NFC Chips Market - High Demand for Efficiency and Quick Accessibility to Drive Demand

A new research study by Transparency Market Research states that the global near field communication (NFC) chips market is extremely concentrated in nature. With a share of 55%, NXP Semiconductor emerged as the clear leader of this market in 2015 and is expected to retain its position over the next few years.

Other prominent players in this market are Broadcom Corp., STMicroelectronics, Qualcomm Inc., Texas Instrument, and AMS AG. These enterprises are being actively involved in mergers, acquisitions, and partnerships, which is likely to increase the competition within the market in the near future, states the research report.

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As per TMR’s estimations, the opportunity the global market for NFC chips is projected to expand at a CAGR of 26.0% over the period from 2016 to 2024, proliferating from a value of US$1.35 bn in 2015 to US$10.62 bn by the end of the forecast period. The smartphone segment has emerged as the market leader and is expected to retain this position throughout the period of the forecast, thanks to the increased uptake of communication technologies.

Demand for NFC Chips to Increase in Consumer Electronics

According to the research study, the consumer electronics, automotive, retail, medical, and the aviation industries are the prime end users of NFC chips across the world. The consumer electronics segment has been leading this market and is anticipated to remain doing so over the forecast period, thanks to the increasing interest of consumers for luxury goods, fueled by the rise in their disposable income. The retail and the aviation industries are also expected to register a significant rise in the uptake of NFC chips, owing to the augmenting demand for NFC-enabled PoS terminals across the world.

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Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe have been considered as the key regional markets for NFC chips across the world. North America, among these, led the overall market in 2015 with a share of more than 34% on the ground of the partnerships between leading banks and enterprises that tokenize card using NFC chips and the introduction of various NFC modes. Asia Pacific, however, is all set to take the reign from North America by the end of the forecast period, rising at a CAGR of 27.90%. The increasing number of smartphone users is projected to propel the Asia Pacific NFC chips market in the years to come, notes the research study.

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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This release was published on openPR.