NFC Chip Market is expected to reach US$ 17,827.0 million by 2028

Integration of NFCs with Medical Equipment to Provide Growth Opportunities for NFC Chip Market during 2021–2028

According to our latest market study on “NFC Chip Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Storage Capacity, End-User,” the market was valued at US$ 8,714.4 million in 2021 and is projected to reach US$ 17,827.0 million by 2028; it is expected to grow at a CAGR of 10.8% from 2021 to 2028.

NFC (near-field communication) is a technology that is commonly employed in various communication apps. Patient identification, blood transfusion, drug administration, medical personnel tracking, and medical record access have all been demonstrated in the realm of health care. The wave of NFC technology has been merged with the internet of things technologies in health care. NFC technology aids in improving workflow by combining mobile EMR systems by employing bedside technology. Public and private spaces exist in many healthcare facilities, including hospitals, treatment centers, clinics, and pharmacies. It is critical to keep these spaces separate, with only authorized staff having access to medical cabinets or operating rooms. NFC tags help in tracking and logging every entrance and exit, and employee badges, smartphones, and other devices can be equipped with NFC for access privileges. NFC allows hospitals to track every movement carried out in hospitals. The mentioned aspects are driving the growth of the NFC chip market.

Data is gathered and stored in access-controlled databases that may be viewed in various forms to help improve logistics, simplify record-keeping, and avoid errors. Patients' traditional bracelets can be replaced with NFC tags and NFC-enabled wristbands, updated with real-time information such as when a drug was last administered or which treatment needs to be performed. When NFC tags are placed to a medication's package or labeling, users can verify the medication's legitimacy, check dosage details, and learn about side effects and drug interactions by simply pressing the tag with their smartphone or tablet. The tag also provides access to web links, extra information, a refill request, or a medical professional's contact information. As the industry implements the technology, NFC significantly enhances care by decreasing costs, boosting efficiency, and improving outcomes in healthcare institutions and at home.

Further, NFC technology was originally incorporated into smartphones in 2011 and is now widely integrated into most phones, regardless of whether they run on iOS or Android. An NFC controller chip is attached to an NFC antenna in an NFC-enabled smartphone. The controller chip is a customized Central Processor Unit that accepts and executes instructions from the application processor software to finish NFC tag detection and/or reading NFC tag content. Unlike Bluetooth, NFC transfers data without the need for manual pairing or device discovery. When another NFC device enters the previously selected 4-inch range, an NFC connection is automatically established. When the two devices are in range, they quickly communicate and provide prompts to the user. NFC can perform a wide range of tap-and-go functions, and digital wallets like Apple Pay, Google Pay, and Samsung Pay only scratch the surface. Music fans may use NFC to easily connect their mobile to speakers, as well as check in to their work computer, unlock their car door, and track their health and fitness information. With trend digital wallets and cashless transactions, the penetration of NFC technology is rising, which is boosting the growth of NFC chip market.

The global NFC chip market is segmented on type, storage capacity, end-user, and geography. On the basis of type, the NFC chip market is segmented into active ans passive. Based on storage capacity, the NFC chip market is segmented into 64 bytes, 168 bytes, 180 bytes, and 540 bytes. Based on end-user, the NFC chip market is segmented into consumer electronics, automotive, retail, healthcare, and others.

NFC Chip Market — by Geography, 2020

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NFC Chip Market Size, Share & Global Industry Growth by 2028

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NFC Chip Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Active and Passive), Storage Capacity (64 Bytes, 180 Bytes, 540 Bytes, and Others) and End User (Consumer Electronics, Automotive, Healthcare, Retail, Medical, and Others)  

Impact of COVID-19 Pandemic on NFC Chip Market

The effect of COVID-19 pandemic varied from country to country throughout the European region as selected countries observed a rise in the number of reported cases and subsequently faced strict and longer lockdown periods or social isolation. However, due to the strong healthcare system, Western European countries such as Germany, France, Russia, the UK, and others have seen a comparatively modest decrease in their development activities.

The retail sector in the country has been severely affected due to the outbreak of the COVID-19 across the region. According to the association of retailers and landlords in the London's West End, the shopping across the region was down 75% compared to last year. Europe’s consumer behavior has also experienced a shift to buying goods online and from local areas (mom and pop stores) to avoid the crowd. For instance, according to studies, 46% of consumers across Europe aim to shop more locally in the long term than they did before the pandemic. This, in turn, is reducing the investments of the region in retail infrastructures and their technological advancements, thereby reducing the demand for any point of sale systems across the region. The factors mentioned above are negatively affecting the growth of the NFC chip market across the region.

AMS AG; Broadcom Inc.;Identiv, Inc; Toshiba Corporation; Intel Corporation; NXP Semiconductors; Samsung Electronics Co., Ltd.; Qualcomm Technologies, Inc.; STMicroelectronics; and Texas Instruments Incorporated are among the key players profiled during the study of the NFC chip Market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.