Semiconductor IP Market Worth USD 5,701 Million by 2024 | CAGR 7.30% - Allied Market Research
PORTLAND, Oregon and PUNE, India, July 17, 2018 /PRNewswire/ --
According to a recent report published by Allied Market Research, titled, "Global Semiconductor IP Market by Design IP, IP Source, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2024," the global semiconductor IP market was valued at $3,434 million in 2017, and is projected to reach $5,701 million by 2024, growing at a CAGR of 7.30% from 2018 to 2024.
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At present, Asia-Pacific dominates the market, followed by North America. In 2017, China dominated the Asia-Pacific market and Germany led the overall market in Europe. However, in North America, the U.S. currently dominates the market.
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The growth of the global semiconductor IP market is driven by rise in demand of the modern system on chip (SoC) design, and reduction in manufacturing and design cost. However, fluctuations in the development or functionality of the chips restrain the market growth. Further, In the near future, rising demand for the consumer electronics, and new technological developments is expected to create lucrative opportunities for the key players operating in the semiconductor IP market.
KEY FINDINGS OF THE STUDY
- Based on design IP, the processor IP is anticipated to dominate the global semiconductor IP market, in terms of revenue.
- The royalty IP source dominated the global semiconductor IP market in 2017.
- Asia-Pacific region held the majority of market share in 2017.
- Based on the type, of the applications consumer electronics segment is dominating the global semiconductor IP market in year 2017. However, the others application segment is expected to grow at the highest CAGR over the forecast period (2018-2024).
- LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
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