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Digital Signal Processors Market Size, Share Analysis And Overview By 2033
Digital Signal Processors Market Size
According to The Business Research Company's, The digital signal processors market size has grown strongly in recent years. It will grow from $14.62 billion in 2023 to $15.97 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to significant developments in wireless infrastructure, growing demand for digital signal processing within automotive applications drives its market growth, growing demand from thriving automotive industry to propel digital signal processor sales, increasing demand for high-quality audio and video processing, rapid advancements in technology driving DSP market growth.
The digital signal processors market size is expected to see strong growth in the next few years. It will grow to $22.93 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to growing demand for VOIP and IP video, increasing adoption of connected devices coupled with rise in data traffic is positively impacting the market growth of digital, high usage of digital signal processor chips in consumer electronics will boost market, growing adoption of IoT and connected devices, increasing demand for IoT devices and edge computing. Major trends in the forecast period include advanced technology, proliferation of wireless communication technologies, iot applications, integration of ai and machine learning, automotive industry.
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Market Drivers and Trends:
The rise in demand for consumer electronics is expected to propel the growth of the digital signal processors market going forward. Consumer electronics refers to electronic devices and gadgets designed for everyday use by individuals for entertainment, communication, productivity, and personal convenience. The demand for consumer electronics is increasing due to increased connectivity, the rise of remote work and learning, entertainment and streaming services, the convenience of e-commerce, and the affordability and accessibility of these products. Digital signal processors enhance consumer electronics by enabling high-quality audio processing, image and video enhancement, voice recognition, wireless communication, power management, sensor processing, display optimization, and real-time data processing. For instance, according to the United States International Trade Commission (USITC), a US-based government agency, the total value of U.S. exports of electronic products increased from $286 billion in 2021 to $302 billion in 2022, representing a growth rate of approximately 10.0%. Therefore, the rise in demand for consumer electronics is driving the growth of the digital signal processors market.
Major companies operating in the digital signal processor market are developing innovative products, such as AK7018 and AK7017, to enhance the in-car audio and voice experience. AK7018 and AK7017 are pin-compatible audio DSPs featuring dual and single HiFi 4 CPUs. For instance, in December 2022, Asahi Kasei Microdevices Corporation, a Japan-based variety of advanced sensing devices, launched the AK7018 and AK7017, designed to take the in-car audio and voice experience to the next level. These DSPs provide versatility in building cutting-edge automotive entertainment systems while improving the audio and speech quality inside the vehicle. While the AK7017 offers a scalable solution for simpler system versions, the AK7018, equipped with twin HiFi 4 DSP cores, enables simultaneous high-resolution audio and speech processing.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd, Intel Corporation, Qualcomm Incorporated, Broadcom Inc, Toshiba Corporation, Asahi Kasei Microdevices Corporation, Texas Instruments Incorporated, MediaTek Inc, STMicroelectronics N.V, Infineon Technologies AG, NXP Semiconductors N.V, Analog Devices Inc, Renesas Electronics Corporation, ON Semiconductor Corporation, Microchip Technology Inc, Synopsys Inc, Marvell Technology Group Ltd, ROHM Semiconductor, Novatek Microelectronics Corp, Xilinx Inc, Maxim Integrated Products Inc, Cirrus Logic Inc, Silicon Laboratories Inc, Lattice Semiconductor Corporation, Ambarella Inc, DSP Group Inc, CEVA Inc, QuickLogic Corporation, Wave Computing Inc, Imagination Technologies Group plc
Digital Signal Processors Market 2024 Key Insights:
• The digital signal processors market size is expected to see strong growth in the next few years. It will grow to $22.93 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• The Impact Of Rising Consumer Electronics Demand On The Digital Signal Processors Market
• Innovative Products In The Digital Signal Processor Market
• Asia-Pacific was the largest region in the digital signal processor market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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