System-on-Chip Market Would Reach $205.4 Bn by 2023: Allied Market Research
PORTLAND, Oregon, September 6, 2018 /PRNewswire/ --
Rise in adoption of compact chips, surge in demand for power-efficient & smart electronic devices, and omnipresence of IoT devices are expected to boost the growth of the global system-on-chip market
Allied Market Research published a report, titled, System-on-Chip Market by Type (Digital, Analog, and Mixed Signal) and Application (Consumer Electronics, Telecommunication, and Automotive) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers insights on the competitive intelligence, growth factors & opportunities, key market trends, industry segments, Porter's Five Forces analysis and CXOs' perspective about the industry. As per the report, the global system-on-chip market garnered $128.4 billion in 2017 and is expected to reach at $205.4 billion by 2023, registering a CAGR of 8.1% from 2017 to 2023.
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Rise in demand for power-efficient & smart electronic devices, focus on reducing the size of chips, and increase in adoption of IoT have fueled the growth of the industry. However, high initial cost involved in designing and development hampers the progress of the market. On the other hand, increasing demand for compact and scalable integrated circuits (ICs) in the electronics industry, worldwide, would create new opportunities for the industry.
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Mixed signal segment contributed half of the market share
The mixed signal SoCs segment contributed nearly half of the total market share in 2017, owing to their low power requirement and ease of replacement. However, digital SoCs exhibit attributes such as compact nature and low weight, which in turn have increased their adoption among end users during the forecast period. Thus, this segment is projected to grow at the highest CAGR of 9.1% from 2017 to 2023, followed by analog SoCs.
Automotive to grow the fastest
The automotive segment would grow at the highest CAGR of 10% during the forecast period, owing to rise in demand for compact chips in systems. However, the consumer electronic segment generated the major share of nearly 40% in the global market in 2017 and would continue to hold its dominant position by 2023. The other application segment of SoC analyzed in the report is telecommunication.
Asia-Pacific to maintain its lion's share by 2023
Asia-Pacific region contributed more than one-third share of the market in 2017 and is expected to continue its dominant position by 2023. However, Latin America, Middle East and Africa (LAMEA) region would grow at the fastest CAGR of 10.3% during the forecast period, owing to increased pace of digitization and surge in adoption of new technologies.
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Leaders of the industry
The leading market players analyzed in the report include Intel Corporation, Qualcomm Incorporated, Samsung Electronics Co. Ltd., NXP Semiconductors N.V., Toshiba Corporation, STMicroelectronics N.V., Broadcom Limited, MediaTek Inc., Apple Inc., and Taiwan Semiconductor Manufacturing Company Limited. The report also includes strategies such as partnerships, joint ventures, new product launches, mergers & acquisitions, and collaborations, which have been adopted by these players to sustain their position and expand their footprint in the market.
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