With 6.0% CAGR, Data Converter Market Growth to Surpass USD 7.4 billion

The data converter market size is valued at USD 5.5 Billion in 2023 and is anticipated to be USD 7.4 Billion by 2028; growing at a CAGR of 6.0% from 2023 to 2028. Factors such as the Increasing adoption of technologically advanced data acquisition systems, and growing demand for high-resolution images in scientific and medical applications are driving the growth of the market during the forecast period.

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Based on the type the data converter market has been segmented into Analog-to-Digital Converters (ADCs) and Digital-to-Analog Converters (DACs). The Analog-to-Digital Converters (ADCs) segment is expected to have a higher growth rate during the forecast period. Advancements in technologies for communications applications and digital operations in industrial applications are the major factors for the growth of the ADC market.

Based on the sampling rate the data converter market has been segmented into High-speed data converters and General-purpose data converters. High-speed data converters accounted for the largest share of the data converter market in 2028. High-speed data converters are commonly used for communications and T&M applications. The increasing development toward the commercialization of 5G technology is likely to be a significant opportunity for the communications application, which is anticipated to drive the high-speed data converter market.

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Based on the applications the data converter market has been segmented into Communications, Consumer Electronics, Industrial, Medical, Test & Measurement, and Automotive. The data converter market for medical applications is expected to witness the highest CAGR during the forecast period. The increasing demand for advanced medical devices, owing to the rising importance of medical electronics in patient tracking as well as other monitoring activities, has played a prominent role in the growth of the medical electronics market worldwide. High adoption of portable and compact medical devices is expected to propel the market's growth for general-purpose data converters, while high-resolution medical imaging and diagnostic equipment would create opportunities for high-speed data converter providers.

News also Covered: https://finance.yahoo.com/news/data-converter-market-worth-7-140000181.html

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This release was published on openPR.