What Is The Overview Of The Global System On Chip Market?
System on Chip (SoC) refers to an integrated circuit that integrates various computer or electronic system components onto a single chip. It is widely used in various electronic devices with advantages such as reduced power consumption, smaller form factors, lower cost, and improved performance compared to systems built from discrete components.
System On Chip Global Market Report 2024 provides data on the global system on chip market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The System On Chip 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 System On Chip?
The system on chip market size has grown strongly in recent years. It will grow from $140.34 billion in 2023 to $152.46 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to advancements in semiconductor technology, mobile computing revolution, Internet of Things (IoT) boom, rise of wearable technology, and automotive electronics evolution. The system on chip market size is expected to see strong growth in the next few years. It will grow to $214.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to 5G connectivity, edge computing expansion, artificial intelligence at the edge, autonomous vehicles, and the rise of augmented reality (AR) and virtual reality (VR). Major trends in the forecast period include integration of heterogeneous cores, focus on security, customization and configurability, advancements in packaging technologies, and rise of domain-specific architectures.
What Factors Are Driving Growth In The System On Chip Market?
The increasing adoption of smartphones is expected to propel the growth of the system-on-chip market going forward. Smartphones refer to handheld electronic devices that combine the functionalities of a mobile phone with those of a computer, typically offering internet access, communication features, and a wide range of applications. The increasing adoption of smartphones is due to their versatility, providing access to communication, information, entertainment, and productivity tools in a compact, portable device. System on chip (SoC) integrates multiple electronic components, including processor, memory, and peripherals, onto a single chip, optimizing smartphone performance and power efficiency. For instance, in April 2022, according to the Department of Telecommunications under the Vietnam Ministry of Information and Communications, Vietnam recorded 91.3 million smartphone subscribers in 2021, an increase of over 2 million at the end of March 2022, resulting in a total of 93.5 million subscribers, equivalent to 73.5% of the nation's adult population. Therefore, the increasing adoption of smartphones is driving the growth of the system-on-chip market in 2023, 2024, and projected to continue into 2028.
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What Are The Main Segments Of The Global System On Chip Market?
The system on chip market covered in this report is segmented –
1) By Type: Digital System On Chips, Mixed-Signal System On Chips, Analog System On Chips
2) By Application: Home Appliances, Portable Electronic Devices, Advanced Driver Assistance Systems, Medical Devices, Radio-Frequency Devices, Power-Electronic Devices, Wired And Wireless Communication Devices, Wearable Devices, Other Applications
3) By End-Use Industry: Consumer Electronics, Automotive And Transportation, Information Technology (IT) And Telecommunication, Aerospace And Defense, Healthcare, Power And Utility, Other End Use Industries
What Emerging Trends Are Influencing The Growth Of The System On Chip Market?
Companies in the system-on-chip (SoC) market are concentrating on developing next-generation artificial intelligence solutions to meet the increasing demand for high-performance computing and edge processing capabilities. These solutions use advanced algorithms and methodologies to address complex challenges and drive innovation across industries. For instance, in January 2021, Atlazo Inc., a US-based AI system-on-chip developer, launched the AZ-N1, an AI system-on-chip designed for compact smart devices. Featuring an energy-efficient Artificial Intelligence and Machine Learning processor (Axon ITM), the AZ-N1 supports audio processing, voice recognition, health tracking, and sensor functions with low power consumption. It includes a low-power CODEC for up to four microphones, integrated battery charging, DC-DC regulators, and Bluetooth connectivity, excelling in tasks like audio and biometric processing and sensor signal interpretation.
What Is The Largest Region In The System On Chip Market?
Asia-Pacific was the largest region in the system on chip market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the system on chip market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
