Asia-pacific Near Field Communication (Nfc) Chips Market 2022-2028
MARKET OUTLOOK
Triton’s research report on the Asia-Pacific near field communication (NFC) chips market indicates that the market is likely to advance at a CAGR of 13.30% during the forecasting phase of 2022-2028. China, ASEAN countries, Japan, Australia & New Zealand, South Korea, India, and Rest of APAC outline the examined market in the APAC region.
In India, the studied market is majorly driven by government initiatives like Digital India. These initiatives are promoting digital transactions, increasing the need for NFC chips. The National Institution for Transforming India has set a long-term goal of fully converting transactions to digital platforms. Besides, companies like Samsung have introduced Samsung pay and partnered with various banks to support cashless transactions, which has generated high adoption of NFC technology.
Furthermore, the Institute for Development and Research in Banking Technology launched a program on mobile wallets and near field communication-based payments to expand user understanding of NFC technology and payments. Thus, these factors widen the scope and growth of the NFC chips market across India.
Likewise, the growing adoption of NFC technology and favorable government plans toward contactless payments support the studied market’s development. As per the GSMA Organization, the country is well-equipped with NFC terminals and readers as cards support the NFC-based readers. Additionally, the government has approved mobile payment through a tap that has increased the integration of NFC chips. Hence, as stated above, these factors are increasingly benefiting the near field communication chips market across South Korea.
COMPETITIVE OUTLOOK
The major firms in the near field communication chips market include MediaTek Inc, NXP Semiconductors NV, Qualcomm Inc, Samsung Semiconductor Inc, STMicroelectronics NV, and Toshiba Corporation.
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