NFC Tag ICs Market on the Brink of Significant Expansion: Envisions Notable Surge with 15.7% CAGR

The global NFC tag ICs market is estimated to reach US$ 11,638.8 million in 2023, expanding at a CAGR of 15.7% from the forecast period 2023 to 2033. Moreover, the growing requirement for customers to exchange connections, transactions, and digital content via various electronic devices is expected to drive the industry.

According to the FMI report, the sales in the NFC tag integrated circuits (ICs) market are projected to reach a value of approximately US$ 50,175.2 million by the year 2033. This growth is primarily driven by the rapid expansion of the digital economy, which is expected to motivate manufacturers to make substantial investments in digital advancements and transition towards automated business models.

One of the critical variables expected to boost the global NFC tag ICs market growth in the approaching decade is key manufacturers’ increased focus on improving customer experience. Furthermore, increased wearable technology usage and smartphone proliferation in both advanced and developing nations are likely to bode well for the worldwide market.

The introduction of smartphones with NFC-based SOS functionality is also expected to boost growth. These capabilities allow users to scan their cell phones to send an SOS alert to someone engaged in an accident or in a critical situation, as well as offer the user’s medical records.

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Companies are expected to incorporate NFC tag ICs on sealed medicinal packaging, allowing caretakers and doctors to check prescriptions and dose details via smartphones.

In terms of region, North America is expected to have a significant market share for NFC tag ICs in the approaching years. The swiftly growing popularity of the retail sector in the United States and Canada is expected to contribute to market development in the region.

Key Takeaways from the NFC Tag ICs Market Report:

The NFC Tag ICs market has shown significant growth over the past five years, with a Compound Annual Growth Rate (CAGR) of 13.6%. Projections indicate that India is poised for substantial development at a CAGR of 16.1% in the coming years. North America has maintained its dominance in the global market, capturing more than 27.4% of total sales. Notably, the medium memory segment (1000 to 10000 bytes) constituted the largest share, accounting for 45.5% of the market in 2022. Furthermore, China is expected to exhibit robust growth with a projected CAGR of 12.1%. These trends underscore the expanding adoption and significance of NFC Tag ICs across various regions, signaling promising opportunities for industry players and stakeholders.

Competitive Landscape:

The growing popularity of novel NFC applications, such as NFC-enabled smart sensors, smart automobiles, and smart posters among technically savvy and young clients, is likely to open up new growth prospects for market competitors. For example,

Identiv, Inc. (NASDAQ: INVE), a global leader in digital safety and detection in the Internet of Things (IoT), disclosed in May 2023 the addition of novel STMicroelectronics (ST) near-field communication (NFC) tags in specific form aspects to its bitse.io IoT system for tag determining and launching brand experiences.

In February 2023, STMicroelectronics hosted a webinar on the usage of NFC dynamic tags to simplify the process of incorporating novel IoT equipment into a current system in smart houses and other smart buildings.

Leading Key Players:

The NFC Tag ICs market is driven by key players such as Mstar Semiconductor Inc., Panasonic Corporation, Qualcomm Inc., STMicroelectronics, Nokia Corporation, NXP Semiconductors, MediaTek Inc., Broadcom Inc., Sony Corp., and Identive. With their innovative technologies and expansive product portfolios, these companies play pivotal roles in advancing NFC technology, catering to diverse industry needs and driving adoption across various sectors worldwide.

A more valuable insight into the NFC Tag ICs Market:

Future Market Insights, in its new offering, presents an unbiased analysis of the global NFC Tag ICs market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033. The study reveals essential insights By Memory ((High (More than 10000 Bytes), Medium (1000 to 10000 Bytes), Low (Less than 1000 Bytes)), By Connection (People-To-People (Peer-to-Peer), People-To-Devices (Device Pairing)), By Application (Smart Posters, Payment, Marketing, Information, Content, Social Networking, Gaming, Validation), By Industry (BFSI, Media & Entertainment, Retail, Hospitality, Healthcare, Others) & region.