Near field communication (NFC) chips market size to grow at a CAGR of 12.78% by 2027; Market is driven by the increased adoption of contactless payments - Technavio

NEW YORK, Feb. 16, 2023 /PRNewswire/ -- According to Technavio, the

global near field communication (NFC) chips market

size is estimated to grow by

USD 3,083.48 million

from 2022 to 2027. The market is estimated to grow at a

CAGR of 12.78%

during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 2,594.55 million. APAC will account for 63% of the market growth during the forecast period.

For more Insights on market size Request a sample report

Near field communication (NFC) chips market - Five Forces
The global NFC chips market is fragmented, and the five forces analysis covers– 

• Bargaining Power of Buyers 
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
• Threat of Substitutes
• Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Near field communication (NFC) chips market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Near field communication (NFC) chips market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on type (non-auxiliary and auxiliary), product (smartphones, smart wearables, POS terminals, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The market growth in the non-auxiliary segment will be significant during the forecast period. The segment is majorly driven by the growing demand for contactless POS terminals across the retail sector. In addition, the rising demand for smartphones will fuel the growth of the segment during the forecast period.

Geography Overview
By geography, the global near field communication (NFC) chips market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global near field communication (NFC) chips market.

• APAC will account for 63% of the market growth during the forecast period. The region home to some of the popular OEMs such as Huawei Technologies, Lenovo, LG Electronics, Newland Payment Technology, OPPO, OnePlus, Pax, Sony, and Samsung Electronics. In addition, the increasing availability of smartphones with high-end features, at competitive prices is fostering the growth of the regional market.

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Near field communication (NFC) chips market – Market Dynamics

Key factor driving market growth

• The market is driven by the increased adoption of contactless payments.
• The adoption of contactless payment technologies has reduced the customer time taken to make the payment and eventually the waiting time in a queue.
• With contactless payment options, customers can simply tap their cards near POS terminals or place their NFC-enabled smartphones near the terminals to make payments.
• The rising use of mobile wallets such as Apple Pay and Samsung Pay has also contributed to the increased adoption of contactless payments.
• The growing adoption of contactless payment and the increasing use of contactless cards and mobile payments will increase the demand for NFC card readers, thereby driving the growth of the market in focus.

Leading trends influencing the market 

• The increasing demand for smart parking is a key trend in the market.
• Rapid urbanization and rising disposable income in emerging countries have increased the number of cars sold worldwide.
• The increased density of vehicles on the road is leading to traffic congestion and difficulty in finding parking slots.
• Traffic management operators and parking service providers are implementing NFC-enabled smart parking solutions.
• These solutions require users to tap their NFC-enabled device at the NFC reader or the access control system to gain access to parking spaces.
• The access controls present in the entry points are integrated with chips such as NFC ICs, Bluetooth ICs, and wireless ICs. Therefore, the increasing demand for smart parking will positively influence the growth of the market during the forecast period.

Major challenges hindering market growth

• The low awareness of NFC technology is a major challenge in the market.
• A majority of the population, especially in developing regions are less aware of the benefits of using NFC technology.
• Most consumers in developing regions such as China and India are price-sensitive and thus prefer buying low-priced and medium-priced smartphones.
• This compels major smartphone manufacturers to reduce the use of NFC chips in their products to keep costs low.
• This is reducing the growth potential in the market.

Driver, trend, and challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this near field communication (NFC) chips market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the near field communication (NFC) chips market between 2023 and 2027
• Precise estimation of the size of the near field communication (NFC) chips market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the near field communication (NFC) chips market industry across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of near field communication (NFC) chips market vendors

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Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global near field communication (NFC) chips market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global near field communication (NFC) chips market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Non-auxiliary - Market size and forecast 2022-2027
• Exhibit 34: Chart on Non-auxiliary - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Non-auxiliary - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Non-auxiliary - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Non-auxiliary - Year-over-year growth 2022-2027 (%)

• 6.4 Auxiliary - Market size and forecast 2022-2027
• Exhibit 38: Chart on Auxiliary - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Auxiliary - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Auxiliary - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Auxiliary - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)

7 Market Segmentation by Product

• 7.1 Market segments 
• Exhibit 43: Chart on Product - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 45: Chart on Comparison by Product
• Exhibit 46: Data Table on Comparison by Product

• 7.3 Smartphones - Market size and forecast 2022-2027
• Exhibit 47: Chart on Smartphones - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Smartphones - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Smartphones - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Smartphones - Year-over-year growth 2022-2027 (%)

• 7.4 Smart wearables - Market size and forecast 2022-2027
• Exhibit 51: Chart on Smart wearables - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Smart wearables - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Smart wearables - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Smart wearables - Year-over-year growth 2022-2027 (%)

• 7.5 POS terminals - Market size and forecast 2022-2027
• Exhibit 55: Chart on POS terminals - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on POS terminals - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on POS terminals - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on POS terminals - Year-over-year growth 2022-2027 (%)

• 7.6 Others - Market size and forecast 2022-2027
• Exhibit 59: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Product 
• Exhibit 63: Market opportunity by Product ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027
• Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 South Korea - Market size and forecast 2022-2027
• Exhibit 97: Chart on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on South Korea - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027
• Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 Canada - Market size and forecast 2022-2027
• Exhibit 105: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 Broadcom Inc. 
• Exhibit 116: Broadcom Inc. - Overview
• Exhibit 117: Broadcom Inc. - Business segments
• Exhibit 118: Broadcom Inc. - Key news
• Exhibit 119: Broadcom Inc. - Key offerings
• Exhibit 120: Broadcom Inc. - Segment focus

• 12.4 EM Microelectronic Marin SA 
• Exhibit 121: EM Microelectronic Marin SA - Overview
• Exhibit 122: EM Microelectronic Marin SA - Product / Service
• Exhibit 123: EM Microelectronic Marin SA - Key offerings

• 12.5 HID Global Corp. 
• Exhibit 124: HID Global Corp. - Overview
• Exhibit 125: HID Global Corp. - Product / Service
• Exhibit 126: HID Global Corp. - Key news
• Exhibit 127: HID Global Corp. - Key offerings

• 12.6 Identiv Inc. 
• Exhibit 128: Identiv Inc. - Overview
• Exhibit 129: Identiv Inc. - Business segments
• Exhibit 130: Identiv Inc. - Key offerings
• Exhibit 131: Identiv Inc. - Segment focus

• 12.7 Intel Corp. 
• Exhibit 132: Intel Corp. - Overview
• Exhibit 133: Intel Corp. - Business segments
• Exhibit 134: Intel Corp. - Key news
• Exhibit 135: Intel Corp. - Key offerings
• Exhibit 136: Intel Corp. - Segment focus

• 12.8 MagTek Inc. 
• Exhibit 137: MagTek Inc. - Overview
• Exhibit 138: MagTek Inc. - Product / Service
• Exhibit 139: MagTek Inc. - Key offerings

• 12.9 MediaTek Inc. 
• Exhibit 140: MediaTek Inc. - Overview
• Exhibit 141: MediaTek Inc. - Product / Service
• Exhibit 142: MediaTek Inc. - Key news
• Exhibit 143: MediaTek Inc. - Key offerings

• 12.10 Murata Manufacturing Co. Ltd. 
• Exhibit 144: Murata Manufacturing Co. Ltd. - Overview
• Exhibit 145: Murata Manufacturing Co. Ltd. - Business segments
• Exhibit 146: Murata Manufacturing Co. Ltd. - Key news
• Exhibit 147: Murata Manufacturing Co. Ltd. - Key offerings
• Exhibit 148: Murata Manufacturing Co. Ltd. - Segment focus

• 12.11 Nordic Semiconductor ASA 
• Exhibit 149: Nordic Semiconductor ASA - Overview
• Exhibit 150: Nordic Semiconductor ASA - Product / Service
• Exhibit 151: Nordic Semiconductor ASA - Key offerings

• 12.12 NXP Semiconductors NV 
• Exhibit 152: NXP Semiconductors NV - Overview
• Exhibit 153: NXP Semiconductors NV - Product / Service
• Exhibit 154: NXP Semiconductors NV - Key news
• Exhibit 155: NXP Semiconductors NV - Key offerings

• 12.13 Qualcomm Inc. 
• Exhibit 156: Qualcomm Inc. - Overview
• Exhibit 157: Qualcomm Inc. - Business segments
• Exhibit 158: Qualcomm Inc. - Key news
• Exhibit 159: Qualcomm Inc. - Key offerings
• Exhibit 160: Qualcomm Inc. - Segment focus

• 12.14 STMicroelectronics NV 
• Exhibit 161: STMicroelectronics NV - Overview
• Exhibit 162: STMicroelectronics NV - Business segments
• Exhibit 163: STMicroelectronics NV - Key news
• Exhibit 164: STMicroelectronics NV - Key offerings
• Exhibit 165: STMicroelectronics NV - Segment focus

• 12.15 Texas Instruments Inc. 
• Exhibit 166: Texas Instruments Inc. - Overview
• Exhibit 167: Texas Instruments Inc. - Business segments
• Exhibit 168: Texas Instruments Inc. - Key news
• Exhibit 169: Texas Instruments Inc. - Key offerings
• Exhibit 170: Texas Instruments Inc. - Segment focus

• 12.16 Thales 
• Exhibit 171: Thales - Overview
• Exhibit 172: Thales - Business segments
• Exhibit 173: Thales - Key offerings
• Exhibit 174: Thales - Segment focus

• 12.17 Verimatrix Inc. 
• Exhibit 175: Verimatrix Inc. - Overview
• Exhibit 176: Verimatrix Inc. - Product / Service
• Exhibit 177: Verimatrix Inc. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 178: Inclusions checklist
• Exhibit 179: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 180: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 181: Research methodology
• Exhibit 182: Validation techniques employed for market sizing
• Exhibit 183: Information sources

• 13.5 List of abbreviations 
• Exhibit 184: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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