Application Specific Integrated Circuit Market Size, Overview, Outlook, Trends, Size 2024-2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Application Specific Integrated Circuit Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $23.34 billion In 2028 At A CAGR Of 7.3%.

The application specific integrated circuit market size has grown strongly in recent years. It will grow from $16.42 billion in 2023 to $17.62 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to cost efficiency and performance improvement, growing complexity of applications, market expansion in electronics and communication sectors, shrinking design cycles, increasing integration in consumer electronics.

The application specific integrated circuit market size is expected to see strong growth in the next few years. It will grow to $23.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rise in iot devices and edge computing, automotive electronics evolution, demand for energy-efficient solutions, increased complexity in semiconductor design, collaborations and partnerships. Major trends in the forecast period include emergence of 5g technology, rapid prototyping and time-to-market, security concerns and solutions, advancements in process technologies, increasing demand for customization.

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Application Specific Integrated Circuit Market Major Segments
The application specific integrated circuit market covered in this report is segmented -

1) By Product: Full Custom ASIC, Semi-Custom ASIC, Programmable ASIC
2) By Application: Wireless Communication, Inferencing Applications, Acceleration And Storage, Video And Broadcast, Process And Quality Control, Security And Surveillance, Electrical Distribution
3) By End-Use Industry: IT And Telecommunication, Industrial, Media And Entertainment, Automotive, Healthcare, Aerospace, Consumer Electronics, Other End-users

Key Driver - Rising Adoption Of Cryptocurrencies Drives Growth In The Application-Specific Integrated Circuit (ASIC) Market

The growing adoption of cryptocurrencies is expected to propel the growth of the application specific integrated circuit market going forward. A cryptocurrency is a type of digital currency that is produced utilizing encryption methods. With the use of encryption technology, cryptocurrencies serve as both a medium of exchange and a virtual accounting system. Application specific integrated circuit devices are used in mining cryptocurrency by using heavy and advanced computing, Hance, the adoption of cryptocurrencies expands the market. For instance, according to the International Monetary Fund, a US-based leading United Nations financial agency, and an international financial institution, in 2021, the cryptocurrency market value nearly tripled to reach an all-time high of $2.5 trillion. Therefore, the growing adoption of cryptocurrencies is driving the growth of application specific integrated circuit market.

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Prominent Trend - Technological Advancement Enhancing Network Edge Protection

Technological advancement is the key trend gaining popularity in the application-specific integrated circuit market. Major companies operating in the application-specific integrated circuit market are focused on developing innovative technologies to strengthen their position in the market. For instance, in February 2023, Fortinet, a US-based company, that manufactures and distributes cybersecurity products, launched FortiSP5 the most recent advancement in ASIC technology making significant progress in protecting dispersed network edges. FortiSP5 provides significant secure computing power gains over traditional CPU and network ASICs, as well as lower cost and power consumption and the ability to provide new secure infrastructure across branches, campuses, 5G, edge computing, and operational technologies. It also provides encryption that is 32 times faster to protect sensitive data and secure virtual private networks, among other benefits.

Application Specific Integrated Circuit Market Players
Major companies operating in the application specific integrated circuit market report are Infineon Technologies AG, Semiconductor Components Industries LLC, OmniVision Technologies Inc., Tekmos Inc., Seiko Epson Corporation, Socionext America Inc., Intel Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Qualcomm, Onsemi, Maxim Integrated, Renesas Electronics Corporation, Broadcom Inc., Comport Data Inc., Fujitsu Limited, NXP Semiconductors N.V, Faraday Technology Corporation, Comport Data, Micron Technology, Intel Corporation, ASIX Electronics, Renesas Electronics Corporation, IC'Alps, Marvell Technology Group Ltd., Samsung Electronics, LG Electronics, Honeywell International Inc., eSilicon, Cypress Semiconductor Corporation .

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Largest And Fastest Growing Region In The Market
North America was the largest region in the application specific integrated circuit market in 2023. Asia-Pacific is expected to be the fastest-growing region in the application specific integrated circuit market report during the forecast period. The regions covered in the application specific integrated circuit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Application Specific Integrated Circuit Market Report Structure
3. Application Specific Integrated Circuit Market Trends And Strategies
4. Application Specific Integrated Circuit Market - Macro Economic Scenario
5. Application Specific Integrated Circuit Market Size And Growth
…..
27. Application Specific Integrated Circuit Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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