The global NFC tag ICs market is estimated to reach US$ 11,638.8 million in 2023, expanding at a CAGR of 15.7% from the forecast period 2023 to 2033. Moreover, the growing requirement for customers to exchange connections, transactions, and digital content via various electronic devices is expected to drive the industry.
According to the FMI report, the sales in the NFC tag integrated circuits (ICs) market are projected to reach a value of approximately US$ 50,175.2 million by the year 2033. This growth is primarily driven by the rapid expansion of the digital economy, which is expected to motivate manufacturers to make substantial investments in digital advancements and transition towards automated business models.
One of the critical variables expected to boost the global NFC tag ICs market growth in the approaching decade is key manufacturers’ increased focus on improving customer experience. Furthermore, increased wearable technology usage and smartphone proliferation in both advanced and developing nations are likely to bode well for the worldwide market.
The introduction of smartphones with NFC-based SOS functionality is also expected to boost growth. These capabilities allow users to scan their cell phones to send an SOS alert to someone engaged in an accident or in a critical situation, as well as offer the user’s medical records.
Request Sample Report: Empower Your Industry Understanding with Invaluable Insights
https://www.futuremarketinsights.com/reports/sample/rep-gb-8583
Companies are expected to incorporate NFC tag ICs on sealed medicinal packaging, allowing caretakers and doctors to check prescriptions and dose details via smartphones.
In terms of region, North America is expected to have a significant market share for NFC tag ICs in the approaching years. The swiftly growing popularity of the retail sector in the United States and Canada is expected to contribute to market development in the region.
“The NFC Tag ICs market continues to exhibit robust growth, driven by the increasing adoption of contactless payment systems, smart access control, and IoT applications. The demand for NFC Tag ICs is anticipated to surge in the coming years, with key players focusing on product innovations and strategic partnerships to gain a competitive edge in this burgeoning market segment. This research underscores the market’s potential for sustained expansion and innovation in the near future.”– says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the NFC Tag ICs Market Report:
- The market has grown at a CAGR of 13.6% during the last five years.
- Over the next few years, India is predicted to develop at a CAGR of 16.1%.
- North America dominated the global market, accounting for more than 27.4% of total sales.
- In 2022, the medium memory (1000 to 10000 bytes) segment accounted for 45.5% of the total market.
- China is predicted to develop at a 12.1% CAGR in the following years.
Competitive Landscape:
The growing popularity of novel NFC applications, such as NFC-enabled smart sensors, smart automobiles, and smart posters among technically savvy and young clients, is likely to open up new growth prospects for market competitors. For example,
- Identiv, Inc. (NASDAQ: INVE), a global leader in digital safety and detection in the Internet of Things (IoT), disclosed in May 2023 the addition of novel STMicroelectronics (ST) near-field communication (NFC) tags in specific form aspects to its bitse.io IoT system for tag determining and launching brand experiences.
- In February 2023, STMicroelectronics hosted a webinar on the usage of NFC dynamic tags to simplify the process of incorporating novel IoT equipment into a current system in smart houses and other smart buildings.
Leading Key Players:
- Mstar Semiconductor Inc.
- Panasonic Corporation
- Qualcomm Inc.
- STMicroelectronics
- Nokia Corporation
- NXP Semiconductors
- MediaTek Inc.
- Broadcom Inc.
- Sony Corp.
- Identive
A more valuable insight into the NFC Tag ICs Market:
Future Market Insights, in its new offering, presents an unbiased analysis of the global NFC Tag ICs market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033. The study reveals essential insights By Memory ((High (More than 10000 Bytes), Medium (1000 to 10000 Bytes), Low (Less than 1000 Bytes)), By Connection (People-To-People (Peer-to-Peer), People-To-Devices (Device Pairing)), By Application (Smart Posters, Payment, Marketing, Information, Content, Social Networking, Gaming, Validation), By Industry (BFSI, Media & Entertainment, Retail, Hospitality, Healthcare, Others) & region.
Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights Today
https://www.futuremarketinsights.com/checkout/8583
NFC Tag ICs Market Segmentation:
By Memory:
- High (More than 10000 Bytes)
- Medium (1000 to 10000 Bytes)
- Low (Less than 1000 Bytes)
By Connection:
- People-To-People (Peer-to-Peer)
- People-To-Devices (Device Pairing)
By Application:
- Smart Posters
- Payment
- Marketing
- Information
- Content
- Social Networking
- Gaming
- Validation
By Industry:
- BFSI
- Media & Entertainment
- Retail
- Hospitality
- Healthcare
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
Near Field Communication (NFC) Market Analysis– The sales of NFC are expected to reach US$ 44.7 Billion by 2032, exhibiting growth at a CAGR of 15% over the forecast period 2022-2032.
NFC Reader ICs Market Growth– The global NFC reader ICs market size reached around US$ 18 Billion in 2021 and is likely to touch a valuation of US$ 50 Billion by 2032.
Wireless Telecommunication Services Market Outlook– The overall demand for wireless telecommunication services is poised to grow at a healthy CAGR of 7.5% between 2022 and 2032, totaling around US$ 2705.6 Million by 2032.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube