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 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 growth in the market is due to the surge in the uptake of NFC-enabled wearable technology and the increasing demand for contactless payment. However, short operational range and security concerns are expected to restrict the market growth during the forecast period.
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 Wear OS.
Despite significant space and power constraints, intelligent wearables and Io T 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 Io T 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.
Middle East and Africa NFC Chip Market Revenue and Forecast to 2028 (US$ Mn)
MIDDLE EAST AND AFRICA NFC CHIP MARKET SEGMENTATION
By Storage Capacity
64 Bytes 180 Bytes 540 Bytes Others
By End User
Consumer Electronics Automotive and Transportation Retail Healthcare Others
South Africa Saudi Arabia UAE Rest of MEACompany Profiles
Broadcom Inc. INFINEON TECHNOLOGIES AG Toshiba Corporation Intel Corporation NXP Semiconductors Samsung Electronics Co., Ltd. STMicroelectronics Texas Instruments Incorporated
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