Digital IC Market
A new market study, titled “Digital IC Market” has been featured on Market Research Future.
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.
The global digital IC market study and its research identify the primary segments that are included as a component, raw material, and end-user.
Depending upon the component segment, the market includes Microprocessor, memory (DRAM, Flash, SRAM, EPROM, and others), digital signal processing system, microcontroller, and others.
Depending upon the raw material segment, the market includes gallium arsenide, silicon, and others.
Depending upon the end-user, the market includes industrial, automotive, communication, consumer electronics, and others.
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