Technavio’s Near Field Communication (NFC) Chips Market Research Report Highlights the Key Findings in the Area of Vendor Landscape, Key Market Segments, Regions, and Latest Trends and Drivers

Near Field Communication (NFC) Chips market report key highlights

• Estimated year-on-year growth rate: 11.76%
• Key market segments: Product (smartphones, smart wearables, POS terminals, and others) and geography (APAC, North America, Europe, South America, and MEA).
• Key Consumer Region & contribution: APAC at 62%

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Near Field Communication (NFC) Chips Market Share Trend

• The demand for smart parking solutions

As the number of vehicles on the road grows, so does the demand for smart parking solutions. This high car density on the road causes traffic congestion and makes it difficult to obtain parking spaces, resulting in a loss of productive man-hours. As a result, smart parking solutions are being implemented by both private and public traffic control operators and parking service providers. During the projection period, NFC-enabled identification and payment solutions are likely to play a key role in smart parking. The demand for NFC readers and access control readers will grow as smart parking initiatives become more popular. The adoption of NFC chips will be accelerated as a result of this.

Near Field Communication (NFC) Chips Market Challenge

• The growth of online banking

Customers have been driven to use choices such as net banking and mobile wallets as online banking has grown in popularity. Net banking is a quick and secure way for customers to send money online. These services are provided by banks with high levels of security. There will be a shift from card swipes to mobile payments as the demand for net banking and mobile wallets develops. With the increased usage of debit and credit cards, financial fraud is on the rise. As a result, during the anticipated period, the use of net banking will skyrocket. The growth of net banking and mobile wallets will have a negative impact on the sales of contactless POS terminals and mPOS terminals. This will adversely affect the demand for NFC chips during the forecast period.

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Key market vendors insights

The near field communication (NFC) chips market share is fragmented, and the vendors are deploying various organic and inorganic strategies to compete in the market.

Some of the key market vendors are:

• Infineon Technologies AG
• Intel Corp.
• Marvell Technology Group Ltd.
• MediaTek Inc.
• NXP Semiconductors NV
• Qualcomm Inc.
• Renesas Electronics Corp.
• Samsung Electronics Co. Ltd.
• STMicroelectronics NV.
• Texas Instruments Inc.

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• Key Segment Analysis by Product
• Smartphones
• During the projection period, the smartphone segment’s share of the near field communication chips market will expand significantly. Smartphone manufacturers are boosting their need for NFC chips. This is due to the fact that cellphones with integrated chips can handle contactless payments and access control. Smartphone manufacturers are including NFC technology as one of the communication protocols in their handsets to give users access to all of the aforementioned apps.
• Smart Wearables
• POS terminals
• Others

Regional Market Analysis

APAC will contribute to 62% of the near field communication (NFC) chips market share growth during the forecast period. China, US, South Korea (Republic of Korea), Japan, and Taiwan are the major markets for near field communication (NFC) chips market share.

The smartphones when integrated with the chips can perform contactless payments and the access control function. This is expected to boost the near field communication (NFC) chips market share in the region.

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