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Application specific integrated circuit (ASIC) market forecast to 2024 scrutinized in new research

The demand for application specific integrated circuits (ASIC) has significant soared due to their widening applications. Today they are being extensively used in smartphones and tablets due to the rising demand for bandwidth.

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Global Application Specific Integrated Circuit Market: Snapshot

The report states that the global ASIC market was valued at US$16.29 bn in 2015 and is expected to be worth US$35.23 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is projected to expand at a CAGR of 9.2% between 2016 and 2024.

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ASIC Gains Popularity as it Meets Requirements of Next-generation Electronics

ASICs are increasing being used in flat panel displays such as global positioning system (GPS), voice memo, web browsing, e-mail, answering machine, wireless PDA, and two-way paging. The biggest advantage of improved version of ASIC is that they are compact, lighter, affordable, high-bandwidth, and come with a better battery life, which are the key needs of the modern-age devices.

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The growing demand for ASIC in consumer electronics and automotive sector due to the energy efficient solutions they offer through design and function is also expected to benefit the global market. The only drawback for the global market is the ever-changing nature of the semiconductor industry and the electronics industry, which makes it exceptionally difficult for the vendors to keep up with the pace of innovation.

The global ASIC market has been categorized by product type, by application, and by geography. On the basis of product type, the market is segmented into full custom design ASIC, semi-custom design ASIC, and programmable ASIC.

In terms of revenue, globally semi-custom design ASIC accounted for the majority of the market share in 2015 and is expected to maintain its dominance over the forecast period from 2016 to 2024 due to its increasing application in consumer electronics and automotive sector. . Semi-custom design ASIC is further segregated into standard cell based ASIC and gate array based ASIC.

Standard cell based ASIC held the largest market share in terms of revenue in 2015 and is projected to retain its dominance in the coming years.

Asia Pacific Takes the Lead with Rising Automotive Industry

Geographically, the global ASIC market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Regionally, Asia Pacific accounted approximately 80% share of the global ASIC market in 2015 and is likely to retain its position over the forecast period.

Asia Pacific is the most attractive market for ASIC due to its growing demand in production of smart devices, rapid development of industrial infrastructure that supports the integration of process automation, increased demand for sensors in automobiles, and heavy investments in communication technologies. Analysts anticipate that Latin America is also expected to emerge as an important region in the overall market.

On the other hand, the persistent demand for portable electronics demand in North America and Europe will fuel the regional market in the coming years. The report also indicates that semi-custom design ASIC will be the key product in the North America and Europe ASIC market.

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The key players operating in the global application specific integrated circuit market are Intel Corporation, Texas Instruments Inc., STMicroelectronics N.V., Infineon Technologies AG, Renesas Electronics, Maxim Integrated Products Inc., Analog Devices, ON Semiconductor, NXP Semiconductors N.V., Qualcomm, Inc., and Linear Technology Corporation.

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