Global System-on-Chip Market worth USD 128.1 billion by 2024, System Chip Market Share, growth & future forecast, Industry Forecast 2024.
The global system-on-chip (SoC) market was valued at USD 33.4 billion in 2017 and is expected to reach USD 128.1 billion by 2024, at a CAGR of 19.3%. Increasing demand for power efficient electronic devices, advancement in technology, and rising adoption of miniaturized consumer electronics is likely to drive the market growth over the forecast period. Also, adoption of SoCs in nano robots and increased demand for embedded graphics is further propelling the market growth.
System-on-chip may be defined as a single silicon chip in which all the components are fabricated to perform a specific task. Consumer electronics is expected to hold the major share of the market owing to advancements in technology, and faster adoption of smart devices and connected devices. SoCs are designed to do high speed computing, due to their efficient and faster system. Moreover, higher interconnectivity and better resistivity offered by SoCs is also fueling the market growth.
Asia-Pacific is expected to dominate the global system-on-chip market, followed by North America. The growth in the Asia-Pacific region is attributed to the increasing acceptance of connected devices, increasing adoption of IoT based technologies in various end-user industries, and rising demand for power efficient electronic devices such as smart phones and wearables. Moreover in terms of revenue, China is expected to hold the major market share in this region due to the increasing usage of smart devices across the country. North America is anticipated to show a significant growth rate, owing to the increasing adoption of consumer appliances.
