Middle East And Africa Near Field Communication (Nfc) Chips Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report insinuates that the Middle East and Africa near field communication (NFC) chips market is anticipated to progress in revenue at a compound annual growth rate of 11.71% during the forecast years 2022-2028. Saudi Arabia, Turkey, South Africa, the UAE, and Rest of Middle East & Africa shape the market in the considered region.
In the UAE, telecommunications is controlled by the Telecommunications Regulatory Authority (TRA) under federal law. Over the years, the telecommunications industry has expanded and developed significantly. Moreover, the rise in internet penetration encouraged companies to offer new services across many areas, including free zone areas. Furthermore, smartphone ownership has grown significantly, creating numerous opportunities for the mobile retail segment. Estimates suggest that smartphone ownership has outstripped the global average. This rise in smartphone adoption is expected to widen the scope of the near field communication chips market.
On the other hand, the South Africa telecommunications industry provides modern and efficient services to urban areas, including cellular and internet services. Moreover, internet services have improved significantly over the years. Several cellular providers have entered the market, including Vodacom, MTN, Cell C, and Telkom. As per estimates, the country has over 21 million internet users, growing on account of rising smartphone adoption. Besides this, smartphones are widely used for various purposes, including money transactions. Thus, the strong telecommunication industry, coupled with high smartphone penetration, drives the near field communication chips market across the country.
COMPETITIVE OUTLOOK
The major firms in the near field communication chips market are Inside Secure SA, Broadcom Corporation, MediaTek Inc, EM Microelectronic Marin SA, NXP Semiconductors NV, and Sony Corporation.
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