in its newly published report, Market Research Future (MRFR), states that the global next generation integrated circuit market 2020 is booming and poised to expand exponentially over the review period, reaching a substantial market valuation of approximately USD 1,637 Million by 2023, at 27% of CAGR and a healthy CAGR in the forecast period (between 2017 and 2023).
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Drivers and Restraints
In this rapidly changing world of technology, the next-generation integrated circuit market is projected to show significant growth prospects during the forecast period. The primary factor driving the next-generation integrated circuit market is the increasing adoption of smartphones and growing demand across various industry verticals. Recent technological advancements in this field have been revealing new applications daily. The need for sophisticated next-generation ICs is expected to grow at a high rate owing to growing adoption and improvements in smartphone devices. Tablet computer is one other device with a significant need for next-generation IC. With the surging adoption of tablet PCs, the demand for next-generation ICs is expected to grow over the forecast period. Increasing demand for vehicle automation is a significant factor contributing towards the growth of next-generation integrated circuits market, and the increasing need to provide secure access to emergency medical information is creating a scope for next-generation ICs in the healthcare sector over the review period.
The next-generation integrated circuit market has been segmented on the basis of technology, component, type of integration next-generation and vertical. The technology segment is bifurcated into analog and digital. Among these, Digital integrated circuits simply deal with logic data inputs and outputs and are more popular than analog integrated circuits. Analog integrated circuits need external components for its functioning; due to this, digital integrated circuits are more popular and hold the maximum market share in the next-generation integrated circuits market. The type of integration segment is further bifurcated into hybrid, monolithic and module. hybrid and module integration techniques account for the largest Next Generation IC Market share whereas, in the future, the monolithic integration technique is expected to show significant growth potential during the forecast period. Monolithic integration techniques offer a reduction in the size of the device, weight and power too.
The regional analysis of the global market has been conducted in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world (Latin America, the Middle East, and Africa). As compared to other regions, the next-generation integrated circuit market in North America is expected to witness noteworthy growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the next generation integrated circuit market. This is owing to the presence of a large number of established market players like Texas Instruments, Analog Devices, Intel Corporation, and others in that region. In addition to this, the region has a established infrastructure that allows higher penetration of devices and ultimately provides better connectivity. Growing demand for vehicle automation is expected to be a significant factor for the growth of next-generation integrated circuit market. The rising adoption of smartphones and other mobile communication devices is another major factor driving the considerable growth of the next-generation integrated circuit market in the region. Growing demand for wearables from the healthcare sector is other factors driving the growth of the next-generation IC chip market in the region.
The leading market players operating in the global next-generation IC market as identified by MRFR, NXP Semiconductor (U.S.), Intel Corporation (U.S.), Texas Instruments (U.S.), ON Semiconductors (U.S.), Boeing (U.S.), Analog Devices (U.S.), Qualcomm (U.S.), Atmel Corporation (U.S.), STMicroelectronics (U.S.), NEC Corporation (Japan) and others.
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