Global Near Field Communication (NFC) Chips Market 2019-2023 | Increased Demand for Smart Parking to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Apr 15, 2019--The global near field communication (NFC) chips market is expected to post a CAGR of more than 7% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth.
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The global near field communication (NFC) chips market will post a CAGR of more than 7% during the period 2019-2023 (Graphic: Business Wire)
The popularity of contactless payments has grown immensely as it helps the merchants to improve their in-store payment experience for the customers. It allows customers to purchase products using their debit cards, credit cards or smartphones with the NFC technology. Contactless payment systems use contactless cards and contactless POS terminals. NFC chips are integrated into POS terminals to enable transactions, and NFC tags are integrated into contactless cards. Customers can tap their cards near POS terminals or place their NFC-enabled smartphones near the terminals to make payment within a few seconds. Thus, the growing use of contactless cards is augmenting the adoption of NFC-enabled smartphones and NFC-enabled POS terminals.
As per Technavio, increased demand for smart parking will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global near field communication (NFC) chips market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global near field communication (NFC) chips market: Increased demand for smart parking
Smart parking solutions are gaining immense traction across the world due to the rising number of vehicles on the road. The high number of cars sold in emerging economies due to the increasing urbanization and rising disposable income is also augmenting the need for smart parking solutions. Therefore, both private and public traffic management operators and parking service providers are implementing smart parking solutions. The NFC technology will be an integral technology for smart parking during the forecast period. The process of smart parking begins with the booking of a slot at the parking area by customers through their respective account. The unique NFC ID associated with an NFC-enabled device is then added to the database. The users are required to tap their NFC-enabled device at the access control system installed in parking spaces, whenever they enter.
“The penetration of smartphones and the Internet has increased exponentially over the years, which has propelled the demand for NFC chips. NFC-enabled smartphones are used for peer-to-peer communication, read/write mode, and card emulator applications. In the peer-to-peer communication mode, NFC chips enable smartphones to connect with other NFC-enabled devices for data transfer. In the card emulator mode, an NFC-enabled smartphone can function as a smart card or contactless card to make payments. Thus, the growing penetration of smartphones will propel the demand for NFC chip during the forecast period,” says a senior research analyst at Technavio.
Global near field communication (NFC) chips market: Segmentation analysis
This market research report segments the global near field communication (NFC) chips market by product (smartphones, smart wearables, POS terminals, and others) and geographic regions (APAC, the Americas, and EMEA).
The smartphones segment held the largest near field communication (NFC) chips market share in 2018. The growth of smartphones segment in the market is driven by the ability of smartphones integrated NFC chips to perform contactless payments and facilitate the access control function.
The APAC region led the market in 2018, followed by the Americas, and EMEA respectively. The market growth in APAC can be attributed to the growing demand for smartphones, and the high concentration of OEMs across several end-user industries.
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PUB: 04/15/2019 10:32 AM/DISC: 04/15/2019 10:32 AM