The market for NFC reader ICs was valued at about US$ 18 billion globally in 2021, and it is anticipated to reach US$ 50 billion by 2032. Additionally, due to growing demand for NFC reader ICs from a variety of industries, including BFSI, healthcare, and media & entertainment, the global market for NFC reader ICs is expected to grow at an excellent CAGR of 14.5 percent between 2022 and 2032.
The high preference for payment applications over card transactions has resulted in the emergence of the Near Field Communication or NFC technology. NFC reader ICs are the most important components for the effective functioning of the NFC technology. They are the active components in NFC transactions and can interact with NFC phones, read & write cards and tags, and enable communication between devices.
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NFC Reader ICs Market: Drivers and Challenges
One of the major factors driving the NFC reader ICs market is the speedy and secure sharing of data. As the efficiency of FC reader ICs is increasing, the speed and security-related parameters of the NFC technology is also improving.
This has increased the market for NFC and has been a major driver of the NFC reader ICs market for the usage of these components in different applications. Another driver of the NFC reader ICs market has been the increasing penetration of smartphones.
Smartphones have become an important part of the lifestyle of consumers, and NFC can be enabled in these devices with the integration of NFC reader ICs. Hence, an increase in the penetration of the smartphones market in different regions is proportionally boosting the NFC reader ICs markets in the same regions.
However, the availability of alternatives of NFC reader ICs in the market is among the factors restraining the market. Some of the alternatives of NFC reader ICs are UPI systems in India and mobile wallets, which offer better security as well a lower cost as compared to the NFC technology, and this is likely to hamper the growth of NFCs and ultimately restrain the growth of the NFC reader ICs market.
NFC Reader ICs Market: Key Players
- STMicroelectronics
- NXP Semiconductors
- Texas Instruments Incorporated
- Broadcom Inc.
- Qualcomm Inc.
- Marvell Technology Group Ltd.
- Mstar Semiconductor Inc.
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NFC Reader ICs Market: Regional Overview
On the basis of geography, the NFC reader ICs market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, SEA & other APAC, Japan and Middle East & Africa. Among various regions, the Western Europe NFC reader ICs market has been a prominent market in terms of value, followed by the U.K. and Germany.
Moreover, the NFC reader ICs market in North America is expected to be growing at the fastest rate due to an increase in the number of users of smartphones that are enabled with NFC reader ICs in the region. The NFC reader ICs market in Western Europe and North America is expected to be followed by the China and Japan NFC reader ICs markets.
Since the maximum number of manufacturers of NFC reader ICs are based in North America and Western Europe, the NFC reader ICs market is expected to gain traction in these regions throughout the forecast period.
This can be attributed to the low presence or absence of manufacturers of the same in other regions. The NFC reader ICs market in North America and Western Europe is expected to account for more than 50% of the total NFC reader ICs market.
The report covers exhaustive analysis on:
- NFC Reader ICs Market Segments
- NFC Reader ICs Market Dynamics
- Historical Actual Market Size, 2012 – 2016
- NFC Reader ICs Market Size & Forecast 2017 To 2027
- Supply & Demand Value Chain
- NFC Reader ICs Market Current Trends/Issues/Challenges
- Competition & Companies involved
- NFC Reader ICs Market Value Chain
- NFC Reader ICs Market Drivers and Restraints
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Regional analysis for NFC Reader ICs Market includes
- North America Market
- Latin America Market
- Western Europe Market
- Eastern Europe Market
- SEA and other APAC
- Japan
- China
- Middle East and Africa Market
Key Segments Profiled in the NFC Reader ICs Industry Survey
By NFC Functionality:
- Full NFC
- ISO/IEC 15693
- ISO/IEC 14443 Type A
- ISO/IEC 14443 Type A+B
By Host Interface:
- I2C and SPI
- SPI
- UART, I2C and SPI
- USB and UART
By Application:
- Access
- Consumer
- Metering
- Payment
- Gaming
By End User:
- BFSI
- Media & Entertainment
- Hospitality
- Healthcare
- Others
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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