Market Entry - EDC (Electronic Data Capture) Machine Market in Taiwan: Analysis of Growth, Trends and Progress (2020 - 2025)

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About the Market

In the past decade, significant changes were observed in how people pay for products and services. Consequently, a tremendous shift took place towards paperless transactions and credit transfers, cheques and cards became the most popular payment channels. The growth drivers were the debit and credit card transactions, followed by the prepaid card transactions. Aiming at consumer convenience, card issuers and banks are taking locally strategized steps to introduce new technologies to increase market penetration. With banks migrating to EMV (Europay cards, MasterCard and Visa) cards the security levels shall be enhanced, leading to increased usage of cards. The entry of foreign multinationals in developing nations, after consolidating market presence in markets of origin (North America, Europe, and other developed regions) have led to rising competition in developing nations; focusing on operational innovation in marketing and pricing strategies to attract customers across segments. In the past five years, growth in banking and financial institutions had an imperative effect on the economic development of the country. Today, banks have become customer-centric and are focusing on having a good relationship with the customer in order to increase their footprint in the market. In the era of smart money, there has been a shift in trend towards a cashless society. Rapid technological advancement and growing demand for cashless transaction have led to robust growth for EDC machines in the country.

About the Geography

Taiwan has a dynamic capitalist economy with a semi-presidential government. Its economy is now the 26th largest in the world,as per the International Monetary Fund’s (IMF) World Economic Outlook Database. The island enjoys strong growth sustained by the dynamism of the entire region, a population with high purchasing power, and an economy focused on technology.

Taiwan has one of the lowest fertility rates in the world, which tells us that the country is about to face labor shortages. To counter this, new regulations provide preferential tax incentives to foreign professionals employed in Taiwan, aimed at improving the overall environment for recruiting and attracting professionals from other countries. The regulations, which address a general shortage of professional talent, are expected to benefit up to 3,000 foreign professionals. Currently, a proposal has been made to establish "free economic demonstration zones" (FEDZ). The goal of building up these zones is to position Taiwan as Asia-Pacific’s Free Trade Center. The first phase of the plan has been launched in August 2013 and the draft Special Act for EPZ is awaiting ratification.

The major drawbacks for conducting business in Taiwan are the lack of direct communication with China, certain weakness in the protection of intellectual property, and a limited domestic market. Still, Taiwan ranks very high in the ease of doing business and its strategic geographical location serves as an entryway to China and the ASEAN markets. The modern infrastructure and excellent innovation capabilities make it an attractive destination for investors.

Component Name

                              Unit

From Site

GDP

                       USD billion

524

GDP Annual Growth Rate

%

0.7

GDP Per Capita

USD

22044

Unemployment Rate

%

3.95

Wages

USD/Month

1,478.39

Inflation Rate

%

0.33

Consumer Price Index (CPI)

Index Points

105

Interest Rate

%

1.38

Loans to Private Sector

USD million/billion

313,463.33 million

Balance of Trade

USD million/billion

4374 million

Manufacturing PMI

Index Points

52.2

Ease of Doing Business

(No Units)

11

Competitiveness Rank

(No Units)

14

Corruption Rank

(No Units)

30

Consumer Confidence

(No Units)

78.66

Consumer Spending

USD million/billion

68,674.89

Bank Lending Rate (Consumers)

%

2.64

Corporate Tax Rate

%

17

Sales Tax Rate

%

5

                                                              

The Market Entry Series

Exploring global markets is now recognized as the shortest way to ensure high time to efficiency conversion, when trying to expand revenues past domestic markets, for firms both large and small. Our market entry series, priced suitably low contains the essentials of all the parameters (Refer: Table of Contents) you must be apprised of before you can have a well informed contemplation of a business opportunity in your choice of industry, in your choice of geography.

 

1. Introduction

                1.1 Scope of the Report

                1.2 Regional Analysis

                                1.2.1 PESTLE Analysis

                                1.2.2 Analysis of Ease of Doing Business

2. Market Dynamics

                2.1 Drivers

                2.2 Restraints

                2.3 Opportunities

3. Market Demand Analysis

                3.1 Socio-Economic Segmentation

                3.2 Demographic Strengths & Weaknesses

                3.3 Spending Patterns

                3.4 Target Market Identification

4. Market Size of EDC (Electronic Data Capture) Machine Market (USD millions)

                4.1 By Terminal for transaction

                4.2 By End user

5. Market Entry

                5.1 Market Entry: The Strategy

                                5.1.1 Types of Entry Modes, by Market Entry Objectives

                                5.1.2 Competition Analysis

                                                5.1.2.1 Market Share

                                                5.1.2.2 Strategies Adopted, Recent Events 

                                5.1.3 Pricing Strategy

                                5.1.4 Supply Chain Analysis

                                                5.1.4.1 Trade (Import-Export Analysis)

                                                5.1.4.2 Distribution Network & Retail Analysis

                5.2 Market Entry: The Administration

                                5.2.1 How to Register a Company (Flowchart)

                                5.2.2 Registration Processes 

                                                5.2.2.1 Ministries Involved

                                                5.2.2.2 Criteria and Conditions

                                5.2.3 List of Forms & Documents

                                5.2.4 Product Control Guidelines specified by the Government

6. Sources

7. Disclaimer

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