NFC chips market share is estimated to increase by USD 2.20 billion

The Near Field Communication (NFC) Chips market share is estimated to increase by USD 2.20 billion from 2020 to 2025, and the market's growth is anticipated to accelerate at a CAGR of 12.53%. Factors such as increasing demand for smartphones is significantly driving the near field communication (NFC) chips market in this region.

As the number of vehicles on the road grows, so does the demand for smart parking solutions. This high car density on the road causes traffic congestion and makes it difficult to obtain parking spaces, resulting in a loss of productive man-hours. As a result, smart parking solutions are being implemented by both private and public traffic control operators and parking service providers.

During the projection period, NFC-enabled identification and payment solutions are likely to play a key role in smart parking. The demand for NFC readers and access control readers will grow as smart parking initiatives become more popular. The adoption of NFC chips will be accelerated as a result of this.