The market for NFC tag ICs is anticipated to increase steadily over the projected period, with a CAGR of 14.9%, to reach US$ 19.2 Bn in 2022. (2022-2032). The market will be driven by customers’ growing desire to interact, transact, and share digital material through a variety of electronic devices.
As payment platforms and technologies have gained significant traction in the recent past, NFC technology is among the technologies that are expected to witness growth in the coming years, owing to which the components required for this technology are evolving in a similar manner. NFC Tag ICs are among the components of NFC technology, which are evolving in line with the growth of NFC technology. NFC Tag ICs are mostly embedded in smart posters.
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NFC Tag ICs Market: Drivers and Challenges
Among the many drivers of the NFC Tag ICs market, one of the major factors is that in case of NFC, the power is in the hands of customers. Unlike other mobile applications, wallets, etc., which bombard customers with unsolicited advertising, annoying pop-ups and other intrusions & distractions, NFC is a technology that provides users greater control over their interactions, which is possible owing to components such as NFC Tag ICs.
This is one of the prime factors driving the adoption of NFC technology, which is also expected to drive the adoption of NFC Tag ICs. In addition, the increasing penetration of smartphones across the world is another factor driving the NFC Tag ICs market.
However, the availability of alternatives to NFC Tag ICs is among the factors that are likely to hamper the growth of the NFC Tag ICs market. These alternatives include mobile wallets, cards, etc., and they provide better security and the cost of these services is lower that of NFC. This is likely to have a negative impact on the NFC market, and, in turn, restrain the growth of the NFC Tag ICs market.
NFC Tag ICs Market: Key Players
Some of the key players of the NFC Tag ICs market are: NXP Semiconductors, STMicroelectronics and Panasonic Corporation, and some of the potential manufacturers that are likely to enter the NFC Tag ICs market are Broadcom Inc., Qualcomm Inc., Nokia Corporation, Identive, Sony Corp., Mstar Semiconductor Inc. and MediaTek Inc., among others.
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NFC Tag ICs Market: Regional Overview
On the basis of geography, the NFC Tag ICs market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, SEA & other APAC, Japan and Middle East & Africa. Among the various regions, the Western Europe NFC Tag ICs market is estimated to be a prominent market in terms of value, and the U.K. & Germany NFC Tag ICs markets are expected to be the most attractive markets.
Moreover, the NFC Tag ICs market in Japan and North America is expected to register significant growth due to the presence of tier-1 manufacturers in Japan and an increase in the number of smartphones that are enabled with NFC Tag ICs in North America.
The NFC Tag ICs market in Western Europe and North America is expected to be followed by the China and Japan NFC Tag ICs markets. Furthermore, as most of the NFC Tag ICs manufacturers operate from North America and Western Europe, and the major operators are based in Japan, the NFC Tag ICs market is expected to gain traction in these regions throughout the forecast period.
This can be attributed to the low presence or absence of manufacturers of the same in other regions. The NFC Tag ICs market in North America, Japan and Western Europe is expected to account for more than 50% of the overall NFC Tag ICs market.
NFC Tag ICs Market Segments
- NFC Tag ICs Market Dynamics
- Historical Actual Market Size, 2013 – 2017
- NFC Tag ICs Market Size & Forecast 2018 To 2028
- Supply & Demand Value Chain
- NFC Tag ICs Market Current Trends/Issues/Challenges
- Competition & Companies involved
- NFC Tag ICs Market Value Chain
- NFC Tag ICs Market Drivers and Restraints