System on Chip Market
Market Synopsis
The system-on-chip market 2020 is all set to jump from the valuation of USD 131.83 billion it reached in 2017 to touch USD 207.21 billion by 2023, affirms Market Research Future (MRFR). MRFR anticipates that the global market can procure a CAGR of 8.3% from 2018 to 2023 (review period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Main Drivers and Key Challenges
With the world taking shelter inside their homes since the COVID-19 outbreak and the consequent lockdown, the semiconductor industry, especially the system on chip/SOC market has had to deal with fluctuating demand and supply ratio. SARS-CoV-2 has led to a dramatic drop in the sales of system on chips, given the rising need for essential items following the pandemic. On the bright side, with the novel coronavirus compelling people to remain and work from home, it is believed that the system on chip demand can increase in the following months. Advanced technologies such as AI, IoT, rising need for better internet connectivity, and surging use of affordable smart wireless sensors can also help the SOC market generate massive revenues in the near future.
The escalating demand for compact, power-efficient and smart electronic device coupled with the promising growth of IoT based technologies has benefitted the system-on-chip market to a large extent. The increasing need for scalable and compact ICs in the worldwide electronic industry can give rise to lucrative opportunities in the global market over the next couple of years. The market growth can also be bolstered by the accelerated application scope in diverse industries such as consumer electronics like smartphones, laptops and tablets.
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Furthermore, the SOC market can garner widespread impetus backed by the growing innovations in the manufacturing processes and the soaring demand for lower priced silicon chips. The emergence of cost effective silicon chips has emerged as a huge opportunity for the renowned industry players, who are actively pursuing growth strategies such as product development and new launches in order to elevate their market position.
For instance, in July 2020, Apple Silicon signed TSMC for developing high power Silicon system on chips for future Macs, since silicon is an extremely pure, cheap and easy to use semiconductor. TSMC has long been a prominent supplier of ARM chips for Apple and has successfully developed SoCs for their iPads as well as iPhones previously.
Market Segmentation
Type and application are the main segments based on which which the system-on-chip (soc) market has been studied in the report.
The key types covered in the market study are digital signal, mixed signal and analog signal.
The primary application areas highlighted in the report include healthcare, consumer electronics, automotive, telecommunication, and more.
Regional Insight
The geographical distribution of the system-on-chip market comprises Europe, Asia Pacific/APAC, North America, and the rest of the world/RoW.
The world leader is expected to be APAC, as the SoC market in the region is expanding significantly on account of the high demand for top quality consumer electronics across India, China, Taiwan, Japan and South Korea. The favorable internet ecosystem in the region has also benefitted the market to a large degree, but with the COVID-19 outbreak, online businesses have gained even higher impetus. This has resulted in a highly lucrative market for SOC in the region.
North America can be a strong market for system-on-chip as the region observes high adoption rate of IoT-based technologies that are combined with electronic appliances. In addition, the growth in in trends like CYOD/choose your own device, WFH/work from home and BYOD/bring your own device has induced substantial growth in the SOC market.
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Top Market Competitors
The top market competitors covered in the study are Taiwan Semiconductor Manufacturing Company Limited, NXP Semiconductors N.V., Apple Inc, Broadcom Limited, MediaTek Inc, STMicroelectronics N.V., Qualcomm Incorporated, Samsung Electronics Ltd, Toshiba Corporation, Intel Corporation, and more.
Some other leading contenders in the market are Microchip Technology Inc, ON Semiconductor, Infineon Technologies, Maxim Integrated Products Inc, Texas Instruments, to name a few.
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