- The key vendors in the global NFC chips market 2015-2019 are Broadcom, Inside Secure, MediaTek, NXP Semiconductors and Sony Semiconductor.
London, 09 November 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global NFC chips market 2015-2019. NFC-based transactions are growing and are expected to improve with increased awareness about the technology. The mobile-)based transactions are l)ikely to grow at the rate of 38% during 2015-2019. Google Wallet is a “tap and pay” application that allows Android users to make transactions in NFC-enabled environments. The global NFC chips market is expected to grow at a high CAGR of 40.67% during the forecast period of 2014-2019.
The increased integration of NFC chips in cell phones and tablets for data transfer and at POS terminals for payments is the major factor contributing to the market growth. Other factors propelling this market’s growth include use of NFC-based applications in the areas of ticket bookings, mobile payments and NFC tag readers.
The APAC dominates the global market for NFC chips, accounting for around 42% of the overall market share. This region has the highest number of electronic device manufacturers. China, Taiwan, Japan, and South Korea are the major contributors to the market growth because of the increasing usage of NFC chips in cell phones, computer tablets, and POS terminals.
“Mobile wallets allow users to save their debit and credit card information on hand-held devices and make transactions directly through devices at NFC-ready POS terminals,” says Faisal Ghaus, Vice President of Technavio Research.
“This mode of payment is getting popular among consumers because it offers better security and consumes lesser time compared to other modes of payments.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global NFC Chips Market 2015-2019, please send an e-mail to media@TechNavio.com
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