips market represents a significant growth opportunity for businesses seeking to leverage advanced wireless technology for contactless transactions and data exchange. NFC chips enable seamless communication between devices within a short range, offering enhanced security, convenience, and functionality. Market trends indicate increasing adoption in various sectors, including retail, healthcare, transportation, and finance, driving robust growth.
The Near Field Communication (Nfc) Chips Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Near Field Communication (NFC) chips market is experiencing significant growth due to the increasing demand for contactless data exchange and money transfer. NFC technology enables Peer-to-Peer mode for data transfer between devices and ticketing scenarios, making it an essential component of the mobile industry. Ericsson, NXP Semiconductors, STMicroelectronics, and other key players are driving the market with their innovative NFC solutions. Mobile payment applications like Android Beam and Android Pay are revolutionizing the way we make transactions. NFC chips operate at a transmission frequency of 13.56 MHz and enable short-range communication between devices. The technology is not only limited to smartphones but is also being integrated into smart wearables, IoT devices, and even NFC-enabled jewelry. Mobile application developers and PoS systems are also embracing NFC technology for mobile commerce, making it more convenient for smartphone users. The RFID infrastructure is expanding, and RFID tags and contactless smart cards are becoming increasingly popular. SECORA Connect, a leading NFC technology provider, is enabling seamless integration of NFC into various industries. The future of NFC lies in wearable technology and the Internet of Things, offering endless possibilities for data transfer and mobile commerce.
Market Research Overview
Near Field Communication (NFC) is a short-range wireless technology that enables data exchange between target devices using radio-wave fields. Unlike conventional RFID systems that use magnetic induction, NFC employs a two-way communication system, allowing for Peer-to-Peer mode and contactless smart card functionality. NFC Forum, a non-profit organization, oversees the development and standardization of NFC technology. NFC chips are integrated into various applications, including Mastercard contactless payments, medication error reduction systems using NFC tags, and personalized treatment and patient monitoring through smart sensors and medical devices. NFC-enabled accessories, such as smartphones, SIM cards, and wearable technology, are increasingly popular in retail applications, mobile commerce, and ticketing scenarios. NFC chips operate at a transmission frequency of 13.56 MHz and support data transfer, authentication, and money transfer. Companies like Mastercard, Android, and payment providers like Google Wallet, Android Pay, and Apple Pay, have adopted NFC technology for digital payments and electronic health records. NXP Semiconductors, STMicroelectronics, and Ericsson are major players in the NFC chip market. NFC chips have numerous applications in the banking & finance, home healthcare, cloud, and mobile industry. They are used in NFC-based mobile wallets, NFC-enabled jewelry, and IoT devices. NFC ICs can be found in smartphones, PoS systems, and smart wearables. NFC reader emulation and QR code scanning are also supported by Android OS, enabling data exchange with various websites, pictures, and videos. NFC technology offers numerous benefits, including increased security, ease of use, and convenience. NFC chips enable secure money transfer, contactless payments, and data exchange between devices, making them an essential component of the digital age. Android developers can create custom NFC applications, while NFC-enabled accessories and NFC tags can be used for authentication and personalized treatment. The future of NFC technology lies in its integration with wearable technology, IoT devices, and mobile application development.
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