A system on a chip (SoC) integrates all components of a computer or other electronic system into a single integrated circuit. It incorporates digital, analog, mixed-signal, and radio-frequency functions all on a single chip substrate. This can help reduce manufacturing costs as well as power consumption.
The global System on a Chip (SoC) Market is estimated to be valued at US$ 189.45 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing Miniaturization of Electronic Devices
The growing demand for smaller and more power-efficient consumer electronics has accelerated the incorporation of SoC technology. Key electronic devices like smartphones, tablets, smartwatches are increasing adopting SoC design. Miniaturization allows for more capabilities and functions to be incorporated in compact form factors. Manufacturers are opting for System on Chip solutions to deliver complex functionality while optimizing power usage and board-space. Increased SoC integration ranging from connectivity to graphics and AI processing has vastly improved the capabilities of modern miniaturized smart devices.
Segment Analysis
The system on a chip (SoC) market can be segmented on the basis of type, application, and end user. On the basis of type, the mobile SoC segment is dominating the market as manufacturers are focusing on integrating more features and functionalities into smartphones without increasing the size of the devices. The mobile SoC offers enhanced features like multimedia and graphics processing which is driving their demand from smartphone manufacturers.
Key Takeaways
The Global System On A Chip (Soc) Market Demand is expected to witness high growth during the forecast period of 2024 to 2031.
Regional analysis: The Asia Pacific region is expected to dominate the system on a chip market owing to presence of leading SoC manufacturers and smartphone companies in countries like China, Taiwan, South Korea and India. Countries in the region are major exporters of electronic products globally which is fueling the demand for SoCs. In addition, the establishment of manufacturing facilities of leading automotive manufacturers is also driving the usage of automotive SoCs in the region.
Key players operating in the system on a chip (SoC) market are Honor Technology, Inc., Vesta Healthcare (Hometeam Care, Inc.), HomeHero, Inc., Seniorlink, Inc., GreatCall, Inc., Cariloop, Inc., Room2Care, Ltd., UnaliWear, Inc., Care.com, Inc., ianacare.com , Mable, Homage, Ouihelp, The Helper Bees, Elder and CareLinx, Inc. Honor Technology, Inc. and Vesta Healthcare (Hometeam Care, Inc.) are among the leading players in the market
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