According to a report available from ReportBuyer, the global near field communication (NFC) chips market is expected to register a growth rate of over 7% by 2023. The increased penetration of smartphones is one of the key factors expected to foster this growth in the forthcoming years.
NFC-enabled smartphones are often being used for peer-to-peer communication and card emulator applications. Furthermore, the increasing application of NFC chips is encouraging OEMs for integrating NFC chips in their products. This will further drive the NFC chips market growth in the coming years.
Also one of the growth drivers of the global NFC chips market is the increasing adoption of contactless payments. The rising prevalence of contactless payment and the increasing use of contactless cards and mobile payments are expected to drive the demand for NFC card readers across POS terminals.
Yet the market is poised to face some challenges ahead too. One of the challenges in the growth of the global market is the low awareness of NFC technology. With the reducing adoption of NFC chips in key market segments, the barrier to the growth of the market will increase. This will affect the unit shipment of NFC chips.
The market appears to be moderately concentrated and with the presence of a few market players. Many smartphones OEMs are venturing into MST technology. ReportBuyer’s market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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