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Touch Screen Controller Market size is poised to witness considerable revenue gains by 2032, owing to growing digitalization in the banking sector, which is increasing the adoption of devices that make use of touchscreen technology, including passbook printing machines, biometric devices for KYC, and others. Many governments across the world are investing heavily towards BFSI sector digitalization, creating a consolidating demand for touchscreen based biometric devices.
Meanwhile, an increase in the number of touch-enabled devices such as tablets, smartphones, kindles, smartwatches, and others is further creating lucrative growth opportunities for the market.
With respect to technology, touch screen controller market from capacitive segment is anticipated to witness substantial gains through 2032. Capacitive touch screen controllers provide clearer images than their resistive counterparts, which makes them ideal for displays in laptops, computers, smartphones, and other electronic devices. They also offer high touch sensitivity, great accuracy, and reliability even in damaged conditions, which makes them highly feasible to be used in electronics in the future.
In terms of end-user, touch screen controller market from consumer electronics segment is slated to observe notable revenues by 2032. Surging adoption of touch screen controllers in smart appliances such as wearable devices, tablets, refrigerators, air fryers, and others is working in favor of segment growth. Growing investments by governments across the world in consumer electronics sector is further paving the way for segment expansion.
From the regional perspective, Asia Pacific touch screen controller market is expected to grow at a considerable CAGR from 2023 to 2032. Improving socio-economic conditions of people have increased their spending on consumer electronics, which has bolstered the demand for touch screen controllers. Additionally, the region has a robust presence of many leading touch screen controllers industry players such as Panasonic Corporation, Samsung Electronics Co. Ltd., and others who are consistently involved in innovating new products.
The list of major touch screen controller market players includes names such as Texas Instruments Inc., Broadcom Limited, STMicroelectronics N.V., Samsung Electronics Co. Ltd., Analog Devices Inc., and Microchip Technology Incorporated, among others. These firms are heavily investing in product innovations to secure the highest market share. Citing an instance, in November 2021, Microchip Technology Incorporated, an American manufacturer of microcontrollers launched maXTouch® MXT1296M1T touchscreen controllers which offer superior flexibility to accommodate exclusive display aspect ratios in cars and are equipped with accurate, waterproof, and quick multi-touch detection features.
The COVID-19 pandemic-induced economic uncertainty and inflation had a negative impact on touch screen controller industry. It cut down consumer expenditures on novelty products such as electronics such as tablets, smartphones, and others, directing them towards daily essentials. Moreover, high price of raw materials for producing touch screen controllers also added to the cost of final product, making it out of reach for many medium and small-scale businesses. However, growing efforts by governments globally towards controlling inflation are likely to help the industry return to normalcy.