NFC Chip Market Highlights:
The Global NFC Chip Market was valued at USD 4.26 billion in 2017 and is expected to reach USD 11.76 billion by the end of the forecast period with a CAGR of 18.86%.
The rapid development of payment platforms and technologies globally have led to the significant growth of NFC, registering similar demand trends for its components. This technology is being integrated with smartphones to enable mobile payments, thus benefitting customers with ease of access to digital wallets. The governments of several countries are promoting digitization and digital payments to encourage transparent transactions.
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The rise in number of digital transactions globally is leading to the increased demand for NFC chip market. Furthermore, its advantages including cost and time reduction is further adding to the growth of the NFC chip market. Growing need for speedy transactions is also creating demand for NFC where retailers can serve their customers quickly and efficiently. Moreover, government initiatives towards a transparent cashless economy have helped the NFC chip market to grow at a higher pace globally.
NFC transactions are widely being adopted in the retail sector to save time and cost of the stores. Furthermore, the highly intuitive user interface provides users with a satisfying experience. Retail stores use NFC to make their users aware of their products or check whether a particular product is available on their online store or not. However, security remains one of the major concerns for the market along with data manipulation. Data manipulation happens when someone corrupts the NFC data transmission thus increasing the risk of security breach.
By storage capacity, the market has been segmented into 64 Bytes, 168 Bytes, 180 Bytes, and 540 Bytes. The 64 bytes segment is expected to contribute a major share to NFC chip market while 180 bytes is expected to grow at a high growth rate.
By vertical, the NFC chip market is segmented into BFSI, media & entertainment, retail, hospitality, healthcare, and others. The BFSI sector is expected to dominate the NFC chip market during the forecast period due to a large number of contactless payments in the retail sector. The healthcare sector is expected to grow at a high CAGR during the forecast period.
The global market for NFC chip is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the NFC chip market has been studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and South America). Among the regions mentioned, North America is expected to hold a significant share of the NFC chip market during the forecast period, followed by Europe. High adoption of digital payments coupled with increasing ownership of smartphones and internet reach is the major factor driving the NFC chip market in North America.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This is due to government initiatives implemented in many countries promoting cashless transactions. Also, technological advancements such as a rapid increase in smartphone adoption and contactless payments are further expected to drive the growth of the NFC chips market. NFC enables consumers to have a better connection with stores and offers which improves the customer satisfaction and the retailers in return, have better consumer insights which help them to serve better.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
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3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.1.5 Bargaining Power Of Suppliers
4.2 Value Chain/Supply Chain Of NFC Chip
5 Market Landscape
5.2 Growth Drivers
5.3 Impact Analysis
5.4 Market Challenges
LIST OF TABLES
Table 1 NFC Chip Market, By Region, 2018–2023
Table 2 North America: NFC Chip Market, By Country, 2018–2023
Table 3 Europe: NFC Chip Market, By Country, 2018–2023
Table 4 Asia-Pacific: NFC Chip Market, By Country, 2018–2023
Table 5 Middle East & Africa: NFC Chip Market, By Country, 2018–2023
LIST OF FIGURES
FIGURE 1 Global NFC Chip Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global NFC Chip Market
FIGURE 4 Value Chain Of Global NFC Chip Market
FIGURE 5 Share Of The Global NFC Chip Market In 2017, By Country (In %)
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