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Application Specific Integrated Circuit Market Size

Report ID: GMI6040
Published Date: Jun 2023
Report Format: PDF

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Application Specific Integrated Circuit (ASIC) Market Size

Application Specific Integrated Circuit (ASIC) Market size was valued at USD 16.4 billion in 2022 and is anticipated to grow at a CAGR of 5.7% between 2023 and 2032. The rapid adoption of AI & ML technologies has fueled the demand for ASICs. These applications require dedicated hardware to efficiently perform complex computations. ASICs designed specifically for AI & ML tasks, such as neural network inference & training, offer higher processing power and improved energy efficiency compared to general-purpose processors. The rising demand for ASICs to optimize AI & ML tasks can be attributed to the expansion of AI & ML applications across various industries.

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Application Specific Integrated Circuit (ASIC) is a customized integrated circuit designed for a specific application or function. It integrates various components onto a single chip, resulting in improved performance, power efficiency & cost-effectiveness for the intended application.

Application Specific Integrated Circuit Market Report Attributes
Report Attribute	Details
Base Year:	2022
Application Specific Integrated Circuit Market Size in 2022:	USD 16.4 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.7%
2032 Value Projection:	USD 28.1 Billion
Historical Data for:	2018 - 2022
No. of Pages:	250
Tables, Charts & Figures:	208
Segments covered:	Type, End Use, and Region
Growth Drivers:	Advancements in semiconductor manufacturing processes Increasing demand for customized & high-performance chips Growing adoption of Artificial Intelligence (AI) and Machine Learning (ML) Increasing focus on energy efficiency Rapid 5G network deployment
Pitfalls & Challenges:	Design complexity and time-to-market Long development cycle

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Design complexities and longer time-to-market can hinder market growth during the forecast period. The designing of ASICs is a complex process that requires expertise in various domains including system architecture, hardware design, verification, and software integration. Designing a complex ASIC involves the management of trade-offs between performance, power consumption, area, and cost. The increasing complexity of designs coupled with the need for rigorous verification can lead to longer development cycles and delays in bringing ASICs to market. These factors are hindering the Application Specific Integrated Circuit market growth.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Application specific integrated circuit (ASIC) industry was valued at USD 16.4 billion in 2022 and will record a CAGR of 5.7% between 2023 and 2032, backed by the rapid adoption of AI & ML technologies.

The application specific integrated circuit market share from industrial segment will grow at 6.5% CAGR from 2023 to 2032. Industrial applications often require real-time data processing for critical operations, quality control, predictive maintenance, and optimization, fueling the demand for ASICs.

Asia Pacific held a significant market share of over 30% in 2022. The region is at the forefront of adopting advanced technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), 5G, and autonomous vehicles, which shape the industry outlook.

Infineon Technologies AG, OMNIVISION, Tekmos Inc., Intel Corporation, Honeywell International Inc., Renesas Electronics Corporation, STMicroelectronics, and Texas Instruments Inc.