Asia-Pacific is expected to lead the global system-on-chip market throughout the forecast period, followed by North America.
PUNE, MAHARASHTRA, INDIA, December 1, 2020 /EINPresswire.com/ — System-on-chip (SoC) applications are majorly adopted in the Asia-Pacific region; thus, this region contributes to maximum revenue in the global market, followed by North America, Europe, and LAMEA. The global system-on-chip market was valued at $117.2 billion in 2016, and is projected to reach at $205.4 billion by 2023, growing at a CAGR of 8.1% from 2017 to 2023.
The key players profiled in the report are Intel Corporation, Samsung Electronics Co. Ltd., Qualcomm Incorporated, Toshiba Corporation, NXP Semiconductors N.V., Broadcom Limited, STMicroelectronics N.V., Apple Inc., MediaTek Inc., and Taiwan Semiconductor Manufacturing Company Limited.
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The global system-on-chip market is driven by the compact nature of SoC, surge in demand for smart and power-efficient electronic devices, and high penetration of IoT. However, high initial cost of design & development and maintenance hamper the market growth.
In 2016, the mixed signal segment dominated the SoC type segment, in terms of revenue. Furthermore, based on application, consumer electronics led the global market, followed by telecommunications in 2016. However, the automotive segment is expected to witness the highest CAGR throughout the forecast period (2017-2023).
Top impacting factors
The significant impacting factors in the system-on-chip market size include compact nature, surge in demand for smart and power-efficient electronic devices, and rising adoption of IoT. The SoC market is also influenced by high initial cost of design & development and maintenance, rising demand of compact and scalable ICs in global electronic industry. Each of these factors would have a definite impact on the system-on-chip market during the forecast period.
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Various impacting factors are Compact nature of SoC, Increase in adoption of IoT, Surge in demand for smart and power-efficient electronic devices, High initial cost of design & development and maintenance, High demand for compact and scalable ICs in the global electronic industry and others.
Increase in adoption of IoT
The system-on-chip market share is witnessing rapid adoption of Internet of Things (IoT), due to high penetration of Wi-Fi connectivity, increase in demand for smart wearables, technological enhancements in wireless network technologies, and increased adoption of cloud platform. Furthermore, development of smart transportation and smart cities has led to increased adoption of IoT. This in turns propels the growth of the SoC market.
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Surge in demand for smart and power-efficient electronic devices
Consumers opt for devices, which have better battery back-up as well as efficient & minimal power consumption. Thus, there is increase in consumer demand for the device to deliver enhanced performance as well as consume less power. SoC provides faster execution of tasks due to its memory and high-speed processor. Latest SoC's having up to 10 cores are also entering into the SoC market due to continuously increasing demand and SoC's with further cores are expected to be deployed in near future to fulfill the consumer demand. This demand for smart and power-efficient electronic devices is expected to drive the system-on-chip market growth.
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Source: EIN Presswire