The global NFC tag ICs market is estimated to reach USD 11,638.8 million in 2023, expanding at a CAGR of 15.7% from the forecast period 2023 to 2033. Moreover, the growing requirement for customers to exchange connections, transactions, and digital content via various electronic devices is expected to drive the industry.
According to the FMI report, the sales in the NFC tag integrated circuits (ICs) market are projected to reach a value of approximately USD 50,175.2 million by the year 2033. This growth is primarily driven by the rapid expansion of the digital economy, which is expected to motivate manufacturers to make substantial investments in digital advancements and transition towards automated business models.
One of the critical variables expected to boost the global NFC tag ICs market growth in the approaching decade is key manufacturers’ increased focus on improving customer experience. Furthermore, increased wearable technology usage and smartphone proliferation in both advanced and developing nations are likely to bode well for the worldwide market.
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The introduction of smartphones with NFC-based SOS functionality is also expected to boost growth. These capabilities allow users to scan their cell phones to send an SOS alert to someone engaged in an accident or in a critical situation, as well as offer the user’s medical records.
Companies are expected to incorporate NFC tag ICs on sealed medicinal packaging, allowing caretakers and doctors to check prescriptions and dose details via smartphones.
In terms of region, North America is expected to have a significant market share for NFC tag ICs in the approaching years. The swiftly growing popularity of the retail sector in the United States and Canada is expected to contribute to market development in the region.
“The NFC Tag ICs market continues to exhibit robust growth, driven by the increasing adoption of contactless payment systems, smart access control, and IoT applications. The demand for NFC Tag ICs is anticipated to surge in the coming years, with key players focusing on product innovations and strategic partnerships to gain a competitive edge in this burgeoning market segment. This research underscores the market’s potential for sustained expansion and innovation in the near future.”– says Future Market Insights.
Key Takeaways from the NFC Tag ICs Market Report:
- The market has grown at a CAGR of 13.6% during the last five years.
- Over the next few years, India is predicted to develop at a CAGR of 16.1%.
- North America dominated the global market, accounting for more than 27.4% of total sales.
- In 2022, the medium memory (1000 to 10000 bytes) segment accounted for 45.5% of the total market.
- China is predicted to develop at a 12.1% CAGR in the following years.
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Competitive Landscape:
The growing popularity of novel NFC applications, such as NFC-enabled smart sensors, smart automobiles, and smart posters among technically savvy and young clients, is likely to open up new growth prospects for market competitors. For example,
- Identiv, Inc. (NASDAQ: INVE), a global leader in digital safety and detection in the Internet of Things (IoT), disclosed in May 2023 the addition of novel STMicroelectronics (ST) near-field communication (NFC) tags in specific form aspects to its bitse.io IoT system for tag determining and launching brand experiences.
- In February 2023, STMicroelectronics hosted a webinar on the usage of NFC dynamic tags to simplify the process of incorporating novel IoT equipment into a current system in smart houses and other smart buildings.
Leading Key Players:
- Mstar Semiconductor Inc.
- Panasonic Corporation
- Qualcomm Inc.
- STMicroelectronics
- Nokia Corporation
- NXP Semiconductors
- MediaTek Inc.
- Broadcom Inc.
- Sony Corp.
- Identive
A more valuable insight into the NFC Tag ICs Market:
Future Market Insights, in its new offering, presents an unbiased analysis of the global NFC Tag ICs market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights 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) & region.
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NFC Tag ICs Market Segmentation:
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
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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