Advancements in NFC Technology, High Demand for Contactless Payment Due to COVID-19 Pandemic to Support Growth of NFC Chips Market, Says TMR

ALBANY, N.Y., Aug. 3, 2021 /PRNewswire/ --

NFC Chips Market: Growth Summary

Communications technology has observed considerable advancements over the years. Various inventions such as Near Field Communication (NFC) chips have changed how some industries operated years ago. Used as a standard application on numerous smartphones and devices, NFC has emerged as a powerful tool that enhances and complements the performance and value of consumer electronics devices. These chips enhance User Experience (UX), thus increasingtheir demand exponentially.

The NFC technology refers to the contactless communication technology based on a radio frequency field. This technology is specifically designed for seamless data exchange between two devices through a simple touch. NFC chips are generally used in various end-use industriessuch as medical, consumer electronics, aviation, retail, automotive, etc. They have a storage capacity ranging from 64 bytes to 540 bytes. The expanding usage of NFC chips in numerous applications will serve as a key revenue generator for the market.

Transparency Market Research (TMR) has analyzed different growth aspects associated with the NFC chips market. According to the analysts at TMR, the NFC chips market is expected to expand at a CAGR of 8.49% during the forecast period. The market insights on NFC chips estimate it to be valued at US$ 2.88 Bn by 2030.

The rising disposable income of many individuals around the globe has led to an increase in the demand for consumer electronics such as cameras, refrigerators, televisions, washing machines, etc. As these electronics use NFC chips on a large scale, the global market is expected to observe positive growth trend. In addition, the growing popularity of smartphones will also drive the NFC chips market. According to Information Handling Services (IHS) Markit data, two billion NFC-enabled devices such as smartphones are in use today. These statistics help in understanding the growing use of NFC chips.

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Key Findings of the Report

Cosmetics and Personal Care Products to Propel Global Market

Personal care and cosmetics sector are utilizing NFC tags on a massive scale. The use of these tags will shape the growth of the NFC chips market in the near future. This is because the COVID-19 pandemic has enhanced the sales of personal care products and cosmetics massively as many people are focusing on home skincare due to the strict stay-at-home orders.

Manufacturers in the personal care industry are adding cryptography-enabled, highly secure NFC tags for providing quick information about the products to the customers. This assures better brand transparency and accountability, thus contributing to the growth of the NFC chips market.

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NFC Payment Applications to Accelerate Market Growth

Even before the pandemic, contactless payments were gaining traction in some areas. Now, government bodies of numerous countries are encouraging the transition to a cashless economy through mobile wallet payments, Internet banking, and mobile banking. For instance, the Government of India launched the Digital India Program with the vision to transform India into a digitally empowered society. As NFC chips are the prime component for enabling contactless payments, they will witness exponential growth.

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NFC Chips Market: Key Growth Drivers

• Significant rise in the adoption of connected technologies across the automotive sector to drive NFC chips market
• NFC chips are better in terms of security and reliability as compared to other technologies. This factor is anticipated to fuel the growth of the NFC chips market.

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About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

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