NFC Chips Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027NFC Chips Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2827
NFC Chips Market size is likely to experience lucrative growth worldwide over the forecast period 2021-2027, led by the increasing adoption of smartphones worldwide, demand for NFC chips across the payments sector, and increased acceptance of contactless payments due to the COVID-19 pandemic. Also supporting the market growth is the rise in home healthcare and remote patient monitoring technologies such as telehealth.
An NFC chip is an integrated circuit (IC) which can be used in various ways depending upon the application. The chip, when connected to an antenna, enables wireless communication between two devices. The technology offers greater security as only devices within close proximity of each other can interact through near field communication. Today, NFC chips are widely used in consumer electronics, digital payment systems, automotive applications, healthcare systems, and many other applications. Ongoing technological advances will certainly bolster the NFC chips market outlook.
Healthcare sector is expected to be one of the largest end-users of NFC chips by the end of 2027 due to wide application scope and numerous advantages of the technology. Patient monitoring is a key application of the technology whereby medical professionals can keep track of the health status of patients remotely. Manufacturers are focusing on developing NFC tags to enable secure physical access for tracking patient data. The rise in remote patient monitoring, especially amid the ongoing COVID-19 situation will boost NFC chip demand across the healthcare sector.
North America is poised to be a promising NFC chips market over the next few years, mainly attributed to the presence major chipmakers in the region who are continuously working towards improvement and innovation. Automotive, consumer electronics, healthcare, and BFSI sectors will continue to create new opportunities for the regional NFC chip developers.
Globally, Apple, Inc., Broadcom Corporation, Samsung Electronics Ltd., Sony Corporation, Qualcomm, Inc., MediaTek, Inc., NXP Semiconductors, Toshiba Corporation, Texas Instruments, Inc., Renesas Electronics Corporation, Marvell Technology Group Ltd., Heartland Payment Systems, Inc, EM Microelectronic-Marin Sa, Murata Manufacturing Co., Ltd., Ingenico Group (Worldline), Wirecard AG, Gemalto N.V. (Thales Group), and Giesecke & Devrient GmbH are some of the prominent names in the NFC chips industry.
A variety of smartphones, wearables, and other smart devices powered by NFC technology are available in the market today. The market players are also collaborating with other companies to enhance their product portfolio and boost their market presence. Citing an instance, in October 2020, NXP Semiconductors had partnered with Chinese smartphone giant Xiaomi Inc. NXP’s proprietary NTAG NFC Chip technology will be featured in Xiaomi’s new PonPon Tile 2.0 stickers which work with a range of Xiaomi smart home devices including entertainment systems, security cameras, lighting, alarm clocks, and others.
How has COVID-19 affected NFC chips market?
Due to the COVID-19 pandemic, numerous end-use industries such as automotive and electronics have been forced to temporarily halt production, affecting NFC chip demand to a certain extent. However, amid the COVID-19 crisis, healthcare and payments sectors have emerged as major end-users of NFC technology.
Digital payments have surged globally owing to COVID-19 and are fast becoming a necessity. Payment companies have witnessed increased volumes of online transactions as the pandemic disrupted traditional payment methods. Additionally, NFC-enabled patient monitoring and telemedicine have become a revolutionary approach among healthcare providers to offer safe and quality care to patients during the difficult COVID-19 times. NFC technology will continue to gain prominence in electronic health records and medical devices, bringing promising growth opportunities for the NFC chips market throughout the forecast period 2021-2027.
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