by Many electronic devices such as smartphones, smart TVs, smartwatches, and smart home appliances are equipped with system on a chip (SoC) to integrate various electronic components into a single chip. SoCs deliver faster processing speeds, better power management, advanced security features, smaller form factor, and cost savings for device manufacturers. The increasing integration of artificial intelligence (AI) and internet of things (IoT) is further driving the adoption of smart electronic devices and prompting companies to design products with advanced SoCs.
The global System on a Chip (SoC) Market is estimated to be valued at US$ 164.45 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapid proliferation of smart devices is a major trend fueling the demand for advanced SoCs. It is estimated that there will be over 25 billion connected devices worldwide by 2025. Most of these devices will rely on powerful yet energy-efficient SoCs to perform complex tasks such as real-time analytics, augmented reality/virtual reality processing, and multi-camera support. Leading SoC manufacturers are heavily investing in R&D to integrate more processing cores and peripheral components into a single package, which allows electronics brands to introduce innovative products at affordable prices. This convergence of high performance and low power consumption capabilities is driving the rapid adoption of System on a Chip technology.
SWOT Analysis
Strength: SoC combines several separate components into one package which reduces component count, reduces cost and board space needed.
Weakness: High initial costs involved in R&D and designing a SoC. Once designed, any changes required are difficult and expensive to implement.
Opportunity: Growing demand of AI and IoT enabled devices provides opportunities for SoC suppliers to cater these markets. Convergence of technologies is increasing scope of applications for SoCs.
Threats: Competition from low cost providers especially from Far East countries can erode margins. Technology obsolescence is also a threat as new and more capable SoCs keep emerging regularly.
Key Takeaways
The Global System On A Chip (SoC) Market Size is expected to witness high growth. With IoT and AI ecosystem expanding rapidly across industries, demand for increasingly powerful and efficient SoCs is on the rise.
Regional analysis: North America dominates the SoC market currently due to presence of major players and rapid technology adoption in applications such as smartphones, automotive and smart home devices. Asia Pacific region is expected to witness highest growth in future on back of growing electronics manufacturing and tech adoption in the region along with expanding smartphone userbase in countries like India and China.
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. The players are focused on developing increasingly powerful and power efficient SoCs with enhanced graphics, AI and multimedia capabilities to cater growing demand from OEMs across industries.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
