NFC Chips Market in Asia Pacific Will Witness High Growth in Industry Share By 2024

Asia Pacific is expected to witness a high growth in industry share in the NFC chips market. The strong presence of smartphone players and retail sectors is the major factor driving the revenue of the industry. With the technological advancements in the smartphone industry, the need for contactless payments using mobile phones is increasing rapidly. Growing adoption of this technology in the retail sector is expected to provide several advantages to the companies such as customer satisfaction, spreading awareness about contactless payments, and speedy transactions. The higher adoption of this technology in retail stores and the increasing demand for traffic management in these outlets are driving the NFC chips market growth.

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The wide adoption of contactless payments across several industries is augmenting NFC chips market. The retail sector is the leading industry where the demand for this technology is increasing rapidly. With the increase in traffic in shopping malls and retail stores, it is convenient to adopt devices with contactless payment features to save time and cost for the company. This technology will make shopping easier and quicker for customers and will allow retailers to serve them more quickly and easily. The growing need for speedy transactions is generating a massive demand for these devices in the NFC chips market.

Increasing government initiatives for digital payments in countries including India are driving the demand for these components, positively impacting the NFC chips market. The rise in corruption activities in the country is encouraging the government administration to support cashless payments and adopt the chips. In July 2015, the Indian government launched the Digital India Program, an initiative to provide its citizens with an improved online infrastructure by enhancing the Internet connectivity. The initiative provides a seamless payment facility in an affordable, easy, convenient, quick, and secured manner.

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Increasing mergers and acquisitions in the NFC chips market are expected to grow the demand for these devices. It will provide a large market base to the leading company and will help in increasing its market coverage, thereby driving the demand of these devices. For instance, in January 2018, Qualcomm Technologies, Inc. acquired NXP Semiconductors to expand the offerings of the company. It is anticipated to accelerate its strategy of extending the leading mobile technology into robust new opportunities. This acquisition provides Qualcomm Technologies, Inc. the advantage of targeting the potential customers of NXP Semiconductors and growing their market share in the NFC chips market.

Applications of the technology in smartphones are expanding the demand for these components in the NFC chips market. The rise in technological advancements is encouraging the players to integrate the technology into mobile phones, which will provide smart solutions to the customers in their hands. Several mobile applications are developed to support this payment feature in smartphones. Several smartphones players are providing these components in their devices; for instance, the first phone integrated with these chips was Nokia 6131, which was launched in 2006. Similarly, Apple Pay uses this technology to provide contactless payment benefits to their customers; these phones detect the field and allow the authentication of the payment by touch ID, face ID, or passcode.

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Key players operating in NFC chips market are Barclays, Ingenico Group, Giesecke & Devrient GmbH, Apple, Inc., Marvell Technology Group Ltd., Sony Corporation, Samsung Electronics Ltd., Heartland Payment Systems, Inc, Inside Secure, On Track Innovations Ltd., Gemalto N.V., Verifone Systems, Inc., Wirecard AG, NXP Semiconductors, Broadcom Corporation, Texas Instruments, Inc., Qualcomm, Inc., STMicroelectronics, Media Tek, Inc., MStar Semiconductor, Inc, Murata Manufacturing Co., Ltd., EM Microelectronic-Marin Sa, Renesas Electronics Corporation, and Toshiba Corporation, among others.