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About this market
The increased penetration of smartphones is one of the key factors expected to foster the near field communication (NFC) chips market growth in the forthcoming years. NFC-enabled smartphones are often being used for peer-to-peer communication and card emulator applications. Furthermore, the increasing application of NFC chips is encouraging OEMs for integrating NFC chips in their products. This will further drive the near field communication (NFC) chips market growth in the forthcoming years. analysts have predicted that the near field communication (NFC) chips market will register a CAGR of over 7% by 2023.
Market Overview
Increasing adoption of contactless payments
One of the growth drivers of the global near field communication (NFC) chips market is the increasing adoption of contactless payments. The rising prevalence of contactless payment and the increasing use of contactless cards and mobile payments are expected to drive the demand for NFC card readers across POS terminals.
Low awareness of NFC technology
One of the challenges in the growth of the global near field communication (NFC) chips market is the low awareness of NFC technology. With the reducing adoption of NFC chips in key market segments, the barrier to the growth of the market will increase. This will affect the unit shipment of NFC chips.
For the detailed list of factors that will drive and challenge the growth of the near field communication (NFC) chips market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately concentrated and with the presence of a few market players. Many smartphones OEMs are venturing into MST technology. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
The increased penetration of smartphones is one of the key factors expected to foster the near field communication (NFC) chips market growth in the forthcoming years. NFC-enabled smartphones are often being used for peer-to-peer communication and card emulator applications. Furthermore, the increasing application of NFC chips is encouraging OEMs for integrating NFC chips in their products. This will further drive the near field communication (NFC) chips market growth in the forthcoming years. analysts have predicted that the near field communication (NFC) chips market will register a CAGR of over 7% by 2023.
Market Overview
Increasing adoption of contactless payments
One of the growth drivers of the global near field communication (NFC) chips market is the increasing adoption of contactless payments. The rising prevalence of contactless payment and the increasing use of contactless cards and mobile payments are expected to drive the demand for NFC card readers across POS terminals.
Low awareness of NFC technology
One of the challenges in the growth of the global near field communication (NFC) chips market is the low awareness of NFC technology. With the reducing adoption of NFC chips in key market segments, the barrier to the growth of the market will increase. This will affect the unit shipment of NFC chips.
For the detailed list of factors that will drive and challenge the growth of the near field communication (NFC) chips market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately concentrated and with the presence of a few market players. Many smartphones OEMs are venturing into MST technology. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
