The NFC market is expected to grow from USD 18.0 billion in 2020 to USD 34.9 billion by 2025, at a CAGR of 14.2%. The major factors driving the growth of the NFC market are the increasing trend of mobile commerce and growing adoption of the wearable technology. However, the issue of short-range communication is expected to restrain the growth of the market.
In 2019, the NFC market was dominated by NXP Semiconductors (The Netherlands), Broadcom (US), Qualcomm (US), Texas Instruments (US), and STMicroelectronics (Switzerland). The major strategies adopted by the top 5 players in the NFC market included product launches and developments, collaborations, and acquistions which helped them to innovate on their product offerings, cope up with the COVID-19 outbreak and broaden their customer base.
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Top 2 players in the NFC Market are:
NXP Semiconductors (The Netherlands)
NXP Semiconductors provides high-performance mixed-signal and standard product solutions. Its product solutions are used in a range of automobile, identification, wireless infrastructure, lighting, industrial, mobile, consumer, and computing applications. The company not only has a wide geographic presence with operations in about 25 countries but also has a comprehensive customer base and serves about 25,000 customers through its direct sales channel and its network of distribution channel partners.
Broadcom is a global technology leader that designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions. The company designs networking & communication chips for data, voice, video, and multimedia applications. The company offers system-on-a-chip (SoC) and software solutions to manufacture the products & equipment for computing & networking, digital entertainment, broadband access, and mobile communication.
NFC Market with COVID-19 impact by Device operating mode (Reader emulation, Peer-To-Peer, and Card Emulation), Offering (Non-Auxiliary products, Auxiliary products, and Softwares), Application, and Region - Global Forecast to 2025
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