The global digital IC (integrated circuit) market 2020 is noticing high valuation to USD 387.82 billion by 2023, as it was USD 249.37 billion in 2017. These figures are confirmed after a detailed study conducted by Market Research Future experts. The study also states that the valuation will be gathering over a decent growth rate of 7.64% in the course of years from 2018 to 2023 (forecast period). The report also depicts the market it holds considerable potential to expand in the future as many factors are working in favor of it globally.
Growth Boosters and Key Challenges
The global digital IC market forecast by the MRFR study reveals the top growth boosters to be growing demand for customizable ICs in various applications. The usage of applications in different automotive systems have rollout the market in terms of fuel injection, stability control function, air sensing, crash bag, head units, and audio amplifiers in automobiles. In this context, the growing automation is also becoming impactful in the zone of customizable ICs, thus benefitting the digital IC market dynamically.
The market is also getting a considerable boost from the healthcare sector, where the applications of ICs in equipment such as electrocardiography machines and digital X-rays are observed. In the world of the Internet of Things (IoT), ICs play a pivotal role in the development and progress of the digital IC market, as it is mostly used in a wide range of systems, sensors, and objects.
The most valuable aspect of the market is that the digital IC has its advantages, inevitably expected in transforming traditional audio platform from analog to digital. This conclusively expects to fuel the growth of the global digital audio IC market in the assessment period. The advent of enhancements in smartphones has observed to be rising owing to the ongoing technological advancements that have set the growing demand for it further sets a positive impact on the demand of NAND Flash memory IC, DSP, logic ICs, and more. Coupling with the rise of the bring your device (BYOD) trend and a substantial increase in the adoption of tablets have eventually led to the increased demand for memory ICs, which is profoundly contributing to the digital IC market.
Most importantly, the expansion of smart cities is considered the most lucrative opportunity for the digital IC market that resulted in positive growth in the market since the latest years. The need for an IoT network in the process of development of a smart city comprised of microcontroller units (MCUs), diverse ICs such as communication ICs and power ICs and sensors added with an extensive software. The usage of digital ICs in the smart city thus enables access to a range of networks offering applications that provide extraordinary efficiency for services. All these factors have tremendously contributed to the global digital IC market’s growth for the forecast period.
Market Boosters and Key Barriers
Rising adoption of consumer electronics works in favor of the global digital IC market. Many of the consumer electronics make use of digital IC, on account of the growing focus on improving the digital experience for customers among system integrators. Therefore, rising adoption of consumer electronics also boosts demand for digital ICs, which in turn stimulates market growth.
Considerable investments in autonomous cars seems to boost market demand. Autonomous vehicles do not interact with humans and help bring down the workload, which elevates their demand among consumers. Such vehicles are highly dependent on actuators, powerful processors and sensors to execute the software which requires digital ICs for the conversion of analog signals to digital signals.
Soaring demand for smartphones helps accelerate demand for NAND Flash memory IC, DSP, logic ICs, and others. Besides, the rising trend of bring your device (BYOD), the adoption rate of tablets all over the world has boosted the demand for memory ICs. Therefore, high adoption of smartphones and tablets can leave a profound effect on the market in the coming years.
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Digital IC IndustryThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Digital IC Industry.
The growth sectors of the Digital IC Industry are identified with precision for a better growth perspective.The global digital integrated circuit (IC) market value in 2017 was USD 249.37 billion and can attain a valuation of USD 387.82 billion by 2023, states Market Research Future (MRFR).
Many of the consumer electronics make use of digital IC, on account of the growing focus on improving the digital experience for customers among system integrators.
Autonomous vehicles do not interact with humans and help bring down the workload, which elevates their demand among consumers.
Such vehicles are highly dependent on actuators, powerful processors and sensors to execute the software which requires digital ICs for the conversion of analog signals to digital signals.Soaring demand for smartphones helps accelerate demand for NAND Flash memory IC, DSP, logic ICs, and others.
Besides, the rising trend of bring your device (BYOD), the adoption rate of tablets all over the world has boosted the demand for memory ICs.
Market ScenarioThe demand for customizable ICs is a major factor driving the digital IC market.
The focus of IC manufacturers towards product innovation have given rise to the customized ICs.
These ICs are generally application specific ICs, they can be modified as per the product demand.The customizable ICs can be used in different systems such as the systems that have rollover and stability control, fuel injection, crash bag and air sensing, head units and audio amplifiers in automobiles.
Apart from it, healthcare sector also uses these ICs in various equipment’s.
Therefore, the innovation of customizable ICs is contributing to the digital IC market.Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/4344The digital IC market is growing rapidly.
High development in the field of technology and heavy investment in the development of new product by the key players is driving the global market whereas the major challenge identified in the market is miniaturization of electronic devices.
Global Digital IC Market Research Report: By Component (Memory (DRAM, Flash, SRAM, EPROM and others), Microprocessor, Microcontroller, Digital Signal Processing System and others), Raw Material (Silicon, Gallium Arsenide and others), End User (Automotive, Industrial Consumer Electronics, Communication and others) and Region - Forecast till 2023Digital IC Market The integrated circuit is an electronic circuit array that is formed by fabrication of different electrical and electronic components like resistors, capacitors, transistors and others on a semiconductor wafer that performs operations equivalent to a large discrete electronic circuit.The integrate circuit that operates only at a few defined levels of signal amplitude are the digital ICs.
These digital ICs are designed by using multiple number of digital logic gates, multiplexers, flip flops and other electronic components of circuits.
There are different types of digital ICs such as power ICs, interface ICs, logic ICs, Memory ICs among others.The digital IC market is growing rapidly.
High development in the field of technology and heavy investment in the development of new product by the key players is driving the global market whereas the major challenge identified in the market is miniaturization of electronic devices.
For the purpose of this study, the global digital IC market has been segmented on the basis of component, Raw Material, End-User and region.The global Digital IC market is expected to grow at USD 387.82 million by the end of year 2023 with 7.64% CAGR during forecast period 2017-2023.Access Report Details @Digital IC Market by Share, Size, Growth and Forecast – 2023 | MRFRDigital IC Market is likely to grow at USD 387.82 billion by 2023, at a CAGR of 7.64% over 2023,…Read on marketresearchfuture.comThe prominent players in the market of Digital IC market are – Samsung Corporation (South Korea), Intel Corporation (U.S.), Qualcomm Incorporated (U.S.), Toshiba Corporation (Japan), Taiwan Semiconductor Manufacturing (Taiwan), Texas Instruments Inc (U.S.), Integrated Device Technology, Inc (U.S.), Maxim Integrated Products Inc (U.S.),Infineon Technologies Ag (Germany), Skyworks Solutions, Inc (U.S.), Lattice Semiconductor Corporation (U.S.), NXP Semiconductors N.V. (Netehrlands), Analog Devices, Inc.(U.S.), STMicroelectronics NV (Switzerland) , Broadcom Ltd (U.S.), SK Hynix, Inc (South Korea), Micron Technology Inc (U.S.), MediaTek Inc (Taiwan), and Nvidia Corporation (U.S.) among others.About Market Research Future:At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.Contact:Market Research Future+1 646 845 9312Email: [email protected]
