ASIA-PACIFIC NEAR FIELD COMMUNICATION (NFC) CHIPS MARKET FORECAST 2022-2030

The Asia-Pacific near field communication (NFC) chips market is expected to surge with a CAGR of 12.09% during the forecast period, 2022-2030, and is anticipated to reach $4060.22 million in revenue by 2030.

NFC chip is one of the key NFC products available with various applications such as contactless mobile payments, information sharing, and information security. These chips produce a short-range radio signal used for sensitive financial and authentication data transmission. They are embedded in smartphones for mobile payments. In their embedded form, NFC chips are also used in devices at public transportation stations or for door unlocking facilities in enterprises.

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The Asia-Pacific near field communication (NFC) chips market growth assessment entails Japan, South Korea, China, Vietnam, India, Australia & New Zealand, Indonesia, Thailand, and Rest of Asia-Pacific. The market in China is primarily driven by the rising adoption of NFC technology by private players and government programs supporting digital transactions. In addition, the Chinese government has introduced the Green Finance Project, which aims to promote cash technology. This project aims to bring digital payment options to China to minimize cybersecurity and privacy issues. Hence, the demand for NFC chips is expected to rise in the next few years.

In Japan, several leading market players are actively developing NFC-based cashless payment devices and readers for the Japanese market, showing the rising adoption of NFC chips in Japan. Furthermore, private organizations are also adopting NFC technology which is expected to boost the growth of the near field communication market in Japan.

The government of South Korea approved a service that would enable the consumer to authenticate mobile payment by tapping a contactless card, which helps increase the need for NFC chips in South Korea. Furthermore, the rising penetration of smartphones also drives the market during the forecast period.

The Asia-Pacific near field communication (NFC) chips market is segmented by product, end-user, and application. The market by product is further segmented into auxiliary and non-auxiliary products.

Some of the major applications of non-auxiliary products (such as NFC tags, NFC readers, controllers, etc.) include storage and transfer of information, reading information from smart labels and smart posters, in business cards, cashless and contactless payments, ticketing, etc. These are also used in authentication and access control. Technological advancements and developments in products such as NFC tags, NFC readers, controllers, antennas, etc., majorly contribute to the growth of the non-auxiliary product market during the forecast period.

Near field communication (NFC) enabled integrated chips are also widely deployed in auxiliary products such as NFC micro SD Cards, NFC SIM /UICC cards (Universal integrated circuit card), NFC enabled covers, etc. Mobiles and smartphones have inbuilt NFC chips that allow data exchange over a short range. NFC chip-enabled SIM-based products offer better security and help to decrease fraud. These products also ensure the security and integrity of all types of personal data. Technological innovations and developments in near field communication auxiliary products boost the global auxiliary product market.

Some leading market players in the Asia-Pacific near field communication (NFC) chips market include EM Microelectronic-Marin SA, MStar Semiconductor, Renesas Electronics Corporation, Toshiba Corporation, etc.

Toshiba Corporation is a diversified manufacturer of electronic and electrical products. Its product portfolio includes energy-related equipment, transportation systems, building facilities, semiconductors, and visual products. Toshiba also markets CD TVs and Blu-ray discs under the REGZA brand. The company operates across the Asia-Pacific, Europe, the Middle East & Africa, and the Americas. Toshiba is headquartered in Tokyo, Japan.

Toshiba’s key NFC chip, T6NE7, is a tag IC compliant with the NFC Forum type 3 tag. It also has a 2.0K bytes non-volatile memory, low power consumption with a standby current of 0.1μA, and optional UART, I2C, and SPI wired interfaces.

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