Worldwide Near Field Communication (NFC) Chips Market Forecasts to 2023 with Broadcom, NXP Semiconductors, Qualcomm Technologies, STMicroelectronics, and Texas Instruments Leading the Competition

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Dublin, April 17, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.The near field communication (NFC) chips market will register a CAGR of over 7% by 2023. The increased penetration of smartphones is one of the key factors expected to foster the near field communication (NFC) chips market growth in the forthcoming years.NFC-enabled smartphones are often being used for peer-to-peer communication and card emulator applications. Furthermore, the increasing application of NFC chips is encouraging OEMs for integrating NFC chips in their products. This will further drive the near field communication (NFC) chips market growth in the forthcoming years.One of the growth drivers of the global near field communication (NFC) chips market is the increasing adoption of contactless payments. The rising prevalence of contactless payment and the increasing use of contactless cards and mobile payments are expected to drive the demand for NFC card readers across POS terminals.One of the challenges in the growth of the global near field communication (NFC) chips market is the low awareness of NFC technology. With the reducing adoption of NFC chips in key market segments, the barrier to the growth of the market will increase. This will affect the unit shipment of NFC chips.The market appears to be moderately concentrated and with the presence of a few market players. Many smartphones OEMs are venturing into MST technology.This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.

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Globe Newswire: 10:06 GMT Wednesday 17th April 2019

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