NFC Chip Market Trends Shows a Steady CAGR Growth to 2024
The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with major drivers, challenges and opportunities in the Global NFC Chips market. Additionally, the report also highlights market entry strategies for various companies across the globe.
Healthcare is another sector that is expected to up the growth rate of NFC chips market in the coming years, owing to the adaptation of NFC based technology in medical activities and patient monitoring. The growing need and significance around tracking and marking patient details will boost market growth. This technology primarily helps the sector with scanning tags and other details related to patient’s visits or medications, which then aids doctors and other healthcare professionals perform their tasks and maintain patient details more proficiently.
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The competitive landscape of NFC chips market includes key players like Barclays, Marvell Technology Group Ltd, Sony Corporation, Giesecke & Devrient GmbH, Apple Inc, Samsung Electronics, Verifone Systems, Qualcomm, Texas Instruments Inc, Medi Tek Inc, Toshiba Corporations among many others. These firms are striving to suffice the need for contactless payments and the ease in carrying out this feature, further propelling the growth rate of NFC chips market in the future.
The NFC chip market is estimated to witness substantial growth over the span of 2018 to 2024. The rise in applications that utilize these short-range wireless chips in consumer electronics and smart appliances, will increase the demand for NFC chips during the forecast period. Lately, the addition of this technology into smartphones has enabled the use of online payment services, which gives consumers the convenience of digitizing their wallets, while OS developers are coming up with their own application for this functionality.
The lack of awareness about the benefits of the technology and its applications is repressing the growth of NFC chips market. The integration of these chips into devices followed by the development of compatible applications to support its respective payment mode is estimated to make users aware of the technology in the NFC chips market. The complexity surrounding design and technical challenges in integration faced by developers are factors that can hamper the growth of NFC chips market during the estimated period.
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Over the last few years, several sectors have emerged as adaptors of digitized payment methods, one of them being the retail sector where the demand for digitized payment technology is rapidly increasing. Owing to the rapid growth of malls, retail and convenient stores, it is easier for retailers to adopt contactless payment services in order to save time and cost. Moreover, this medium will make shopping faster and easier for customers and help retailers serve them more efficiently. The increasing need for swift transactions at retail stores will push the demand for devices in the NFC chips market during the forecast timeframe.
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