Triton Market Research presents their near field communication (NFC) chips market report segmented by product (auxiliary and non-auxiliary); applications (television, medical equipment, smartphone and other applications); verticals (consumer electronics, automotive, retail, banking & finance, medical and other verticals); and by geographical region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - discussing Industry Value Chain Analysis, Porter's 5 Force Analysis, Drivers, Restraints, Vendor Profiles, Global Market Size, Forecasts & Analysis (2019-2027).
Triton Market Research expects the global NFC chips market to witness a compound annual growth rate of 23.94% during the forecast period of 2019-2027. The market growth is propelled by factors like increasing NFC-based digital transactions, significant adoption of NFC technology in consumer electronics and governments encouraging cashless transactions.
The global NFC chips market finds its biggest application in smartphones. NFC chips provide a secure wireless data transfer, safe mobile payment options and excellent connectivity. Therefore, many smartphone manufacturing companies are investing in further research and development of these NFC chips to provide advanced models in the market. For instance, in 2018, LG Electronics launched its LG X4 mid-tier Android smartphone that supports NFC and can be used for cashless transactions.
Consumer electronics are the biggest end-users of this market. The NFC chips are increasingly finding their application in consumer electronics like wireless Bluetooth speakers, smartphones, telephones, etc. The application of NFC chips in the medical sector is also forecasted to increase. For example, today, the NFC- driven wristbands and medical bracelets provide real-time health information by taking into account factors like heartbeats, blood pressure, sugar levels, etc.
North America is the biggest market for near-field communication chips. The United States is witnessing increased market adoption due to increasing NFC enabled transactions. This is further supported by the US government’s efforts to encourage digital transactions and chip-based cards for payment purposes. The safe and secure transactions offered by these chips are increasing their demand in other North American countries as well, such as Canada and Mexico. A thorough analysis of these markets, along with the market status of NFC chips in Europe, Asia-Pacific, Latin America, and the Middle East and Africa has also been provided in this report.
High funding for companies/startups provides a huge growth opportunity for the growth of the market. Triton Market Research provides detail profiles of companies like Renesas Electronics Corporation, Sony Corporation, Mstar Semiconductor Inc., Murata Manufacturing Co Ltd, Toshiba Corporation, Texas Instruments Inc., Samsung Semiconductor Inc., Inside Secure S.A., Broadcom Corporation, Marvell Technology Group Ltd, Media Tek Inc., ST Microelectronics NV, Qualcomm Inc., NXP Semiconductors NV and EM Microelectronic-Marin Sa, in its NFC chips market analysis report.
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