The report, NFC chips market 2019-2023, has been added to Technavio’s catalog. It provides a comprehensive analysis of the market, including its global and regional market share as well as market segmentation based on product (smartphones, smart wearables, POS terminals, and others) and geography (APAC, Americas, and EMEA) for the forecast period 2019-2023.
Increased adoption of contactless payments will drive the NFC chips market
Contactless payment minimizes the waiting time for customers to make the payment. To enable contactless transactions, manufacturers have integrated NFC chips into POS terminals. With the growing adoption of NFC chips by smartphone vendors, the purchase volume of NFC-enabled smartphones is increasing. These factors will boost the global market growth.
Increasing demand for smart parking – An emerging trend in the NFC chips market
Both private and public traffic management operators and parking service providers are implementing smart parking solutions. Issues such as, traffic congestion, loss of productive working hours, and difficulty in finding parking slots necessitate smart parking solutions. The increasing adoption of smart parking solutions will drive the need for NFC readers and access control readers, subsequently fueling the demand for NFC chips.