Report : Middle East and Africa NFC Chip Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Active and Passive), Storage Capacity (64 Bytes, 180 Bytes, 540 Bytes, and Others), and End User (Consumer Electronics, Automotive, Healthcare, Retail, Medical, and Others)
The consumer electronics segment by end user is estimated to lead the market growth during the forecast period.
According to a new market research study of “Middle East and Africa NFC Chips Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Instrument Type, Storage Capacity, End User and Country.” The Middle East and Africa NFC chip market is expected to reach US$ 1191.20 million by 2028 from an estimated value of US$ 725.18 million in 2021. It is estimated to rise at a CAGR of 7.3% from 2021 to 2028. The report highlights trends prevailing in the Middle East and Africa NFC chip market and the factors driving market along with those that act as hindrances.
Wearable technology is a new trend that integrates electronics into daily activities and responds to changing lifestyles by allowing devices to be worn on any part of the body. Wearable technology is driven by factors, such as connecting to the internet and giving data exchange choices between a network and a device.
Due to the surge in the fitness trend among consumers, wearable has received a lot of popularity. According to Cisco Systems, linked wearable devices are predicted to rise from 593 million in 2018 to 1,105 million by the end of 2022, owing to additional features, such as the brand that suits the everyday lifestyle. Strong brands, such as Apple and Fossil, keep their pricing constant with typical watch price bands to preserve their sales. Many additional premium watchmakers, such as TAG and Armani, have entered the segment due to Google's WearOS.
Despite significant space and power constraints, intelligent wearables and IoT devices are becoming increasingly popular by adding additional functions. When a wearable gadget has NFC capabilities, it can be used to pay at a store, use public transportation, or gain entrance to an office building. SECORA Connect, for example, is a solution family from Infineon that addresses the growing popularity of smart wearables and IoT devices. It is a system solution that can be implemented into smart wearables to enable contactless secured payment, transportation ticketing, and other applications, using NFC technology. These factors are expected to drive the NFC chip market during the forecast period.
Based on storage capacity, the Middle East and Africa NFC chip market is segmented as 64 Bytes, 168 Bytes, 180 Bytes, and 540 Bytes. Based on type, the Middle East and Africa NFC chip market is segmented as active and passive. Based on end user, the Middle East and Africa NFC chip market is segmented consumer electronics, automotive, retail, healthcare, and others. Geographically, the Middle East and Africa NFC chip market is sub-segmented into UAE, Saudi Arabia, South Africa and Rest of Middle East and Africa.
Broadcom Inc., INFINEON TECHNOLOGIES AG, Toshiba Corporation, Intel Corporation, NXP Semiconductors, Samsung Electronics Co., Ltd., STMicroelectronics and Texas Instruments Incorporated are among the leading companies operating in the Middle East and Africa NFC chip market.
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