System On Chip Market Report 2024 - System On Chip Market Growth And Trends

"The Business Research Company recently released a comprehensive report on the Global System On Chip Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The system on chip market size has grown strongly in recent years. It will grow from $140.34 billion in 2023 to $152.46 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to advancements in semiconductor technology, mobile computing revolution, Internet of Things (IoT) boom, rise of wearable technology, and automotive electronics evolution.

The system on chip market size is expected to see strong growth in the next few years. It will grow to $214.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to 5g connectivity, edge computing expansion, artificial intelligence at the edge, autonomous vehicles, rise of augmented reality (AR) and virtual reality (VR). Major trends in the forecast period include integration of heterogeneous cores, focus on security, customization and configurability, advancements in packaging technologies, and rise of domain-specific architectures.

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Market Drivers and Trends:
The increasing adoption of smartphones is expected to propel the growth of the system-on-chip market going forward. Smartphones refer to handheld electronic devices that combine the functionalities of a mobile phone with those of a computer, typically offering internet access, communication features, and a wide range of applications. The increasing adoption of smartphones is due to their versatility, providing access to communication, information, entertainment, and productivity tools in a compact, portable device. System on chip (SoC) integrates multiple electronic components, including processor, memory, and peripherals, onto a single chip, optimizing smartphone performance and power efficiency. For instance, in April 2022, according to the Department of Telecommunications under the Vietnam Ministry of Information and Communications, a Vietnam-based regulatory agency, Vietnam recorded 91.3 million smartphone subscribers in 2021, an increase of over 2 million at the end of March 2022, resulting in a total of 93.5 million subscribers, equivalent to 73.5% of the nation's adult population. Therefore, the increasing adoption of smartphones is driving the growth of the system-on-chip market.

Major companies operating in the system-on-chip market are focusing on developing next-generation artificial intelligence solutions to meet the growing demand for high-performance computing and edge processing capabilities. Next-generation artificial intelligence solutions represent the forefront of advanced technology, leveraging cutting-edge algorithms and methodologies to tackle complex problems and drive innovation across various industries. For instance, in January 2021, Atlazo Inc., a US-based artificial intelligence system-on-chip semiconductors developer, launched the AZ-N1, an AI system-on-chip (SoC) tailored for compact smart devices. It uses an energy-efficient Artificial Intelligence and Machine Learning processor (Axon ITM) to address audio processing, voice recognition, health tracking, and sensor needs. With its notably low power consumption, augmented by a low-power CODEC supporting up to 4 microphones, alongside integrated battery charging, DC or DC regulators, and Bluetooth connectivity, the AZ-N1 excels in handling intricate tasks such as audio and biometric processing, as well as sensor signal interpretation.

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Major Key Players of the Market:
Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Sony Corporation, Taiwan Semiconductor Manufacturing Company Limited, Intel Corporation, Qualcomm, Broadcom Inc., Micron Technology Inc., NVIDIA Corporation, Toshiba Corporation, Advanced Micro Devices Inc., Texas Instruments Incorporated, MediaTek Inc., STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Renesas Electronics Corporation, onsemi, Marvell Technology Group Ltd., Arm Limited

System On Chip Market 2024 Key Insights:
• The system on chip market size is expected to see strong growth in the next few years. It will grow to $214.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Smartphone Adoption Fueling System on Chip Market Expansion
• Advancements In Artificial Intelligence Solutions Enhanced System On Chips Market
• Asia-Pacific was the largest region in the system on chip market in 2023

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This release was published on openPR.