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.
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.
NFC Chips Find
Widespread Usage in Consumer Goods
“The increasing application of NFC chips in consumer electronics is
the key factor behind the growth of the global NFC chips market,”
says an analyst at TMR. As NFC chips simplify user interfaces,
thereby enhancing their applicability, their usage in consumer goods
has surged significantly. Smartphone vendors have begun to install
NFC chips in their handsets, which is also adding to the growth of
this market considerably.
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Although the future of this market looks bright, the complexity in
product designs and the dearth of awareness among consumers are
expected to limit the uptake of NFC chips, which may create
hindrances for this market in the next few years, states the research
report.
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company’s exclusive blend of quantitative forecasting and trend
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material for business reports.
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