Report : North America 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 “North America NFC Chips Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Instrument Type, Storage Capacity, End User and Country.” The North America NFC chip market is expected to reach US$ 6197.94 million by 2028 from an estimated value of US$ 3156.81 million in 2021. It is estimated to rise at a CAGR of 10.1% from 2021 to 2028. The report highlights trends prevailing in the North America NFC chip market and the factors driving market along with those that act as hindrances.
Smartphones have become an integral component of the lives of today's consumers. Consumers are using their cell phones to make quicker and faster payments in addition to traditional ways of communication. NFC is a handy means of payment since it combines a consumer's mobile device with their wallet. It allows users to conduct mobile transactions, trade digital material quickly, and link their devices to other devices by touch. As a result, the number of devices equipped with NFC technology is growing. This helps the expansion and popularity of NFC technology in emerging markets.
NFC chips make user interfaces easier to use, making them more practical in consumer products. Smartphone manufacturers, such as Apple and Samsung, include NFC chips in their handsets, resulting in increased demand for NFC chips among mobile phone manufacturers. NFC chips are used in consumer electrical devices, such as speakers, televisions, cameras, refrigerators, washing machines, and smartphones.
Furthermore, the adoption of digitalization and enhanced communication technologies is driving NFC chip demand. For example, Android Beam is a function present in every NFC-enabled Android smartphone. Users may exchange media and contacts with another Android smartphone by merely keeping their phones close. As NFC takes less power to operate and can occasionally work without electricity, it is a convenient way to share digital files.
NFC also operates in a peer-to-peer mode, apart from mobile payments and the smart distribution of information. It enables two smartphones to exchange contacts, calendar activities, website links, images, and even video clips, similar to Bluetooth and Wi-Fi. Retail owners and business partners can maximize the functionality in the following ways:
• Exchanging papers, deals, and plans for companies
• Participating in fast meetings, exchanging media files and advertisement paraphernalia
• Passing funds to one another using a mobile device
Given these characteristics, near-field communication is a promising exchange and trade solution. Small retail businesses would improve their profits by offering their customers smooth and more accessible transactions.
Based on storage capacity, the North America NFC chip market is segmented as 64 Bytes, 168 Bytes, 180 Bytes, and 540 Bytes. Based on type, the North America NFC chip market is segmented as active and passive. Based on end user, the North America NFC chip market is segmented consumer electronics, automotive, retail, healthcare, and others. Geographically, the North America NFC chip market is sub-segmented into U.S, Canada and Mexico.
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 North America NFC chip market.
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