The NFC chip market was valued at $4.26 billion in 2017, and it is expected to reach $11.76 billion by registering a CAGR of 18.86% in 2023. NFC of near field communication is a wireless technology used to make life easier and convenient for the customers by allowing them to exchange transactions, digital content, and connection with different electronic devices. It is mainly applied in smartphones, tablets, laptops for data exchange. This technology is used for payment applications, marketing, and many other ticketings, gaming, identity & access, and mobile marketing.
The rapid technological developments in the world have increased the demand for NFC functions. Additionally, the retail sectors adopt the NFC transaction that saves the cost of the stores. Increasing mobile commerce trends are also boosting the growth of the NFC chip market. Further, smartphone users have been using NFC for transactions. The collaboration of mobile applications to enable the consumers to carry out business needs boosts the NFC chip market demand. The adoption of NFC chip market wearable has become an important aspect for increasing the market's growth as well. The market will show significant growth in the near future due to the high demand for NFC chips.
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Regional Analysis
The major regions in the NFC chip market are North America, Asia Pacific, Europe, and the rest of the world. Asia Pacific region will witness the highest growth during the forecast period owing to the increased adoption and awareness of NFC technology in the retail and transportation sector. Additionally, the high penetration of smartphones in big countries like China and India will drive the growth of the near-field communication market in this region. Additionally, the market will also show significant growth in the North American region due to economic development and strong key players. The European region will also witness growth in the market.
