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Data Converter Market Growth, Trends & Opportunities 2024-2033
Data Converter Market Growth
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According to The Business Research Company's, The data converter market size has grown strongly in recent years. It will grow from $4.44 billion in 2023 to $4.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to expansion of mobile and consumer electronics, rise of internet of things (IoT), demand for high-performance computing, increasing bandwidth requirements, automotive electronics evolution.
The data converter market size is expected to see strong growth in the next few years. It will grow to $6.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to emergence of edge computing, rapid growth in electric vehicles (EVs), integration in advanced medical devices, focus on energy efficiency. Major trends in the forecast period include 5G technology implementation, technological convergence, advancements in communication technologies, integration of high-speed data converters, rise of wideband and software-defined radio (SDR) applications.
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Market Drivers and Trends:
The growing demand for high-resolution images in scientific and medical applications is expected to propel the growth of the data converter market. High-resolution images are used in medical image processing. Medical image processing is the use and investigation of 3D image files of the human body, often collected from a Computed Tomography (CT) or Magnetic Resonance Imaging (MRI) scanner, to diagnose disorders, guide medical procedures such as surgery planning, or for research reasons. The data converter plays a vital role in meeting the demand for medical imaging devices in terms of image quality, pixel density, accuracy, linearity, and noise. According to GE Healthcare, medical imaging accounts for more than 90% of healthcare data. Therefore, the increasing usage of high-resolution imaging devices in medical applications outfitted with data converters is driving the data converter market growth.
Major companies operating in the data converter market are launching new software to increase their profitability in the market. Software plays a crucial role in defining and working with data converters, providing essential tools for tasks such as data conversion, analysis, and visualization. For instance, in June 2023, Analog Devices Inc., a US-based semiconductor manufacturing company launched Apollo MxFE. The Apollo MxFE features advanced software-defined capabilities, direct RF-sampling, and a wideband mixed signal front end for superior performance in radio frequency applications. The Apollo MxFE, tailored for Aerospace, Defense, and Communication applications, facilitates cutting-edge technologies like phased array radar and 6G communications. It meets the escalating demand for broader bandwidths and faster data processing in 5G, 6G, Wi-Fi 7 & 8, radar, and signal intelligence at the network edge. Featuring bandwidths up to 10GHz and direct sampling and synthesis up to 18GHz, this 16nm CMOS device accelerates design cycles and product time-to-market, ensuring future-proofing with superior RF Analog-to-Digital and Digital-to-Analog Converter cores.
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Major Key Players of the Market:
Continental AG, Mitsubishi Electric Corp., Sumitomo Electric Industries Ltd., Asahi Kasei Corporation, Texas Instruments Incorporated, TE Connectivity Ltd., STMicroelectronics NV, Infineon Technologies AG, NXP Semiconductors NV, Renesas Electronics Corporation, Amphenol Corp., Analog Devices Inc., Semiconductor Components Industries LLC, Microchip Technology Inc., Skyworks Solutions Inc., Synopsys Inc., Qorvo Inc., BorgWarner Inc., ROHM Semiconductor Co. Ltd., Vishay Intertechnology Inc., Maxim Integrated Products Inc., Diodes Incorporated, Microsemi Corporation, Cirrus Logic Inc., Dialog Semiconductor plc, Silicon Laboratories Inc., Knowles Electronics LLC, Semtech Corp., Faraday Technology Corporation, DATEL Inc.
Data Converter Market 2024 Key Insights:
• The data converter market size is expected to see strong growth in the next few years. It will grow to $6.91 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• The Surge In Data Converter Market Driven By High-Resolution Medical Imaging
• Analog Devices Inc. Launches Apollo MxFE
• North America was the largest region in the data converter market in 2023
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