Data Converter Market Size Worth USD 8,281.72 Million By 2028 | CAGR 8.4%: The Insight Partners

According to The Insight Partners' research, the "Data Converter Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the data converter market is expected to reach US$ 8,281.72 million by 2028, registering a CAGR of 8.4% from 2022 to 2028. The global market rising demand for data converters in Wireless Communications and increase in number of product launches

China, the US, Japan, Germany, India, South Korea, Italy, France, the UK, and Indonesia are among the top manufacturing countries across the world. Governments in these countries are continuously striving to strengthen their respective industrial sectors, boost the growth of economies, and encourage technology integration in industrial plant operations. The growing industrial sector is anticipated to provide lucrative business opportunities for data converter providers.

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China, the US, and Hong Kong are the leading producers of electronics.

Top 10 electronics manufacturers, including Samsung, Sony, Schneider Group, Hitachi, and Honeywell, have earned a combined profit of ~US$ 73 trillion in 2022.

Such a flourishing consumer electronics industry indicates high demand for data converters in audio/video devices, cellphones, PLCs, digital multimeters, and CMOS image sensors for mobile applications. The increasing requirement for communication, 5G, RADAR processing, medical imaging, and ADAS is also expected to generate lucrative business opportunities for data converter market players.

The data converter market analysis has been segmented based on type, sampling rate, application, and geography. Based on type, the data converter market size is segmented into ADC and DAC. Based on sampling rate, the data converter market size is bifurcated into high-speed converters and general/low-speed converters. Based on application, the data converter market analysis is categorized into medical, industrial, communications, consumer electronics, automotive, and others. On the basis of resolution, the data converter market is segmented into 10-14 bit, above 14-20 bit, and above 20 bit. Based on rate of converter, the data converter market is segmented into Below 100Msps, 100-500Msps, Above 500Msps-1Gsps, and Above 1Gsps-3Gsps. Based on geography, the data converter market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

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The governments of South American countries took several actions to protect their citizens and contain the spread of SARS-CoV-2. The outbreak has weakened the manufacturing capabilities and trade in countries across the region. However, despite adversities associated with the COVID-19 pandemic, SAM has recorded growth in the wireless networking devices market. This can be attributed to the high pressure on industries to support remote working, fast-track their digital transition, and deploy operations on cloud platforms. Further, the increasing adoption of WFH models fueled the demand for high-bandwidth threshold-capable networking devices. Many industries adopted digital transformation to continue their businesses, eventually generating demand for wireless communication devices.

Key Findings of Study:

The global data converter market is segmented into five major regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In 2021, North America accounted for the largest market share, followed by APAC and Europe, respectively. However, APAC is expected to register the highest CAGR during 2022-2028.

The demand for consumer electronics audio equipment devices is rising across Asia Pacific. In March 2022, ROHM CO., LTD developed the D/A converter IC BD34352EKV, which supports the playback of high-resolution sound sources in high-fidelity audio equipment. This D/A converter IC will help convert high-resolution digital audio data to analog audio signals, and audio DAC chips help determine the quality of audio equipment. Thus, the rising use of data converters in different audio equipment devices would boost the data converter market growth in Asia Pacific during the forecast period.

It has been observed that, the smartphone adoption rate accounted for 68% in 2020 and is expected to reach 83% by 2025. The 5G commercialization has gained rapid momentum across the region with commercial 5G services available across 14 markets. India and Vietnam, and several other countries, are expected to come on board in the coming years. Asia Pacific is expected to have approximately 400 million 5G connections by 2025. All aforesaid factors associated to 5G are likely to favor the growth opportunities for data converter market players in APAC region in the coming years.

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South Korea was a pioneer to unveil 5G mobile network in 2019. For this, South Korean telecom companies have built around 215,000 5G base stations within their territories. The rising 5G demand in the country has also increased the demand for consumer electronic devices such as smartphones, tablets, TV, personal computers, and others. This increase in the demand for consumer electronics will fuel the penetration rate of the data converter market. Moreover, the South Korean government is also investing in research and development of mobile edge computing, which is a key component in driving the commercial use of 5G in the areas such as virtual reality. Also, according to the article by The Korea Herald, in January 2021, the government announced they has set aside a budget of US$ 126.37 million to help a wide range of sectors. Out of this, the government will invest US$ 98.12 million (127.9 billion won) to encourage the use of private 5G networks. Thus all these things will contribute towards growth of data converter market in South Korea.

Data Converter Market: Competitive Landscape and Key Developments

Analog Devices, Inc.; Texas Instruments Incorporated; NXP Semiconductors; STMicroelectronics; ROHM CO., LTD. are a few key data converter market players. In addition, several other companies-including Microchip Technology; Omni Design Technologies, Inc.; On Semiconductor; Renesas Electronics Corporation; Synopsys, Inc. -were studied and analyzed to get a holistic view of the data converter market and its ecosystem.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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