Valley Cottage, NY -- (SBWIRE) -- 06/14/2019 -- As payment platforms and technologies have gained significant traction in the recent past, NFC technology is among the technologies that are expected to witness growth in the coming years, owing to which the components required for this technology are evolving in a similar manner. NFC Tag ICs are among the components of NFC technology, which are evolving in line with the growth of NFC technology. NFC Tag ICs are mostly embedded in smart posters.

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NFC Tag ICs Market: Drivers and Challenges

Among the many drivers of the NFC Tag ICs market, one of the major factors is that in case of NFC, the power is in the hands of customers. Unlike other mobile applications, wallets, etc., which bombard customers with unsolicited advertising, annoying pop-ups and other intrusions & distractions, NFC is a technology that provides users greater control over their interactions, which is possible owing to components such as NFC Tag ICs. This is one of the prime factors driving the adoption of NFC technology, which is also expected to drive the adoption of NFC Tag ICs. In addition, the increasing penetration of smartphones across the world is another factor driving the NFC Tag ICs market.

However, the availability of alternatives to NFC Tag ICs is among the factors that are likely to hamper the growth of the NFC Tag ICs market. These alternatives include mobile wallets, cards, etc., and they provide better security and the cost of these services is lower that of NFC. This is likely to have a negative impact on the NFC market, and, in turn, restrain the growth of the NFC Tag ICs market.

NFC Tag ICs Market: Segmentation

The NFC Tag ICs market can be segmented into memory, connection, application, end user and region.

On the basis of memory, the NFC Tag ICs market can be segmented into:

High (More than 10000 bytes)
Medium (1000 to 10000 bytes)
Low (Less than 1000 bytes)

On the basis of connection, the NFC Tag ICs market can be segmented into:

People-To-People (Peer-to-Peer)
People-To-Devices (Device Pairing)

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

Smart Posters
Payment
Marketing
Information
Content
Social Networking
Gaming
Validation

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

BFSI
Media & Entertainment
Retail
Hospitality
Healthcare
Others

NFC Tag ICs Market: Key Players

Some of the key players of the NFC Tag ICs market are: NXP Semiconductors, STMicroelectronics and Panasonic Corporation, and some of the potential manufacturers that are likely to enter the NFC Tag ICs market are Broadcom Inc., Qualcomm Inc., Nokia Corporation, Identive, Sony Corp., Mstar Semiconductor Inc. and MediaTek Inc., among others