San Francisco, June 24, 2016 (GLOBE NEWSWIRE) -- NFC stands for Near Field Communication. This technology allows various devices such as tablets, phones, and laptops to communicate with other NFC-equipped devices. Its origin lies in the RFID (Radio Frequency Identification) technology. NFC is effective within a radius of four inches. But unlike Bluetooth, it does not need to be manually paired with another device for data transfer.
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NFC chips are the ICs (integrated circuits) placed in mobile devices, retail products, and POS (Point-of-Sale) terminals that control transactions and store information. The global NFC chips market holds great potential in the coming years. Experts predict that it will grow at a CAGR of 91% from 2014 to 2018 (forecast period).
The main market driver is the convenience offered by NFC chips in contactless payments. NFC-enabled gadgets support a variety of applications including credit cars, transit tickets, loyalty cards, etc. They facilitate faster and more streamlined transactions and are hence being preferred over cash or card payment modes.
Proliferation of smart phones and high-speed internet services across the globe will have a favorable effect on demand for NFC chips. Growing popularity of smart watches and other wearable devices is also likely to boost market growth. The advent of IoT (Internet of Things) is another factor furthering adoption of the NFC technology.
Market players have initiated several NFC projects at the global level. The number of patents being obtained by manufacturers is also on the rise. However, high cost of NFC chips and lack of standardization at the application level could hinder demand.
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Based on geographies, the global market is split into the Americas, EMEA (Europe, Middle East, and Africa), and APAC (Asia-Pacific). The Americas are the dominant region in terms of market size, at present. However, APAC is estimated to grow at the fastest rate in the forecast period. Exponential growth in the sales of mobile phones and rising consumption of smart appliances would propel the APAC market for NFC chips.
Established vendors in the worldwide NFC chips market are NXP Semiconductors N.V., Sony Corp., Inside Secure SA, and Broadcom Corp. Other well-known companies include Qualcomm, Media Tek Inc., and Renesas Electronics Corp.
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Table of Contents
01. Executive Summary
- List of Abbreviations
- Scope of the Report
03.1 Market Overview
03.2 Product Offerings
- Market Research Methodology
04.1 Market Research Process
04.2 Research Methodology
- Market Landscape
06.1 Market Overview
06.2 NFC Ecosystem
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