System on Chip market to reach $311.84 billion by 2032 with growth driven by AI and IoT technologies
From GlobeNewswire: 2024-11-26 09:00:00
The System on Chip (SoC) market was valued at USD 157.67 billion in 2023, projected to reach USD 311.84 billion by 2032 with a CAGR of 7.87%. AI-optimized SoCs are transforming industries like healthcare and automotive, with major companies like Google and MediaTek leading the way. SoCs enable faster data analysis, improved system performance, and easy integration into IoT devices.
The proliferation of AI and IoT technologies is driving the growth of the SoC market, with SoCs combining processors, memory, and interfaces onto one chip. Specialized hardware accelerators like GPUs and TPUs are essential for real-time data processing in AI applications like self-driving cars and drones. Major players in the market include Intel, Qualcomm, and Samsung, with a focus on high performance and low power usage.
The digital segment dominated the SoC market in 2023, accounting for 58% of revenue. Portable electronic devices led in application, capturing 41% of the market share. The growth of IoT and advancements in semiconductor technology are driving demand for digital SoCs in industries like telecommunications and automotive. Innovations in miniaturization are also fueling growth in portable electronic devices.
Asia-Pacific led the SoC market in 2023, with a 54% market share, driven by key semiconductor manufacturers in China, South Korea, Japan, and Taiwan. North America is expected to experience the fastest growth, particularly in autonomous driving and healthcare applications. Recent developments include Samsung’s Exynos 2400 and MediaTek’s Dimensity 9300 SoCs for smartphones, highlighting the industry’s focus on AI capabilities and energy efficiency. The System on Chip market is analyzed in a new report, covering market dynamics, production capacity, feedstock prices, regulatory impact, environmental metrics, innovation, and competitive landscape. The report also includes segmentation by type, applications, and end use, as well as regional analysis, company profiles, and use cases. For more information, visit https://www.snsinsider.com/reports/system-on-chip-market-4694.
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