The market's growth is due to the proliferation of NFC-based smartphones and the rising demand for contactless payment. However, short operational range and security concerns are expected to restrict the market growth during the forecast period.
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.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2503.16 Million |
| Market Size by 2028 | US$ 6197.94 Million |
| CAGR (2021 - 2028) | 11.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe NFC Chip Market is valued at US$ 2503.16 Million in 2021, it is projected to reach US$ 6197.94 Million by 2028.
As per our report Europe NFC Chip Market, the market size is valued at US$ 2503.16 Million in 2021, projecting it to reach US$ 6197.94 Million by 2028. This translates to a CAGR of approximately 11.4% during the forecast period.
The Europe NFC Chip Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe NFC Chip Market report:
The Europe NFC Chip Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe NFC Chip Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe NFC Chip Market value chain can benefit from the information contained in a comprehensive market report.
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