Big Boom in NFC Chip Market Size Future Scope Demands and Projected Industry Growths to 2028

According to our latest market study on "NFC Chip Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Storage Capacity, End-User," the market was valued at US$ 8,714.4 million in 2021 and is projected to reach US$ 17,827.0 million by 2028; it is expected to grow at a CAGR of 10.8% from 2021 to 2028.

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NFC (near-field communication) is a technology that is commonly employed in various communication apps. Patient identification, blood transfusion, drug administration, medical personnel tracking, and medical record access have all been demonstrated in the realm of health care. The wave of NFC technology has been merged with the internet of things technologies in health care. NFC technology aids in improving workflow by combining mobile EMR systems by employing bedside technology. Public and private spaces exist in many healthcare facilities, including hospitals, treatment centers, clinics, and pharmacies. It is critical to keep these spaces separate, with only authorized staff having access to medical cabinets or operating rooms. NFC tags help in tracking and logging every entrance and exit, and employee badges, smartphones, and other devices can be equipped with NFC for access privileges. NFC allows hospitals to track every movement carried out in hospitals. The mentioned aspects are driving the growth of the NFC chip market.

Data is gathered and stored in access-controlled databases that may be viewed in various forms to help improve logistics, simplify record-keeping, and avoid errors. Patients' traditional bracelets can be replaced with NFC tags and NFC-enabled wristbands, updated with real-time information such as when a drug was last administered or which treatment needs to be performed. When NFC tags are placed to a medication's package or labeling, users can verify the medication's legitimacy, check dosage details, and learn about side effects and drug interactions by simply pressing the tag with their smartphone or tablet. The tag also provides access to web links, extra information, a refill request, or a medical professional's contact information. As the industry implements the technology, NFC significantly enhances care by decreasing costs, boosting efficiency, and improving outcomes in healthcare institutions and at home

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Impact of COVID-19 Pandemic on NFC Chip Market
The effect of COVID-19 pandemic varied from country to country throughout the European region as selected countries observed a rise in the number of reported cases and subsequently faced strict and longer lockdown periods or social isolation. However, due to the strong healthcare system, Western European countries such as Germany, France, Russia, the UK, and others have seen a comparatively modest decrease in their development activities.
The retail sector in the country has been severely affected due to the outbreak of the COVID-19 across the region. According to the association of retailers and landlords in the London's West End, the shopping across the region was down 75% compared to last year. Europe's consumer behavior has also experienced a shift to buying goods online and from local areas (mom and pop stores) to avoid the crowd. For instance, according to studies, 46% of consumers across Europe aim to shop more locally in the long term than they did before the pandemic. This, in turn, is reducing the investments of the region in retail infrastructures and their technological advancements, thereby reducing the demand for any point of sale systems across the region. The factors mentioned above are negatively affecting the growth of the NFC chip market across the region.

The List of Key Companies:
• Broadcom Inc.
• INFINEON TECHNOLOGIES AG
• Identiv, Inc
• Intel Corporation
• NXP Semiconductors
• Qualcomm Technologies, Inc.
• Samsung Electronics Co., Ltd.
• STMicroelectronics
• Texas Instruments Incorporated
• Toshiba Corporation

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

This release was published on openPR.