(SoC) System on Chip Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2947
System on Chip (SoC) Market size is estimated to achieve a significant growth rate to 2024 propelled by growing adoption of IoT technology across several industries such as consumer electronics, automotive, and healthcare. Technological advancements and innovations in the field of networking services are expected to fuel the demand for these components, especially in thermostats, wireless sensor devices, home automation, healthcare devices & equipment, M2M communication, real-time location finding tags, and smart meters. Moreover, the growing adoption in the automotive sector for connected car development will drive the SoC market.
Growing demand for low power consumption devices will provide an impetus to the SoC market growth. Industrial sectors depend on advanced energy-efficient technologies for reducing their overall cost & expenses. The rising environmental concerns in these industries are encouraging the adoption of such technologies. Several components are integrated into the electronic arrangements to develop a circuit that will provide advanced energy-efficient solutions. Technological advancements and innovations in smart devices are driving the demand for these electronic chips. Manufacturers in the SoC market are developing advanced solutions that can be integrated into these products for providing smart features.
Several devices such as smartwatches, smartphones, and wearables are incorporated with such technologies for performing various functions. Moreover, increasing smart home development in several countries including India, China, and Saudi Arabia is expected to drive the SoC market. Smart homes are equipped with several electronic devices that require programmable chips for performing intelligent operations. Programmable System on Chip (PSoC) supports many interfaces and standards to provide several smart home functions such as entertainment, appliance control, environmental control, etc. Several differentiating features of the chips such as low power, faster response rate, and user-friendly GUI are fueling their demand in the SoC market.
The high cost involved in the production of these chips is restraining the SoC market growth. The design or production cost of such systems depends on the requirements of the functionality of the devices. Increasing cost of the components that are integrated into the systems is also responsible for the high price of these systems. Several features such as power consumption, enhanced performance & efficiency, better operability, and reliability require advanced components that cost higher and account for the rise in the cost of integrated systems. Moreover, technological advancements in lithography and fabrication processes along with multiple patterning account for the high software development costs, thereby posing a challenge for players in the SoC market.
Consumer electronics accounted for the majority of the industry share in the SoC market. The components when incorporated help device manufacturers in developing smarter and cost-effective product designs and provide flexibility, processing performance, and headroom for delivering advanced revenue-generating products & services. Several smart functions and features provided by the manufacturers in their electronic appliances add value to the offerings and deliver sophisticated solutions to the consumers. For instance, Intel developed CE 2110 media processor that has a complete SoC architecture and powers new generation devices such as networked media players, entertainment services, and digital set-top boxes.
Mixed signal technology is witnessing a high adoption in the SoC market owing to growing applications of these components in several industrial sectors. The applications of these components are growing in several industrial sectors such as consumer electronics, healthcare, and computers & ICT. Several advantages of these components are high efficiency, smaller form factor, and reduction of electromagnetic interference. Manufacturers are engaged in integrating the technology to provide advanced and efficient electronic solutions to the customers. Such technological advancements and innovations in the consumer electronics sector will propel the SoC market growth.
The Asia Pacific SoC market is experiencing a high growth owing to the rise in demand for the smart consumer electronic products in the region. The manufacturers are offering advanced features in their products that require suitable electronic arrangements to support these functions. Moreover, the increasing adoption of IoT technology in these smart devices is expected to drive the SoC market. Countries including India and China are experiencing a high demand for the products such as smart TV, wearables, and mobiles due to the rising technological advancements in the sector. Manufacturers in the industry are targeting their products to these segments where a high demand for the mixed signal technology is being witnessed.
Key players operating in the SoC market are Broadcom Ltd., Apple, Inc., Intel Corporation, Infineon Technologies, Samsung Electronics, Co., Ltd., Qualcomm, Inc., STMicroelectronics N.V., Toshiba Corporation, Taiwan Semiconductor Manufacturing Co., Ltd., Mediatek, Inc., Huawei Technologies, and Spreadtrum Communications. Players in the SoC market are engaged in adopting several strategies to capture a widespread customer base and expand their business operations. For instance, in September 2018, Intel, Inc. acquired Netspeed Systems, Inc. that will help them build a strong foothold in the industry. Such technologies are improving the performance and efficiency and are extending the lifecycle of the devices.
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