Europe NFC Chip Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Active and Passive), Storage Capacity (64 Bytes, 180 Bytes, 540 Bytes, and Others), and End User (Consumer Electronics, Automotive, Healthcare, Retail, Medical, and O

Europe NFC Chip Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Active and Passive), Storage Capacity (64 Bytes, 180 Bytes, 540 Bytes, and Others), and End User (Consumer Electronics, Automotive, Healthcare, Retail, Medical, and Others)

The Europe NFC chip market is expected to reach US$ 6197.94 million by 2028 from an estimated value of US$ 2503.16 million in 2021. It is estimated to grow at a CAGR of 11.4% from 2021 to 2028.

The market's growth is due to the proliferation of NFC-based smartphones and the rising demand for contactless payment. However, short operational range and security concerns are expected to restrict the market growth during the forecast period.

Contactless payment means that individuals can make payments using the point of sale (Po S) system without swiping or inserting their wallets by simply waving their phones at a Po S terminal. Often referred to as NFC technology, it makes it possible for devices to interact within a 4 cm radius. These transactions can be completed using certificates, tags, or even stickers. This is boosting the uptake of contactless payment across both developed and developing countries, such as the UK, Germany, and France.

The UK (64%) has been witnessing higher adoption of contactless payment among other European countries, which is fueling the uptake of NFC POS systems across retail outlets to offer a variety of payment options to the customers. Thus, these factors are influencing the market's growth substantially. For example, Paytm, a digital payments startup, announced its Paytm Smart POS for Android phones in March 2021, which allows businesses to take near field communication (NFC)-based credit and debit card payments using smartphones.

Europe NFC Chip Market Revenue and Forecast to 2028 (US$ Mn)

EUROPE NFC CHIP MARKET SEGMENTATION

By Type

Active Passive

By Storage Capacity

64 Bytes 180 Bytes 540 Bytes Others

By End User

Consumer Electronics Automotive and Transportation Retail Healthcare Others

By Country

Germany France Italy UK Russia Rest of Europe Company Profiles

Broadcom Inc. INFINEON TECHNOLOGIES AG Identiv, Inc Toshiba Corporation Intel Corporation NXP Semiconductors Samsung Electronics Co., Ltd. Qualcomm Technologies, Inc. STMicroelectronics Texas Instruments Incorporated

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