Next Generation Processors Market - Despite North America’s Dominance, Market to Witness Lucrative Prospects in Asia Pacific
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In the years to come, the competitive spirit will likely intensify, driven by the launch of the latest generation of chips aimed toward a range of high-performing computing applications. A number of companies are adopting game-changing strategies, raising the ante in the overall stakeholder ecosystem. A number of players are focusing on emerging markets, such as Japan, to capitalize on new revenue streams, in a move to stay ahead of others over the assessment period, observes TMR.
The global next generation processor market is projected to rise at a CAGR of 17.6% from 2016 to 2024 and is estimated to reach US$165.27 bn by the end of the forecast period. The market stood at US$41.41 bn in 2015.
The various end users of the next generation processor market are consumer electronics, information and communication technology (ICT), manufacturing, and automotive. Of these, the consumer electronics industry is projected to emerge as the leading segment during the forecast period. The dominance can be attributed primarily to a burgeoning demand for high-performing smart consumer devices in several regions. However, the manufacturing industry is predicted to rise at the major CAGR, vis-à-vis revenue, during the same period in the global market. Geographically, North America is predicted to be the most attractive market as it held the leading revenue share in 2015. The extensive demand for next generation processors throughout the assessment period is attributable to a marked presence of automotive players in the region, apart from it being a smart manufacturing hub.
Extensive Demand for Energy-efficient and Scalable Compute Applications to Boost Market
The drive for next generation processors and chips stems from the need for advanced options of scalability in compute, network, and storage across various high-performing electronics applications. The growing demand for next generation storage and networking applications in several industries, including ICT, manufacturing, and automotive is a key factor propelling the demand for next generation processors technology. The rising demand for energy-efficient compute applications to meet the aim of high-performing multitasking options in these industries is a key factor expected to fortify the demand during the forecast period.
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The rising adoption of automation technologies in various end-use industries, notably in manufacturing, in numerous developing and developed regions, is a prominent trend boosting the market.
Demand for High-Performing Computing Applications in IoT Devices to Bolster Uptake
The vastly rising adoption of smart electronics in automotive in several developed regions is a key factor anticipated to accentuate the market in the coming years. The substantial deployment of next generation processors in heating, ventilating, and air conditioning (HVAC) systems is boosting the market. In addition, the burgeoning demand for smart electronics such as smartphones and digital cameras, smart TVs is expected to bolster the demand for next generation processors. Furthermore, the growing demand for high-performing gaming and non-gaming applications is expected to fuel the demand for next generation processors.
However, the high cost of the raw materials used to develop next generation processors and several constraints with regard to their software integration are crucial factors likely to impede the growth of the market to an extent. Nevertheless, constant research and development activities will expectedly help market players overcome these challenges. The proliferation of IoT devices, storage, and networking sources is expected to create lucrative avenues for manufacturers and sellers in the years to come. To add to this, the demand for autonomous vehicles technology is gathering steam in various developed and developing regions, which is likely to unlock exciting opportunities for market players in various regions.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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