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NFC Tag ICs Market: 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) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 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.
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.
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: SegmentsPeople-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 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.
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
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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.
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Report Attribute |
Details |
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Market size value in 2021 |
USD 18.55 billion |
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Revenue forecast in 2032 |
USD 87.3 billion |
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Growth Rate |
CAGR of 15.1 % from 2022 to 2032 |
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Base year for estimation |
2021 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Memory, Connection, Application, Industry and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Qualcomm Inc., Sony Corp, Nokia Corporation, Panasonic Corporation, MediaTek Inc, Mstar Semiconductor Inc., STMicroelectronics, Broadcom Inc., NXP Semi-conductors, Identiv and Other Prominent Players |
Global NFC Tag ICs Market size was estimated at USD 18.55 billion in 2021 and is expected to reach USD 87.3 billion in 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.
People-To-Devices (Device Pairing) and High segment accounted for the largest Global NFC Tag ICs Market share.
Key players: Qualcomm Inc., Sony Corp, Nokia Corporation, Panasonic Corporation, MediaTek Inc, Mstar Semiconductor Inc., STMicroelectronics, Broadcom Inc., NXP Semiconductors, Identiv and Other Prominent Players are the key players in the Global NFC Tag ICs Market.
Growing popularity of NFC and Increasing applications of NFC are the factors driving the Global NFC Tag ICs Market.
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