NFC Market

The NFC market is expected to grow from USD 18.0  billion in 2020 to USD 34.9 billion by 2025, at a CAGR of 14.2%. The major factors driving the growth of the NFC market are the increasing trend of mobile commerce and growing adoption of the wearable technology. However, the issue of short-range communication is expected to restrain the growth of the market.

In 2019, the NFC market was dominated by NXP Semiconductors (The Netherlands), Broadcom (US), Qualcomm (US), Texas Instruments (US), and STMicroelectronics (Switzerland). The major strategies adopted by the top 5 players in the NFC market included product launches and developments, collaborations, and acquistions which helped them to innovate on their product offerings, cope up with the COVID-19 outbreak and broaden their customer base.

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Top 2 players in the NFC  Market are:

NXP Semiconductors (The Netherlands)

NXP Semiconductors provides high-performance mixed-signal and standard product solutions. Its product solutions are used in a range of automobile, identification, wireless infrastructure, lighting, industrial, mobile, consumer, and computing applications. The company not only has a wide geographic presence with operations in about 25 countries but also has a comprehensive customer base and serves about 25,000 customers through its direct sales channel and its network of distribution channel partners.

• In June 2020, NXP Semiconductors, Mastercard, and Xiaomi Inc. announced they are bringing more convenient and secure contactless experiences to Russia as the first phase of a European-wide roll-out with NXP’s mobile wallet solution. Powering mobile payments for Xiaomi’s Mi Smart Band 4 NFC wearable devices, NXP’s mWallet 2GO supports an accelerated roll-out across Europe by addressing OEMs’ needs for easy yet secure and scalable, wallet implementations. It also addresses user demands to quickly enable payment devices by digitizing their bank cards and experience smooth NFC transactions at the Point-of-Sale.
• In February 2019, NXP Semiconductors collaborated with FeliCa Networks, Inc. to strengthen the mobile payment and ticketing ecosystem as part of Japan’s preparation for worldwide events in the future. NXP’s new GlobalPlatform-based solution, PN81 series supports and integrates FeliCa, EMVCo, mobile transit MIFARE in a single solution to allow smartphones and other mobile devices to conveniently bridge mobile payments in Japan and across borders, and feature mobile ticketing, access control, and loyalty programs. The NXP PN81 series with FeliCa support features near field communication (NFC), embedded secure element (eSE) technology, and supports worldwide security standards such as GlobalPlatform to help unlock the potential of secure, seamless transaction and access use cases.

Broadcom (US)

Broadcom is a global technology leader that designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions. The company designs networking & communication chips for data, voice, video, and multimedia applications. The company offers system-on-a-chip (SoC) and software solutions to manufacture the products & equipment for computing & networking, digital entertainment, broadband access, and mobile communication.

• In February 2019, Broadcom announced that Barclays, one of the world’s largest transatlantic consumer and wholesale banks, has signed a strategic agreement as a Portfolio License Agreement (PLA) customer, enabling them to drive significant savings with state of the art technology to transform their digital infrastructure.
• In February 2019, Broadcom unveiled the BCM43014 chip enabling the Samsung Galaxy Buds to deliver a premium audio experience. The BCM43014 is a highly-integrated low power SoC that brings together unique innovations in Bluetooth, audio DSP, and sensor hub technology to render rich audio while delivering up to six hours of Bluetooth streaming or five hours of voice calls

Related Reports:

NFC Market with COVID-19 impact by Device operating mode (Reader emulation, Peer-To-Peer, and Card Emulation), Offering (Non-Auxiliary products, Auxiliary products, and Softwares), Application, and Region - Global Forecast to 2025

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