The global System on a Chip (SoC) Market is estimated to be valued at US$ 164.45 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
It provides advantages of higher performance, lower power consumption, reduced cost and smaller size. SoCs are increasingly used in smartphones, tablets, digital TVs and other consumer electronics products.
Market key trends:
The rising demand for wearable devices and increasing trend of connecting various devices to the Internet of Things (IoT) is fueling the growth of the SoC market. Wearable devices such as smartwatches, fitness bands and other healthcare devices require low power SoCs to function continuously for long durations. Various devices from home appliances to industrial equipment are being integrated with sensors and internet connectivity which requires dedicated SoCs. This is positively impacting the SoC market growth.
Segment Analysis
The system on a chip (SoC) market is dominated by the smartphone segment. This is due to the high demand for advanced and power efficient processors in smartphones. The adoption of new technologies such as 5G connectivity and artificial intelligence is driving smartphone manufacturers to opt for sophisticated SoC solutions which can support these new features while consuming low power. Due to the advancements in mobile computing and connectivity, the smartphone segment is expected to continue dominating the SoC market over the forecast period.
Key Takeaways
The Global System On A Chip (Soc) Market size is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period, due to increasing demand for mobile computing devices and connectivity solutions.
Regional analysis
Asia Pacific region dominates the global SoC market currently due to the presence of major smartphone manufacturers in countries like China, Taiwan and South Korea. The high production of smartphones in Asia Pacific is expected to drive the region's dominance in the SoC market over the coming years. North America is projected to grow at a steady pace owing to the adoption of advanced technologies in communication and computing applications.
Key players
Key players operating in the system on a chip (SoC) market include Apple Inc., Huawei Technologies Co. Ltd., MediaTek Inc., Qualcomm Technologies Inc., Samsung Electronics CO. LTD., Intel Corporation, STMicroelectronics N.V., Toshiba Corporation, NXP Semiconductors N.V., and Broadcom Inc. Apple Inc. and Qualcomm Technologies Inc. are currently dominating the global SoC market share due to their strong product portfolio and technology leadership in the smartphone industry.
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