The India near field communication (NFC) chips market is anticipated to grow with a CAGR of 14.12% during the forecast period, 2022-2028, and is projected to reach $320.63 million in revenue by 2028.

The market in India is primarily driven by government initiatives such as ‘Digital India 2015’ that aim at promoting digital transactions in India. The National Institution for Transforming India (NITI Aayog) has set a long-term goal of converting 100% government-citizen transactions to a digital platform. Additionally, the Indian government has opted for a demonetization strategy to track black money and increase the adoption of digital transactions, further boosting the prospects of NFC chips in India.

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Near field communication chip is a small electronic device operating on a wireless link that uses magnetic field induction for transferring data and establishing a wireless connection. These chips enable faster accessibility and safe transfer of data wirelessly. No manual pairing is required with the other NFC-enabled devices when in the proximity of less than 10cms in a fraction of time. Thus, due to ease of connectivity, NFC chips have been increasingly deployed in various industries such as automotive, consumer electronics, medical, etc.

The miniaturization of electronic components coupled with obsolete cellular networks has impeded the India NFC chips market. Further, with the increase in the number of NFC-based transactions, the growing demand for NFC chips in consumer electronics, coupled with the increasing penetration of smartphones, is expected to propel the demand for NFC chips in India.

The India near field communication (NFC) chips market segment entails analysis by application, product, and end-user. The market by end-user can be sub-segmented into consumer automotive, banking and finance, medical, electronics, retail, and other end-users.

NFC chips are used in the healthcare sector to control the access provided to healthcare professionals to medical devices, clinics, and hospitals for tracking and logging every entry and exit of the medical professionals. NFC technology allows secured and logical access to the strategic medical information provided to healthcare professionals while enabling real-time health updates on patient care.

Moreover, NFC-driven wristbands and medical bracelets provide real-time health information considering the key healthcare parameters such as blood pressure, heartbeat, blood sugar level, etc., to both the patients and doctors on their smartphones to strategically initiate or change the treatment. The substantial adoption of NFC-based medical equipment for timely and accurate health tracking of patients is expected to boost the NFC chip market growth in the medical segment.

Furthermore, NFC technology’s transportation and logistics processes are made highly efficient as they don’t require manual or optical scanning of the products while preventing the theft of products being transported elsewhere. Moreover, a smart ticketing application for airlines also drives the adoption of NFC chips on airline tickets to enable seamless transportation.

Some key market players in the India near field communication (NFC) chips market comprise Samsung Electronics Co Ltd, Qualcomm Incorporated, Siva IoT (Siva Group), Sony Corporation, etc.

Sony Corporation is a manufacturer, developer, designer, and marketer of video, audio, communications, game, information technology, and imaging products. The company sells products to the professional, industrial, and consumer markets. The group operates in the financial services, electronics, and entertainment segments. Sony offers a wide range of products, including accessories, tablets, portable game consoles, and mobile phones applications. Sony operates across Africa, Latin America, Europe, Asia-Pacific, North America, and the Middle East & Africa. The company headquarter is located in Tokyo, Japan.

Sony’s one of the key product, the AES IC chip, is a 4 Kbyte EEPROM size type, which has a 13.56 MHz operating frequency and storage temperature of -55℃ to +125℃. Its communication speed is 212 kbps and 424 kbps and is automatically switchable.

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