The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 13, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Application Specific Integrated Circuit Global Market Report 2023, the market will grow from $15.2 billion in 2022 to $16.43 billion in 202, at a compound annual growth rate (CAGR) of more than 7%. Further, the market will reach $21.2 billion by 2027, with a CAGR of more than 6%. North America was the largest region in application specific integrated circuit market in 2022.
The growth of the application-specific integrated circuit industry is expected to be driven by the increasing adoption of cryptocurrencies. Cryptocurrencies are digital currencies produced through encryption methods, serving as both a medium of exchange and a virtual accounting system. The mining of cryptocurrencies relies on heavy and advanced computing, which involves the use of application-specific integrated circuit devices.
Learn More In-Depth On The Application Specific Integrated Circuit Market
Major application-specific integrated circuit companies are Infineon Technologies AG, Semiconductor Components Industries LLC, OmniVision Technologies Inc., Tekmos Inc., Seiko Epson Corporation, Socionext America Inc., Intel Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Qualcomm, Onsemi, Maxim Integrated, Renesas Electronics Corporation, Broadcom Inc., Comport Data Inc., Fujitsu Limited, and NXP Semiconductors N.V.
Technological advancements represent a key trend in the application-specific integrated circuit market. Leading companies in the market are focused on developing innovative technologies to strengthen their market position.
For example, Fortinet, a US-based cybersecurity product manufacturer, introduced FortiSP5 in February 2023, representing a notable advancement in ASIC technology. FortiSP5 offers improved secure computing power compared to traditional CPU and network ASICs, along with lower costs, reduced power consumption, and the ability to enhance secure infrastructure across various areas such as branches, campuses, 5G, edge computing, and operational technologies. It also provides 32 times faster encryption for data protection and secure virtual private networks, among other benefits.
The global application specific integrated circuit market is segmented -
1) By Product: Full Custom ASIC, Semi-Custom ASIC, Programmable ASIC
2) By Application: Wireless Communication, Inferencing Applications, Acceleration And Storage, Video And Broadcast, Process And Quality Control, Security And Surveillance, Electrical Distribution
3) By End-Use Industry: IT And Telecommunication, Industrial, Media And Entertainment, Automotive, Healthcare, Aerospace, Consumer Electronics, Other End-users
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The report serves as a valuable resource for industry stakeholders, market participants, investors, and researchers, providing insights into the growth potential, key trends, and competitive landscape of the application-specific integrated circuit market. It offers a deeper understanding of the market dynamics, helping stakeholders make informed decisions and seize opportunities in this rapidly evolving industry.
Application Specific Integrated Circuit Global Market Report 2023 by The Business Research Company provides insights on the application specific integrated circuit market size, application specific integrated circuit market segments, application specific integrated circuit market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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