The 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). The growth rate of the market during the forecast period (2018 to 2023) is expected to be 7.64%, adds MRFR.
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.
Market Segmentation
The primary segments of the worldwide digital IC market are component, raw material and end-user.
Considering the component, the market includes memory (DRAM, Flash, SRAM, EPROM, and others), microcontroller, microprocessor, digital signal processing system, and others. The memory segment is leading the digital IC market.
Depending on the raw material, the market has been split into gallium arsenide, silicon, and others. The silicon sub segment controls the largest share in the worldwide market.
The end-users in the market are industrial, automotive, communication, consumer electronics, and others.
Regional Framework
North America, Asia Pacific (APAC), the Middle East & Africa and Europe are the primary markets for digital IC.
High development of technology along with substantial investments in the development of latest products by renowned players drives the market growth in APAC. Surge in smart cities in the region also benefits the market, as smart cities require an IoT network that contains microcontroller units (MCUs), several ICs like power ICs and communication ICs along with various sensors and extensive software.
Booming automotive and healthcare industries in North America helps boost market demand to a great extent. The region notes the popular trend of BYOD and high popularity of smartphones, which can lead to market growth in the ensuing years. Apart from this, the presence of Silicon Valley coupled with high adoption of technological advancements within the medical industry boosts the growth of the digital IC market in the region.
Mounting demand for smartphones, speakers, home entertainment, television, and other consumer electronics in Europe is expected to lead the digital IC market to greater heights in the years to come. Moreover, a number of manufacturers in the region are focusing on developing compact, cost-effective and energy-efficient devices for commercial and domestic usage, which is believed to accelerate the advancement of the digital audio IC market in the region.
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Digital IC IndustryThe 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.
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.
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.
Digital IC IndustryAccording to Market Research Future Analysis, Digital IC market is expected to reach USD 387.82 billion by the end of 2023 with 7.64% CAGR during forecast period 2017-2023The 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.FREE PDF@ https://www.marketresearchfuture.com/sample_request/4344On the basis of Component, memory market is dominating the digital IC market with market share of 46.50% and is expected to grow with 8.97% of compound annual growth rate.
On the basis of Raw Material, use of Silicon in manufacturing of digital ICs is high and is expected to grow with 8.07% of CAGR.
On the basis of End-User, the consumer electronics industry is dominating the digital IC market and is expected to grow with 9% of CAGR.On the basis of regions, Asia-Pacific is dominating the digital IC market and has also emerged as fastest growing market with 8.55% of compound annual growth rate.The 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.
Global Digital IC Market StructureBy ComponentMemoryMicroprocessorMicrocontrollerDigital Signal Processing SystemOthersBy Raw materials SiliconGallium ArsenideOthers By End-usersAutomotiveIndustrialConsumer ElectronicsCommunicationOthersBy RegionNorth AmericaEuropeAsia PacificRoWRegional Analysis On the basis of Geography, the global digital IC market has been segmented into four regions - North America, Europe, Asia-Pacific and Rest of World.
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.
