System on Chip Market Strong Demand across Smart Consumer Electronics

System-on-chip or SoC refers to a singular microchip, which packs a variety of necessary components, such as electronic circuits, communication nodes, and other parts of an electronic device.

SoCs comprise both hardware and software that are employed in a number of electronic devices such as mobile phones and tablets. Over the past few years, the rising global demand for such mobile computing devices and other miniaturized consumer electronics has led to a significant rise in the use of SoCs.

Moreover, the development of technologically advanced SoCs, which has led to inclusion of more features within a specified area of SoC, leading to better resistivity of wires and higher interconnectivity, has further helped in the overall growth of this market globally.

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The market is expected to exhibit a promising growth rate over the next few years. Transparency Market Research states that the market will expand at a 8.4% CAGR from 2017 to 2025. With this growth rate, the market, which was valued at US$45.89 bn in 2016, is expected to rise to a valuation of US$89.03 bn by 2025.

On the basis of application, the report segments the global market for system on chip into telecommunication, consumer electronics, and automotive. In 2016, the consumer electronics segment, followed by the telecommunication segment, formed one of the most lucrative application areas for SoC. The segment, accounting for a significant 37.1% of the global market in 2016, is expected to remain the leading contributor of revenue throughout the forecast period as well.

This growth is attributed to the world’s rising appetite for technologically advanced consumer electronics devices such as smart phones, tablets, and wearables. The rising adoption of the IoT (Internet of Things) technology across industrial as well as consumer sectors and the vast advancements in the field of networking services have also helped in broadening the scope of use of SoC in consumer electronics.

Moreover, the rising demand for products with low power consumption in addition to being technologically advanced in circuit architecture has further bolstered the demand for SoC in consumer electronics and telecommunications segments.

APAC to Remain Leading Contributor of Revenue to Global Market
In terms of geography, the SoC market has been segmented in the report into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America. On the basis of revenue contribution to the global market, the APAC SoC market dominated in 2016, followed by the North America market. APAC accounted for more than 45% of the global market in the said year and is expected to hold the top spot throughout the forecast period.

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The region’s market for SoCs has majorly benefitted from the thriving market for consumer electronics, boasting a massive consumer base as well as some of the world’s leading manufacturers of consumer electronics.

The increased adoption of IoT-based technological applications across a number of industry verticals has been also been a key reason backing the overall growth of the SoC market in APAC. Over the forecast period, however, North America is expected to emerge as one of the most promising destinations for companies in the SoC market.

The report estimates that the North America SoC market will exhibit a 9.2% CAGR from 2017 to 2025, much higher than the rate of growth expected in the Asia Pacific market over the same period, 7.9% CAGR.

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This release was published on openPR.