The global System on a Chip (SoC) Market is projected to reach a valuation of US$ 140.99 billion in 2023, with an anticipated Compound Annual Growth Rate CAGR of 8% from 2023 to 2030, according to a recently published report by Coherent Market Insights.
Market Overview:
A System on a Chip (SoC) is an integrated circuit that consolidates all elements of a computer or electronic system onto a single chip, encompassing digital, analog, mixed-signal, and often radio-frequency functions, in addition to memory and processing capabilities. SoC presents advantages such as reduced cost, power consumption, and space requirements for electronic devices. The increasing popularity of smartphones, tablets, and portable consumer electronic devices has prompted manufacturers to focus on minimizing device size and enhancing battery life, driving the demand for SoCs.
Key Market Trends:
The adoption of artificial intelligence (AI) and Internet of Things (IoT) stands out as a significant trend in the SoC market. AI capabilities are increasingly integrated into SoCs to meet the demand for high processing power. For example, NXP Semiconductors offers NXP i.MX 8M Plus applications processors with integrated AI acceleration, featuring a Neural Processing Unit (NPU) and Digital Signal Processor (DSP) optimized for computer vision and voice applications. The growing penetration of IoT technologies has led to an increased need for low-power managing SoCs capable of handling both connectivity and processing functions. Toshiba's TC35679XBG SoC, combining applications processing and communications, caters to various IoT devices, including smart home appliances. The integration of AI and connectivity protocols in a single chip delivers significant performance and power advantages for emerging applications.
Porter's Analysis:
Threat of new entrants: Moderate due to high initial investments and technical expertise requirements.
Bargaining power of buyers: High due to the availability of substitutes and undifferentiated products.
Bargaining power of suppliers: Few large vendors dominate the supply market, granting them significant bargaining power.
Threat of new substitutes: Moderate, with technological advancements enhancing the performance of existing substitutes like microcontrollers.
Competitive rivalry: High, driven by intense competition among established players striving to gain market share through innovations.
Key Takeaways:
The global System on a Chip (SoC) Market is poised for substantial growth, with an expected CAGR of 8%, fueled by the rising demand for consumer electronics. The Asia Pacific region leads the SoC market, holding the largest market share, attributed to the significant presence of manufacturers in countries like China, Taiwan, and South Korea.
Global System On A Chip (Soc) Market Size was US$ 140.99 billion, and projections indicate a growth to US$ 265 billion by 2030, owing to the advantages of reduced product size and complexity, along with improved performance offered by SoCs. Asia Pacific, led by China, South Korea, and Taiwan, accounted for over 45% of the global SoC market share in 2023, with China alone contributing more than 30% due to the robust development of the consumer electronics sector.
Key players in the System on a Chip (SoC) Market include Apple Inc., Huawei Technologies Co. Ltd., MediaTek Inc., Qualcomm Technologies Inc., Samsung Electronics CO. LTD., Intel Corporation, STMicroelectronics N.V., Toshiba Corporation, NXP Semiconductors N.V., and Broadcom Inc. These major players are concentrating on advancing their process node capabilities and incorporating artificial intelligence functions in SoCs to strengthen their market position.
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