According to the research report titled ‘Global Near Field Communication (NFC) Chips Market 2019-2027’, available with Market Study Report, global near field communication (NFC) chips market is anticipated to record a compound annual growth rate of 23.94% through 2027.
 

Increasing proliferation of smartphones, preference for digital transactions, technology incorporation in consumer electronics, along with governments emphasis on promoting cashless transactions are spurring the growth global near field communication (NFC) chips market.
 

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Moreover, entry of many startups in the marketplace, integration of NFC chips in medical equipment, along with large disbursement made on research & development are factors generating lucrative prospects for the business scenario.
 

For the record, near field communication chips use magnetic field induction to establish a wireless connection and transfer the data. NFC chip gets connected automatically with other chip in no time when the other device is in a proximity of less than 10 cm.
 

On the other hand, interoperability concerns, problems encountered while product designing, and issues related to data security are the major restraints in the market sphere. Additionally, dearth of awareness about technology, availability of alternatives, and high prices of NFC chips are the factors arresting the expansion matrix of the market.
 

Moving on to regional outlook, Asia-Pacific near field communication chips industry is poised to grow rapidly through 2027. Parallelly, North America market is likely to showcase impressive growth trends over 2019-2027, due to proliferation of smartphone, and rising popularity of cashless transactions. Also, high disposable income, and ready adoption of different mobile payment apps are positively swaying the business dynamics in North America.
 

Key contenders in global near field communication chips market include MStar Semiconductor Inc, MediaTek Inc., Marvell Technology Group Ltd., Verimatrix, EM Microelectronic, Broadcom Inc., Sony Group Corporation, STMicroelectronics, Samsung Semiconductor Inc., Renesas Electronics Corporation, Qualcomm, NXP Semiconductors N.V., Murata Manufacturing Co. Ltd., Toshiba Corporation, and Texas Instruments Incorporated.