Global NFC Chips Market: Growing Adoption Of NFC Technology In Smart Phones And Smart Cameras Is Slated To Fuel The Growth
The world NFC Chips market is prophesized to grow well owing to soaring demand of Near-Field Communication (NFC) chips in consumer electronics. NFC chips are widely considered versatile and convenient. Furthermore, NFC chips render high security and thus are in high demand as there is a growing demand for secure transactions across the globe.
The report anticipates that the global NFC Chips market to be suitably segregated as application, by storage capacity, by end user and by geography. The category of smartphones that comes under the segment of end user is expected to gain momentum and spearhead the market with its phenomenal penetration across the globe.
The analysts of this report have included a detailed analysis of the world NFC Chips market together with substantial focus on the competitive matrix of the market. Each of the geographic segments of the market has been thoroughly studied and assessed to divulge opportunities that had remained undisclosed so far and growth prospects that are very likely to emerge in the forthcoming years.
Global NFC Chips Market: Trends and Prospects
The world NFC Chips market is predicted to gain impetus and experience substantial market growth due to a significant rise usage of consumer electronics and soaring disposable income of the people.
There is an increasing need of secure transactions over the internet and NFC chips cater to that need. It requires PIN but it does not furnish the retailers with information pertaining to the credit card and its users and thus is considered highly secured. Besides, the usage of NFC is free from any kind of hassle and comes with an ease of use. It is used widely across many applications like for rendering authentication to information as and when needed, for sharing of information and for contactless payments. As such, for obvious reasons, NFC chips are seen replacing various short range technologies of communication such as Bluetooth technology. The increasing adoption of NFC technology in smart devices like cameras, mobile phones is likely to drive the demand for NFC chips market.
As we all make a stride towards cashless society, there is a soaring adoption for online payments which further fuels the demand for NFC chips. These chips finds usage across a wide range of industries from medical to automotive to consumer electronics to retail and so on. With demand across so many industries, the market is poised for very high growth.
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Despite some retraining factors such as threats of substitutes as there is constant innovation and upgardation in the technology field, the market is poised for substantial growth. The category of smartphones that come under the segment of application is predicted to lead the market.
Global NFC Chips Market: Geographical Evaluation
So far as regional dominance is taken into consideration, North America is the leader of the market for NFC Chips and is foreseen to remain so over the forecast period that stretches from 2016 to 2024. Much of the growth of North America is attributed to the prevalence of partnership between various enterprises and banks. Furthermore, launch of various products such as peer to peer modes, card emulation standards, and NFC reader modes are all contributing towards the surging demand for NFC chips in North America. Despite such growth in North America, the region of Asia Pacific is estimated to expand at a very high CAGR rate owing to the burgeoning demand of smart phones and increased disposable income.
The report also offers a study on other important regions of the international NFC Chips market, namely the Middle East and Africa (MEA), Latin America and Europe.
Global NFC Chips Market: Key Players
Some leading NFC Chips companies which are worth assessing and evaluating are AMS AG, STMicroelectronics, Qualcomm Inc., Texas Instrument, and Broadcom Corp. The analysis shares an all-inclusive insight of the basic characteristics and the nature of the market’s competitive landscape.