The market for NFC tag ICs is anticipated to grow steadily over the forecast period, with a CAGR of 14.9%, to reach US$ 19.2 billion in 2022. (2022 to 2032). The market will be driven by consumers’ growing desire to connect, transact, and share digital content through a variety of electronic devices.
According to FMI, the market for NFC tag ICs is expected to generate sales worth US$ 27.5 billion by 2032. Manufacturing companies are anticipated to invest heavily in digital innovation as they transition to automated business models as a result of the rapidly developing digital economy.
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NFC Tag ICs Market: Drivers and Challenges
Among the many drivers of the NFC Tag ICs market, one of the major factors is that in case of NFC, the power is in the hands of customers. Unlike other mobile applications, wallets, etc., which bombard customers with unsolicited advertising, annoying pop-ups and other intrusions & distractions, NFC is a technology that provides users greater control over their interactions, which is possible owing to components such as NFC Tag ICs.
This is one of the prime factors driving the adoption of NFC technology, which is also expected to drive the adoption of NFC Tag ICs. In addition, the increasing penetration of smartphones across the world is another factor driving the NFC Tag ICs market.
However, the availability of alternatives to NFC Tag ICs is among the factors that are likely to hamper the growth of the NFC Tag ICs market. These alternatives include mobile wallets, cards, etc., and they provide better security and the cost of these services is lower that of NFC. This is likely to have a negative impact on the NFC market, and, in turn, restrain the growth of the NFC Tag ICs market.
Market Competition
Some of the prominent companies operating in the global NFC tag ICs market include
- Mstar Semiconductor Inc.,
- Panasonic Corporation,
- Qualcomm Inc.,
- STMicroelectronics,
- Nokia Corporation,
- NXP Semiconductors,
- MediaTek Inc.,
- Broadcom Inc.,
- Sony Corp., and
- Identive among others.
The majority of the leading players in the market are striving to provide NFC-enabled contactless payments and a similar other range of applications to help customers enhance their workflow. The increasing popularity of novel uses of NFC, including NFC-enabled smart sensors, smart cars, and smart posters among the technically inclined and young customers is also expected to create new growth opportunities for key players in the market.
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NFC Tag ICs Market: Regional Overview
On the basis of geography, the NFC Tag ICs market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, SEA & other APAC, Japan and Middle East & Africa. Among the various regions, the Western Europe NFC Tag ICs market is estimated to be a prominent market in terms of value, and the U.K. & Germany NFC Tag ICs markets are expected to be the most attractive markets.
Moreover, the NFC Tag ICs market in Japan and North America is expected to register significant growth due to the presence of tier-1 manufacturers in Japan and an increase in the number of smartphones that are enabled with NFC Tag ICs in North America.
Key Segments Profiled in the NFC Tag ICs Industry Survey
By Memory:
- High (More than 10000 Bytes)
- Medium (1000 to 10000 Bytes)
- Low (Less than 1000 Bytes)
By Connection:
- People-To-People (Peer-to-Peer)
- People-To-Devices (Device Pairing)
By Application:
- Smart Posters
- Payment
- Marketing
- Information
- Content
- Social Networking
- Gaming
- Validation
By Industry:
- BFSI
- Media & Entertainment
- Retail
- Hospitality
- Healthcare
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East and Africa
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