Report : Europe NFC Chip Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Active and Passive), Storage Capacity (64 Bytes, 180 Bytes, 540 Bytes, and Others), and End User (Consumer Electronics, Automotive, Healthcare, Retail, Medical, and Others)
The consumer electronics segment by end user is estimated to lead the market growth during the forecast period.
According to a new market research study of “Europe NFC Chips Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Instrument Type, Storage Capacity, End User and Country.” The Europe NFC chip market is expected to reach US$ 6197.94 million by 2028 from an estimated value of US$ 2503.16 million in 2021. It is estimated to grow at a CAGR of 11.4% from 2021 to 2028.The report highlights trends prevailing in the Europe NFC chip market and the factors driving market along with those that act as hindrances.
Contactless payment means that individuals can make payments using the point of sale (PoS) system without swiping or inserting their wallets by simply waving their phones at a PoS terminal. Often referred to as NFC technology, it makes it possible for devices to interact within a 4 cm radius. These transactions can be completed using certificates, tags, or even stickers. This is boosting the uptake of contactless payment across both developed and developing countries, such as the UK, Germany, and France.
The UK (64%) has been witnessing higher adoption of contactless payment among other European countries, which is fueling the uptake of NFC POS systems across retail outlets to offer a variety of payment options to the customers. Thus, these factors are influencing the market's growth substantially. For example, Paytm, a digital payments startup, announced its "Paytm Smart POS" for Android phones in March 2021, which allows businesses to take near field communication (NFC)-based credit and debit card payments using smartphones.
Based on storage capacity, the Europe NFC chip market is segmented as 64 Bytes, 168 Bytes, 180 Bytes, and 540 Bytes. Based on type, the Europe NFC chip market is segmented as active and passive. Based on end user, the Europe NFC chip market is segmented consumer electronics, automotive, retail, healthcare, and others. Geographically, the Europe NFC chip market is sub-segmented into Germany, France, Italy, UK, Russia and Rest of Europe.
Broadcom Inc., INFINEON TECHNOLOGIES AG, Identiv, Inc., Toshiba Corporation, Intel Corporation, NXP Semiconductors, Samsung Electronics Co., Ltd., Qualcomm Technologies, Inc., STMicroelectronics and Texas Instruments Incorporated are among the leading companies operating in the Europe NFC chip market.
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