NFC Reader ICs Market: 14.5% CAGR Projected, Surpassing US$ 50 Billion by 2032

 The global NFC reader ICs market refers to the industry that manufactures and distributes ICs built specifically for NFC reader applications. NFC is a wireless communication technique that allows devices to connect by bringing them together in close proximity, often within a few millimeters.

The global market for NFC reader ICs is predicted to exceed US$ 18 billion in 2021 and reach US$ 50 billion by 2032. Furthermore, the global market for NFC reader ICs is expected to grow at a 14.5% CAGR from 2022 to 2032, owing to rising demand from a variety of industries such as BFSI, healthcare, and media.

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The popularity of payment applications over card transactions has resulted in the development of Near Field Communication (NFC) technology. The most significant components for the proper operation of NFC technology are NFC reader ICs. They are the active components of NFC transactions, able to communicate with NFC phones, read and write cards and tags, and enable device connectivity.

NFC Reader ICs Market: Drivers and Challenges

One of the major factors driving the NFC reader ICs market is the speedy and secure sharing of data. As the efficiency of FC reader ICs is increasing, the speed and security-related parameters of the NFC technology is also improving.

This has increased the market for NFC and has been a major driver of the NFC reader ICs market for the usage of these components in different applications. Another driver of the NFC reader ICs market has been the increasing penetration of smartphones.

Smartphones have become an important part of the lifestyle of consumers, and NFC can be enabled in these devices with the integration of NFC reader ICs. Hence, an increase in the penetration of the smartphone market in different regions is proportionally boosting the NFC reader ICs markets in the same regions.

However, the availability of alternatives of NFC reader ICs in the market is among the factors restraining the market. Some of the alternatives of NFC reader ICs are UPI systems in India and mobile wallets, which offer better security as well a lower cost as compared to the NFC technology, and this is likely to hamper the growth of NFCs and ultimately restrain the growth of the NFC reader ICs market.

NFC Reader ICs Market: Regional Overview

On the basis of geography, the NFC reader ICs market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, SEA & other APAC, Japan and Middle East & Africa. Among various regions, the Western Europe NFC reader ICs market has been a prominent market in terms of value, followed by the U.K. and Germany.

Moreover, the NFC reader ICs market in North America is expected to grow at the fastest rate due to an increase in the number of users of smartphones that are enabled with NFC reader ICs in the region. The NFC reader ICs market in Western Europe and North America is expected to be followed by the China and Japan NFC reader ICs markets.

Since the maximum number of manufacturers of NFC reader ICs are based in North America and Western Europe, the NFC reader ICs market is expected to gain traction in these regions throughout the forecast period.

This can be attributed to the low presence or absence of manufacturers of the same in other regions. The NFC reader ICs market in North America and Western Europe is expected to account for more than 50% of the total NFC reader ICs market.

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