Valley Cottage, NY -- (SBWIRE) -- 06/13/2019 -- The high preference for payment applications over card transactions has resulted in the emergence of the Near Field Communication or NFC technology. NFC reader ICs are the most important components for the effective functioning of the NFC technology. They are the active components in NFC transactions and can interact with NFC phones, read & write cards and tags, and enable communication between devices.

NFC Reader ICs Market: Drivers and Challenges

One of the major factors driving the NFC reader ICs market is the speedy and secure sharing of data. As the efficiency of FC reader ICs is increasing, the speed and security-related parameters of the NFC technology is also improving. This has increased the market for NFC and has been a major driver of the NFC reader ICs market for the usage of these components in different applications. Another driver of the NFC reader ICs market has been the increasing penetration of smartphones. Smartphones have become an important part of the lifestyle of consumers, and NFC can be enabled in these devices with the integration of NFC reader ICs. Hence, an increase in the penetration of the smartphones market in different regions is proportionally boosting the NFC reader ICs markets in the same regions.

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However, the availability of alternatives of NFC reader ICs in the market is among the factors restraining the market. Some of the alternatives of NFC reader ICs are UPI systems in India and mobile wallets, which offer better security as well a lower cost as compared to the NFC technology, and this is likely to hamper the growth of NFCs and ultimately restrain the growth of the NFC reader ICs market.

NFC Reader ICs Market: Segmentation

The NFC reader ICs market is segmented based on NFC functionality, host interface, application, end-user and region.

On the basis of host interface, the NFC reader ICs market can be segmented into:

Full NFC
ISO/IEC 15693
ISO/IEC 14443 Type A
ISO/IEC 14443 Type A+B

On the basis of host interface, the NFC reader ICs market can be segmented into:

I2C and SPI
SPI
UART, I2C and SPI
USB and UART

On the basis of application, the NFC reader ICs market can be segmented into:

Access
Consumer
Metering
Payment
Gaming

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On the basis of industry, the NFC reader ICs market can be segmented into:

BFSI
Media & Entertainment
Hospitality
Healthcare
Others

NFC Reader ICs Market: Key Players

Some of the key players of the NFC reader ICs market are: NXP Semiconductors, STMicroelectronics and Texas Instruments Incorporated, and some of the potential manufacturers that are likely to enter the NFC reader ICs market are Broadcom Inc., Qualcomm Inc., AMS AG, Marvell Technology Group Ltd., Sony Corp., Mstar Semiconductor Inc. and MediaTek Inc., among othe