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System on Chip (SoC) Market Size, Industry Outlook Report, Regional Analysis, Application Development, Price Trends, Competitive Market Share & Forecast, 2024 – 2032
- Report ID: GMI2947
System on Chip (SoC) Market Size
System on Chip (SoC) Market is projected to witness robust expansion from 2024 to 2032, driven by the wider adoption of responsive and low power consumption electronic devices that offer fast website loading times. The acceptance of IoT technology has led to the emergence of next-generation IoT devices like FitBit and Alexa. Additionally, increased R&D efforts, along with advancements in production techniques, are poised to create numerous growth prospects for the SoC industry.
The increasing adoption of smartphones among young people has spurred the demand for compact AI-powered devices. Moreover, the integration of smart transportation and cities is expected to serve as a significant catalyst for market expansion.
System on Chip (SoC) Market Trends
One prominent trend is the increasing demand for SoCs in the automotive sector, particularly in electric and autonomous vehicles, where they are essential for powering advanced driver-assistance systems (ADAS) and autonomous driving capabilities. The rising adoption of SoCs in the healthcare industry, is driven by the need for portable medical devices and remote patient monitoring solutions. Additionally, the integration of AI & ML capabilities into the chip is becoming increasingly prevalent, enabling enhanced performance and efficiency in a wide range of applications, from smartphones to smart home devices. In September 2023, Sambanova, AI hardware and software provider stated that their new chip offered enterprises a full stack approach to training LLM, enabling customers to train multimodal models.
System on Chip (SoC) Market Analysis
Based on application, consumer electronics segment is anticipated to grow at a robust pace during the forecast period of 2024-2032, backed by the rising penetration of smartphones with the hiking household incomes of consumers. There has been a consistent need for compact and scalable ICs. Extensive uses for applications such as signal processing and wireless communication, among various others will additionally fuel the demand for the system on chip in the coming years.
Asia Pacific system on chip industry is set to record substantial growth through 2032, favored by growing demand for IoT-based consumer electronic products, such as smart TV, wearables, smart devices, and mobiles in countries like India and China. In September 2023, the International Data Corporation (IDC) Smart Home Devices Tracker stated that 4.5 million televisions were dispatched to India in the FQ of 2023, marking an 8% year-over-year increase.
System on Chip (SoC) Market Share
Major companies operating in the market are:
- Intel Corporation
- Qualcomm, Inc.
- Taiwan Semiconductor Manufacturing Co., Ltd.
- Broadcom Ltd. (Avago Technologies Limited)
- Apple, Inc.
- Spreadtrum Communications (Tsinghua Holdings)
- Huawei Technologies (Huawei Investment & Holding Co., Ltd)
- Toshiba Corporation
- STMicroelectronics N.V. (STMicroelectronics)
- Infineon Technologies
These firms are actively working towards inorganic strategies, such as innovations, mergers, partnerships, and acquisitions, in a bid to expand their product portfolio and customer base as well as sustain the increasing competition.
System on Chip (SoC) Industry News
- In January 2024, Bosch introduced a new vehicle computer platform on a chip at CES. It was designed to process driver assistance and infotainment functions simultaneously.
- In September 2023, MediaTek, a fabless chipmaker from Taiwan, announced the successful development of its inaugural system-on-chip (SoC) utilizing Taiwan Semiconductor Manufacturing Company (TSMC)'s cutting-edge 3nm technology. Volume production is anticipated to commence in 2024.
- In April 2023, Intel Foundry Services (IFS) and Arm unveiled a multi-generational agreement enabling chip designers to fabricate low-power compute system-on-chips (SoCs) utilizing the Intel 18A process.
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