Transparency Market Research delivers key insights on the global NFC chips market. In terms of revenue, the global NFC chips market is estimated to expand at a CAGR of 7.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global NFC chips market.
The global NFC chips market is broadly affected by several factors, including rise in demand for NFC chips among consumer electronics manufacturers, and government initiatives and subsidies coupled with rising applications in various sectors. Thus, expanding application of NFC chips in different sectors is propelling the global market for NFC chips.
NFC Chips Market: Prominent Regions
NFC chips market revenue generation in North America is expected to continue during the forecast period, owing to presence of key market players, technological advancements, and advancement in electronic appliances and services provided in the region.
Business performance of the NFC chips market in Europe is expected to be favorable during the forecast period, as the rate of adoption of technologies is significantly high in the region. Countries, including Germany, Italy, and France have prominent industrial manufacturers. This boosts the NFC chips market in Europe. The NFC chips market in Asia Pacific is expected to expand at a notable pace, owing to the presence of electronic hubs such as China and South Korea in the region. Additionally, the presence of all major manufacturers in the region is likely to play a key role in driving the market for NFC chips.
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The advent of the novel COVID-19 pandemic is likely to have a sizeable influence on the overall growth of the global NFC chips market in 2020. While the demand for NFC chips from non-healthcare sectors is anticipated to remain modest in 2020 due to the ongoing COVID-19 crisis, healthcare and payment sectors are tipped to emerge as major end-use sectors of NFC chips during the pandemic. The increasing demand for contactless payment coupled with increasing need to improve the communication among the medical staff across hospitals is some of the major factors that are likely to boost the growth of the global NFC chips market during the assessment period.
- Automotive and infrastructure industries are key markets that are likely to expand at a rapid pace during the forecast period, due to rising integration of various connected technologies, and advance infotainment and security features. These factors are likely to indirectly impact the global NFC chips market, since all of these products are used with NFC chips.
- Communication through NFC chips is considered safest compared to other similar technologies, such as Bluetooth and Wi-Fi; thus, the penetration of NFC chips is increasing among security systems. In areas such as ticketing particularly, NFC chips are expected to help reduce the cost of issuing tickets and maintain the ticketing infrastructure, which has already been proven in mass transport and airline ticketing. Furthermore, NFC is based on existing contactless infrastructure that is already in daily use by millions of people around the world.
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- At a more strategic level, NFC chips enable product and service providers to establish a new communication channel with their customers. When consumers elect to ask for further information or participate in a promotion by touching an NFC tag, they could be asked if they would like to participate in other information or promotional programs.