What Is The Overview Of The Global Multi-Mode Chipset Market?
Multi-mode chipsets are integrated circuits engineered to accommodate diverse wireless protocols, facilitating smooth connectivity across various network generations. These chipsets optimize device performance by seamlessly transitioning between different network technologies, ensuring enhanced flexibility and functionality.
Multi-Mode Chipset Global Market Report 2024 provides data on the global multi-mode chipset market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Multi-Mode Chipset market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Multi-Mode Chipset?
The multi-mode chipset market has experienced rapid growth recently, rising from $6.29 billion in 2023 to $7.05 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.2%. This historical expansion is driven by advancements in smartphone technology, increasing popularity of connected automobiles, higher sales of chipsets for smartphones, growing demand for semiconductor components in vehicles, and a need for more flexible chipsets. Looking forward, the market is projected to grow to $11.22 billion by 2028 at a CAGR of 12.3%. This anticipated growth is fueled by the rising demand for higher data transfer rates, increasing need for modern multimode chipsets, growth in the Internet of Things, rising investments in 5G networks, and expanding smartphone use along with increasing data traffic and the need for efficient networks. Key trends in the forecast period include advancements in digital technologies, data transmission technologies, integration of multi-mode chipsets, new product research and development, and the integration of artificial intelligence technologies.
What Factors Are Driving Growth In The Multi-Mode Chipset Market?
The increasing number of smartphones is expected to propel the growth of the multi-mode chipset market. Smartphones, which combine traditional cell phone functions with features of personal digital assistants, offer touchscreens, internet connectivity, and a wide range of applications. Their widespread adoption is driven by universal internet access and the rising need for connectivity and mobile computing. Multi-mode chipsets in smartphones enable seamless connectivity across various network types and standards, including 4G, 5G, Wi-Fi, and Bluetooth, thus enhancing performance and user experience. For instance, Iron Source projected that the number of smartphone users in Japan would exceed 94% of the population, or 115.5 million users, by 2027. Consequently, the increasing number of smartphones is driving the growth of the multi-mode chipset market.
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What Are The Main Segments Of The Global Multi-Mode Chipset Market?
The multi-mode chipset market covered in this report is segmented –
1) By Type: Integrated Chipset, Non-Integrated Chipset
2) By Device: Smartphones, Tablets, Wearable Devices, Internet Of Things
3) By Communication : Second-Generation, Third Generation , Fourth Generation, Fifth Generation
4) By Application: Consumer Electronics Automotive, Healthcare, Industrial, Other Applications
What Emerging Trends Are Influencing The Growth Of The Multi-Mode Chipset Market?
Major companies in the multi-mode chipset system market are focusing on developing new LTE chipsets to strengthen their market presence. These LTE chipsets are the latest advancements in Long-Term Evolution (LTE) technology, aimed at improving wireless connectivity and data transmission on mobile devices. For instance, in May 2024, GCT Semiconductor Holding Inc., a US-based semiconductor company, launched a highly integrated multi-mode LTE chipset for the 450 MHz spectrum. This innovative chipset combines advanced functionalities with support for a previously underutilized spectrum, enabling multi-mode operation and robust performance, thus expanding and optimizing network capabilities.
What Is The Largest Region In The Multi-Mode Chipset Market?
North America was the largest region in the multi-mode chipset market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multi-mode chipset market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
