Press release
Analog IC Services Market is Projected to Grow at a Substantial Rate
A recent report published by Persistence Market Research projects that, the global market for analog IC products, which was valued at US$ 48.73 billion in 2016, will soar steadily at 6.2% CAGR to reach US$ 79.06 billion by the end of 2024.
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Asia-Pacific – Fastest-Growing Analog IC Market
In terms of regional growth, global analog IC market will witness utmost dominance from Asia-Pacific (APAC) countries. By the end of 2024, revenue from every other analog IC product that will be sold in the world will be accounted by the APAC region. In the projected period, the APAC analog IC market is anticipated to surpass US$ 40 billion valuation. North America will be the second-most dominant region, but is likely to incur revenue growth at less than 5% CAGR. In 2017 & beyond, Latin America, Europe and the Middle East & Africa will collectively account for less than 25% of global analog IC revenues.
General purpose IC products & services are presently in demand from multiple industrial verticals. With time, analog IC will be designed according to the application it serves. While general purpose IC products accounted for 40% revenue share in 2016, global analog IC revenues emanating from sales of such products are ordained to experience decline. Corresponding to the dip in sales of general purpose IC products, industrial demands for analog IC products will be veering towards application-specific IC products. The report has projected that by 2024-end, revenues originating from global sales of app-specific IC products & services will be moving towards the US$ 50 billion yardstick. Soaring at nearly 7% CAGR, application-specific IC products will be accounting over 60% value share of global analog IC market by the end of assessment period.
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Higher Demand for Analog IC in Automotive Applications
Application of analog IC products will continue to spanned across industries such as communications, healthcare, manufacturing, consumer electronics, and automotive, among others. Analog IC products are gaining adoption in communication industry by playing an integral role in multiple device connectivity. Considering higher use of analog IC products in production of multimedia devices, global consumer electronics industry is projected to account for more than one-third of global market revenues over the forecast period. Key findings from the report indicate that automotive applications of analog IC products are expected to gain traction. Throughout the projection tenure, automotive applications are estimated to account for global revenues worth over US$ 12 billion.
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