Subsidies on Cashless Transactions favorable to Global NFC Chips Market Growth

Subsidies on Cashless Transactions favorable to Global NFC Chips Market Growth

“Global Near Field Communication (NFC) Chips Market”
According to our Global Near Field Communication (NFC) Chips Market report, growth with a CAGR of 11.78% by revenue is anticipated during the forecast period, 2022-2030.

“Browse 53 market data Tables and 47 Figures spread over 248 Pages, along with an in-depth analysis of the Global Near Field Communication (NFC) Chips Market Forecast 2022-2030.”

 

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Near field communication (NFC) is a short-range standards-based wireless connectivity technology that provides a convenient consumer experience by simplifying the exchange of digital content, transactions, and connecting electronic devices. It is compatible with millions of contactless readers and cards deployed worldwide.

A near-field communication chip (NFC chipset) is an integrated circuit (IC) used for various targeted applications. Moreover, the chip enables wireless and short-range communication among devices. Hence, the technology is frequently used in public transport, where NFC-enabled smartphones or tickets are used for payments.

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Initiatives Promoting Cashless Payments Drive the Market Growth

The NFC-based transaction includes standards that enable proximity-based communication with consumer electronic devices such as personal computers, tablets, wearables, and mobile phones. An NFC-enabled mobile device communicates with POS systems that accept contactless payment cards. Several governments are taking initiatives to promote cashless payment.

According to estimates, in November 2016, 20% of the fuel sold was paid through digital means, which has increased to 40% following this incentive scheme. To promote cashless transactions in the retail sector, public sector banks provide POS terminals, Micro ATMs, or mobile POS to get small merchants on board the digital payment ecosystem. Thus, various government initiatives to promote cashless transactions will boost the market’s growth during the forecast period.

Non-Auxiliary NFC Chips: Leading Product

Near field communication (NFC) enabled integrated chips are widely deployed in non-auxiliary products such as NFC tags, NFC readers, controllers, antennas, etc. NFC tags further include wristbands, stickers, microchips, etc., that store data that can be further transferred to another device nearby. Such products enable the storage of different data types, such as URLs or telephone numbers.

Some of the major applications of non-auxiliary products such as NFC tags, controllers, NFC readers, etc., include storage and transfer of information, reading information from smart labels and smart posters, in business cards, cashless and contactless payments, ticketing, etc. These are also used in authentication and access control.

Asia-Pacific Region: Fastest-Growing by 2030

Asia-Pacific is the most opportunistic region for the near-field communication technology market and is expected to project the highest CAGR by revenue during the forecast years. The growth is expected due to the rising demand for NFC chip-enabled products in Japan, South Korea, Taiwan, and Australia. Moreover, the advertising techniques of manufacturers, network operators, and governments regarding the benefits of NFC technology. These benefits include high information security while sharing information, instant connection, and contactless payments.

The intensity of competitive rivalry of the global near-field communication (NFC) chips market is expected to move from moderate to high levels over the forecast period. However, fewer entry barriers and lucrative CAGR make the market very lucrative, resulting in a high threat of new entrants.

The global near-field communication (NFC) chips market is concentrated in nature and competitive with the presence of big players, such as NXP Semiconductors, Broadcom Corporation, STMicroelectronics, Qualcomm Inc, Texas Instrument, Sony Corporation, etc.

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