North America Near Field Communication (Nfc) Chips Market 2022-2028

North America Near Field Communication (Nfc) Chips Market 2022-2028

MARKET OUTLOOK

According to Triton Market Research, the near field communication (NFC) chips market in North America is anticipated to attain a CAGR of 13.18% in revenue over the forecasting years from 2022 to 2028. The United States and Canada form the market in the studied region.

Canada’s near field communication chips market is driven by factors such as the rising adoption of NFC technology and smartphones. As per the Canadian Safety and Security Program, the use of innovative NFC passport reader technology is sponsored by the Canadian Safety and Security Program. Additionally, the NFC chips are widely used in transactions, influencing the market’s robust growth.

Furthermore, smartphones have gained significant traction across the nation. The growth in smartphone adoption has further increased the use of payment applications, leading to the use of NFC chips. As per estimates, smartphone usage has grown substantially, reaching approximately 68%. Therefore, the growing smartphone demand is another factor fueling the near field communication chips market’s growth across Canada.

Likewise, the US has witnessed a surge in the adoption of chip-based cards for payment purposes, which has increased the deployment of NFC chips. As per the government estimates, general-purpose card payments soared substantially over the past few years. This indicates the robust use of chip-based cards, boosting the near field communication chips market’s development to a large extent.

COMPETITIVE OUTLOOK

The major companies in the market are MStar Semiconductor Inc, Murata Manufacturing Co Ltd, Inside Secure SA, Broadcom Corporation, and Qualcomm Inc.