Latin America Near Field Communication (Nfc) Chips Market 2022-2028
MARKET OUTLOOK
Triton’s research report insinuates that the Latin American near field communication (NFC) chips market is deemed to register growth at a CAGR of 11.21% during the forecast phase 2022-2028. Mexico, Brazil, and Rest of Latin America shape the market in this region.
Telecommunications is considered the first sector to privatize in Latin America. Earlier, several policymakers abandoned the import-substitution model and various liberalization processes, leading to privatization that supported major structural reforms. Chile was the first nation to privatize its state-owned operator, followed by other nations, including Argentina, Mexico, and Venezuela. The privatization has led to the shift from public to private monopoly, with companies like Telmex emerging as leading players. Therefore, the robust telecommunication industry creates numerous opportunities for the NFC chips market across the region.
Furthermore, Brazil has emerged as a major region supporting the market’s growth. Following the privatization, Telebras, the telecom system, was reformed into four subsidiaries and eight cellular companies. Several national telecom regulators lacked experience in enforcing regulations. In this regard, privatization led various companies to dominate the telecommunications industry. Over the recent years, the revenue of the near field communication chips market has grown substantially and is expected to advance in the years ahead. Thus, the development of the telecommunication industry has created a profitable market for NFC chips across Brazil and the overall region.
COMPETITIVE OUTLOOK
The notable companies in the near field communication chips market include Marvell Technology Group Ltd, Broadcom Corporation, MediaTek Inc, Murata Manufacturing Co Ltd, Qualcomm Inc, Texas Instruments Inc, and Sony Corporation.
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