Application Specific Integrated Circuit Market Outlook
According to a new report by Expert Market Research titled “Global Application Specific Integrated Circuit Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global application specific integrated circuit market is projected to grow at a CAGR of 5.7% between 2023 and 2028. Aided by the growing demand for high-performance computing and the increasing applications of ASICs across various industries, the market is expected to grow significantly by 2028.
Application-specific integrated circuits (ASICs) are specialist ASICs created for a general-purpose application or use rather than for universal use. Compared to other types of integrated circuits, they offer higher speed, performance, and power efficiency. ASICs are a vital asset in a variety of industrial applications, such as consumer electronics, telecommunications, automotive, and more, because they not only provide performance advantages but also significantly lower production costs in high volumes.
The surge in demand for high-performance computing is a primary factor driving the global application specific integrated circuit market growth. With the increasing need for faster processing, enhanced functionality, and lower power consumption in devices, there has been a significant shift towards the use of ASICs, leading to a surge in demand for these specialized chips. Additionally, the escalating trend of digitisation and the advent of advanced technologies such as artificial intelligence (AI), machine learning (ML), and blockchain have further fuelled the popularity of ASICs.
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Furthermore, the widening applications of ASICs in various industries also significantly contribute to the application specific integrated circuit market expansion. In the automotive industry, ASICs are utilised to enhance the functionality and safety features of vehicles. The telecommunications sector leverages ASICs to improve network efficiency and performance. Moreover, ASICs play an essential role in consumer electronics, where they are used in devices like smartphones, tablets, and gaming consoles to deliver superior performance and improved power efficiency.
Additionally, there is a greater emphasis on ASICs as an important component as a result of the growing demand for IoT devices in the consumer electronics and automation industries. ASICs have emerged as a crucial component in the creation of IoT devices with the advent of smart homes and the rising popularity of automation in industrial processes, thus fostering the application specific integrated circuit market growth.
Application Specific Integrated Circuit Market Segmentation
The market can be divided based on product type, application, and region.
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Market Breakup by Product Type
- Full Custom ASIC
- Semi-Custom ASIC
- Programmable ASIC
Market Breakup by Application
- Telecommunications
- Industrial
- Automotive
- Consumer Electronics
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global application specific integrated circuit companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Broadcom
- Comport Data
- FUJITSU
- Infineon Technologies AG
- Intel Corporation
- OmniVision Technologies, Inc.
- Semiconductor Components Industries, LLC
- Others
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