NFC chip market is expected to reach US$ 17,827.0 million

The NFC chip market is expected to reach US$ 17,827.0 million by 2028 from US$ 8,714.4 million in 2021; it is estimated to grow at a CAGR of 6.7% from 2021 to 2028.

Automotive, air transport, public transportation, retail, and medical are crucial end users of NFC technology. To get a competitive edge in the present market scenario, stakeholders in the current NFC chip market are actively pursuing collaboration opportunities with other competitors in the market.

The emergence of special interest groups (SIGs) has fueled the development of future-proof new creative solutions based on NFC technology. Further, the growing need for NFC chips for NFC payments is boosting the worldwide NFC chip market in the future The global near-field communication (NFC) tags market is growing due to the rising popularity of smartphones, increasing popularity of wearable technology, and the focus shifts to providing better consumer experiences.

However, its limited operational range and security concerns hampered the market's expansion. On the other hand, rising technological improvements in NFC will create further opportunities for the market.