The increasing installation of LTE networks around the world and the growing popularity of communication devices that support 5G NR with integrated gigabyte LTE are positively contributing to the worldwide multi-mode chipset market growth
United States, Rockville MD, June 07, 2022 (GLOBE NEWSWIRE) -- The multi-mode chipset market is projected to reach a valuation of US$ 26.3 Bn by 2032 from US$ 8.2 Bn in 2022, rising rapidly at a CAGR of 12.4% throughout the forecast period.
The increasing deployment of LTE networks around the world, quick technological advancements in cellular connection, and the popularity of devices that support 5G NR with integrated gigabit LTE are all contributing to the global multi-mode chipset market's growth.
One of the significant trends propelling the demand for multi-mode chipset is the growing popularity of devices projected to enable a 5G network with inbuilt gigabit.
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The demand for multi-mode chipsets rose rapidly as telecommunications companies worldwide started concentrating on delivering 1,000 times faster data transmission speeds than 4G services. This characteristic has piqued the interest of telecommunications operators all over the world in deploying 5G services. As a result of this increasing demand, the sales of multi-mode chipset are anticipated to rise throughout the forecast period.
Some of the most well-known multi-mode chipset manufacturers have begun commercialising 5G by focusing on Gigabit LTE. The demand for multi-mode chipset is predicted to rise due to technical improvements like high-speed data networks and the arrival of 5G. Furthermore, due to this reason, the sales of multi-mode chipset is also anticipated to rise.
What are the Driving Factors for the Global Multi-mode Chipset Market in the Forecast Years?
The multi-mode chipset market share is being driven by high-speed internet adoption, the rising need for functional hardware in mobile handsets and wearables, and certainly the popularity of multimedia chipsets for the gaming industry. IPTVs equipped with set-top-boxes are also contributing immensely to the sales of multi-mode chipset that is still quite popular in different parts of the world.
Over the last few years, 5G network architecture has made immense progress by opening up the path for advancements in wireless communication technology. Nations leading the initial introduction of commercial 5G technology deployments have prioritised the funding and development of multi-mode integrated chipset, making it a popular choice among market participants.
The multifaceted efforts to reveal the 5G SoC designs for cellphones and other smart communication devices has resulted in higher demand for multi-mode chipset in the present market. These designs are also expected to include the facilities of artificial intelligence (AI) technologies and broaden the multi-mode chipset market advancements in the upcoming years.
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Key Segments Covered in the Multi-mode Chipset Industry Survey
- By Application :
- Wearable Device
- By Region :
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- North America
Some of the multi-mode chipset market key players profiled in the study are HiSilicon Technologies, Intel Corporation, Qualcomm Technologies Inc., Samsung Group, and MediaTek.
With 5G multi-mode chipset designs, a few players have entered the race. A growing number of 5G products, such as smart home devices, self-driving vehicle, gadgets, cloud services, and next-generation computing, are generating new growth opportunities for the multi-mode chipset market.
- Qualcomm announced the Snapdragon 750G 5G Mobile Platform, a new 5G mobile platform in the 7-series that supports 5G with spectacular HDR gaming and on-device AI, in September 2020.
- Qualcomm announced the Snapdragon 8cx Gen 2 5G compute platform in September 2020, which is the company's most powerful and efficient compute platform. The platform is built on the unique first-generation Snapdragon 8cx 5G computing platform, which powered the World's First 5G PC, and is designed to provide industry-leading 5G PC experiences.
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Key players in the Multi-mode Chipset Market
- Covestro AG
- The Dow Chemical Company
- Huntsman Corporation
- Yantai Wanhua Polyurethanes Co. Ltd.
- Foamcraft Inc.
- Eurofoam Group
- Tosoh Corporation
- Future Foam, Inc.
- Saint Gobain S.A
Key Takeaways from Multi-mode Chipset Market Study
- By application, due to the increasing popularity of smartphones, the smartphone segment is likely to lead the global multi-mode chipset market with a CAGR of 12.6%.
- During the forecast period, the U.S. is anticipated to dominate the oil and gas data management software market with a CAGR of 13.5%.
- During the forecast period, North America is anticipated to hold the largest market share, and it is expected to grow at a CAGR of 13.9% during the forecast period.
- Most telecom carriers in a number of European nations are now supplying technologically advanced chipsets for smart devices.
- In the forecast period, the United Kingdom is anticipated to witness high growth potential in the multi-mode chipset market with a CAGR of 11.7%.
- Due to a larger consumer base and the existence of a significant number of telecommunication providers in these countries, demand for multi-mode chipset in APAC is expected to remain focused in China and India.
- Due to the growing popularity of smartphones and increased acceptance of modern technologies, India’s multi-mode chipset market is expected to develop at the CAGR of 14.6% throughout the projection period.
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