Microprocessor Market size is set to surpass USD 90 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is driven by the increasing adoption of portable medical devices across the globe. Portable medical devices such as pulse oximeters, blood pressure monitors, heart rate monitors, and blood glucose monitors are incorporated with microprocessor. These processors provide value-added features, such as automatic calibration, intelligent alarms, and multi-input feedback control, which increase precision and user-friendliness in medical devices. The proliferation of AI and IoT technologies across medical devices will further fuel the market expansion during the forecast timeline.
The design complexity associated with microprocessor is one of the major factors restraining the market progression. A microprocessor requires a larger footprint compared to advanced chipsets such as System-on-Chips (SoCs) and Field Programmable Gate Arrays (FPGAs). These processors do not offer high-performance compared to FPGAs and SoCs. In addition, A microprocessor when subjected to high computational workloads creates overheating and battery drainage issues in the devices.
Technological advancements in RISC-based processors will foster the microprocessor market value
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Reduced Instruction Set Computer (RISC) segment captured 35% of revenue share in 2021 led by the several high-end features offered by RISC-based processors such as faster processing speed, energy efficiency, and low-cost architecture compared to CISC-based processors. These features increase their acceptance across consumer electronics, home appliances, and industrial robotics applications. Market participants are emphasizing on developing technically advanced microprocessor in the industry.
Browse key industry insights spread across 250 pages with 161 market data tables and 22 figures & charts from the report, “Microprocessor Market Size, By Technology (Complex Instruction Set Computer (CISC), Reduced Instruction Set Computer (RISC), Application-specific Integrated Circuit (ASIC), Superscalar, Digital Signal Processor (DSP)), By Application (Automotive & Transportation, Consumer Electronics & Home Appliances, Industrial, Medical & Healthcare, Aerospace & Defense, IT & Telecom), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028 ”, in detail along with the table of contents:
Growing electronic content in the automotive sector will spur the microprocessor market demand
The automotive & transportation segment is predicted to observe 7% growth rate till 2028 due to the increasing penetration of electronic components across the automotive & transportation sector. Various vehicle electronics systems such as telematics, In-Vehicle Infotainment (IVI) system, instrument clusters, and head-up display units are integrated with processors. Adding to this, the rising trend of ADAS, park assistance, and AI-based voice assistant systems in vehicles will further impel the adoption of processors in the industry.
Increasing investments by the U.S. government to strengthen its military & defense sector
North America microprocessor market accounted for USD 15 billion in 2021 on account of the growing investments by the U.S. government to strengthen its military & defense sector. For instance, in December 2021, U.S. Congress proposed the FY2022 budget, requesting USD 768.2 billion for the national security of which USD 740 billion will be allocated to the Department of Defense (DoD). The proposed budget will support R&D activities across combat drones, Unmanned Aerial Vehicles (UAVs), and surveillance aircraft. In addition, according to the Federal Aviation Administration, the U.S. has around 855 thousand registered drones fully operational as of March 2022. These drones are integrated with electronic stability control, microprocessor, and batteries. The proliferation of drones coupled with supportive defense budgets will support industry growth in the region.
Key players operating in the market include Analog Devices, Inc., Arm Limited, Broadcom, Intel Corporation, Marvell, MediaTek Inc., Microchip Technology, Inc., Qualcomm, and STMicroelectronics. These market leaders are focusing on new product developments and innovations to stay competitive in the industry.