Market Analysis

The global digital IC market will touch USD 387 billion at a 7.64% CAGR by 2023, states the latest Market Research Future (MRFR) report.

Drivers

Growing Adoption of Consumer Electronics to Bolster Market Growth

The growing adoption of consumer electronics will boost market growth over the forecast period. The need for consumer electronics is increasing at a rapid pace for the benefits offered by it. Majority of the consumer electronics utilize digital IC for the growing focus to improve the customer’s digital experience by system integrators. Thus, the growing adoption of consumer electronics is boosting the need for digital ICs.

Opportunities

Increasing Investments in Autonomous Cars to offer Robust Opportunities

The increasing investments in autonomous cars will offer robust opportunities for the Digital Integrated Circuit Industry over the forecast period. Autonomous vehicles do not need any interaction with humans and cut down the workload that boosts their need among consumers. Such vehicles rest on a combination of powerful processors, actuators, and sensors for executing the software needing digital ICs for converting analog signals into digital signals. For the growing investments in autonomous cars, the need for digital IC also increases, thus boosting market growth.

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Restraints

Complex Integration Process to act as Market Restraint

The complex integration process for digital circuits may act as market restraint over the forecast period.

Challenges

Low Availability of Skilled Professionals to act as Market Challenge

The low availability of skilled professionals may act as market challenge over the forecast period.

Market Segmentation

The global digital IC market is bifurcated based on components, end user, and raw material.

By raw material, the digital IC market is segmented into silicon, gallium, arsenide, and others.

By components, the microcontroller segment will lead the market over the forecast period.

By end users, the automotive segment will dominate the market over the forecast period.

Regional Analysis

APAC to Head Digital IC Market

The APAC region will head the digital IC market over the forecast period. The presence of several developing economies like Japan, India, and China that are offering best opportunities for innovation and development, stringent rules for driver’s safety, the presence of key players, increasing technological adoption, and increasing adoption in the consumer electronics and automotive sector are adding to the global digital IC market growth in the region.

Key Players

Eminent industry players profiled in the global digital IC market report include Nvidia Corporation (US), MediaTek Inc. (Taiwan), Micron Technology Inc. (US), SK Hynix, Inc. (South Korea), Broadcom Ltd (Singapore), STMicroelectronics NV (Switzerland), Analog Devices Inc. (US), NXP Semiconductor NV (Netherlands), Lattice Semiconductor Corporation (US), Skyworks Solutions Inc. (US), Infineon Technologies AG (Germany), Maxim Integrated Products Inc. (US), Integrated Device Technology, Inc. (the US), Texas Instruments Inc. (US), Taiwan Semiconductor Manufacturing Co. Ltd (Taiwan), Toshiba Corporation (Japan), Qualcomm Incorporated (US), Intel Corporation (US), and Samsung Corporation (South Korea), among others.

The global digital IC market is both fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.

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About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

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