NFC Tag ICs Market

NFC Tag ICs Market Size

Global NFC Tag ICs Market is expected to exceed beyond 87.3 billion USD by 2032 from 18.55 billion USD in 2021, growing at a CAGR of 15.1% during the forecast period i.e., from 2022-2032.

NFC refers to Near-Field Communication and NFC chip or chipset is a silicon component or IC (Integrated Circuit) that can be utilized in various ways, based on the targeted application. Near-Field Communication (NFC) tag consists of an IC tag chip and an antenna. NFC tags generally don’t require batteries for communication with NFC readers. NFC technology even allow communication without contact between payment card and a payment terminal, between two electronic devices and even a smartphone and a consumer product. NFC chips are present within each component of the system which makes the communication wireless contact. a banking card can be set within NFC chip & payment terminal/ in passport, where used for data storage.

Market Highlights

Global NFC Tag ICs Market is expected to project a CAGR of 15.1% in 2032

Global NFC Tag ICs Market is expected to exceed beyond 87.3 billion USD by 2032 from 18.55 billion USD in 2021, growing at a CAGR of 15.1% during the forecast period i.e., from 2022-2032. An NFC communication system includes two parts, an NFC reader chip and a tag. The NFC reader chip is active part as it reads the information before triggering a response and assists in providing power by sending NFC commands to the other parts of system, the NFC tag. A swift digital and economic development is expected to increase the investments by manufacturers in digital innovation and is expected to dominate the sales of the Global NFC Tag ICs market.

Global NFC Tag ICs Market: Segments

People-To-Devices (Device Pairing) segment is expected to grow with a higher CAGR during 2022-32

Global NFC Tag ICs Market is classified based on the Connection into ??People-To-People (Peer-to-Peer), ??People-To-Devices (Device Pairing). People-To-Devices (Device Pairing) segment is expected to dominate the market with the largest market share in the forecast period owing to the increasing usage of smart devices and smart wearables by people which need the connection to be set into the devices which is expected to boost the growth of market.

High segment is expected to grow with a higher CAGR during 2022-32

Global NFC Tag ICs Market is classified based on the Memory into High (More than 10000 Bytes), Medium (1000 to 10000 Bytes), Low (Less than 1000 Bytes). High segment is expected to dominate the market with the largest market share in the forecast period. High segment expected to grow due to the increased usage of the smart devices and the memory used for storage.

Market Dynamics                                                      

Growth Drivers

Growing popularity of NFC is driving the market growth

Key players are aiming to provide NFC-enabled contactless payments and other new applications to help customers increase their workflow. The rising popularity of novel uses of NFC like smartphones, NFC-enabled smart sensors, posters, cars etc. along with the young people using are expected to create demand for key players and boost the growth of the market. Key players are focusing on improving customer experience by providing novel features which is expected to boost the global NFC tag ICs market growth in the forecast period.

Increasing applications of NFC is driving the market growth

NFC tags make the accessibility of venue and ticket delivery easy and is utilized in various locations like theaters, halls, stadiums etc. They are also used in the smart devices like phones, Increasing usage of NFC-enabled smartphones, cars etc. Increasing wearable technology and rising use of smartphones is expected to increase the growth of market.

Restraint

High consumption of power might restrain the market growth

The power consumption in NFC is high which may hamper the demand in market. The low data transfer rates provided by the device and the operational distance is small which might restrain the market growth. Hacking activities in the market may restrain the market growth. Lack of technological awareness on NFC Tag ICs may also restrain the market growth

Recent Developments

• In June 2022, SwitchBot, a cost-effective smart home manufacturer introduced its new lock that converts regular lock into smart locks using NFC readers, which also contains fingerprint scanner, weatherproof smart keypad and KeyPad Touch.

Global NFC Tag ICs Market:

Key Players

• Qualcomm Inc

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Sony Corp
• Nokia Corporation
• Panasonic Corporation
• MediaTek Inc
• Mstar Semiconductor Inc.
• STMicroelectronics
• Broadcom Inc.
• NXP Semiconductors
• Identiv
• Other Prominent Players

Global NFC Tag ICs Market: Regions

Global NFC Tag ICs Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America had the highest market share in the year 2021 and is also expected to dominate the same in the forecast period owing to the extensive expansion of retail sector and increasing use of NFC tag by retailers which is expected to boost the growth of the market. The presence of key players in the region also contributes to the growth of the market in the region.

Impact of Covid-19 on Global NFC Tag ICs Market

The outbreak of the COVID-19 pandemic has resulted in the economic slowdown across the world. Several countries had imposed lockdown and restricted travelling to control the spread of coronavirus. Several industries had to be shut down due to the the pandemic and it also had a negative impact on the growth of Global NFC Tag ICs market.

 Global NFC Tag ICs Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Global NFC Tag ICs Market report also contains analysis

Global NFC Tag ICs Market Segments:

• 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
  • Transportation
  • Hospitality
  • Healthcare
  • Automotive
  • Others
• Global NFC Tag ICs Market Dynamics
• Global NFC Tag ICs Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Global NFC Tag ICs Market Report Scope and Segmentation

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