Global Market Insights presents the Application Specific Integrated Circuit Market provides a detailed overview of major drivers, restraints, challenges, opportunities, current industry trends and strategies impacting the global market along with estimates and forecast of revenue.
The industrial segment of the application specific integrated circuit market is projected to grow substantially over the forecast time period. The industries that require highly reliable technological systems, such as aerospace & defense, military, and automotive, are adopting these chips as there are several electronic system failure instances in such industries. Integration of these chips replace traditional components including PCB traces and solder joints with a single IC, which will reduce the number of failure points and provide highly reliable industrial systems.
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Moreover, the growing adoption of several components such as microcontrollers, thermal controller, and programmable timer in industrial applications is accelerating the growth of the application specific integrated circuit market. Several manufacturers in the market are introducing IC chips specially designed for industrial applications. For instance, Custom Silicon Solutions, Inc. is offering CSS555C industrial ASIC, an advanced version of the popular 555 timer, which draws 10X less power than other 555 timer devices.
The rise in technological advancements & innovations in consumer electronic products such as smartphones, tablets, and laptops will result in high demand for modern IC chips, accelerating application specific integrated circuit market growth. It offers several advantages including low power consumption, IP security, small size, and higher bandwidth, leading to an increased adoption of the component in the consumer electronics industry. Several manufacturers in the ASIC market are engaged in developing & designing customized ICs based on their client requirements.
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The growth prospects of IoT, machine learning, blockchain, and big data analytics is projected to drive the application specific integrated circuit market demand. These components are being widely used in data center facilities, public clouds, and connected devices that enable the organizational data to move faster across the IT network. The enterprises are integrating these components to support the functioning of modern technologies in devices, resulting in operational cost savings and improved innovations. For instance, in July 2018, Google announced the launch of its cloud Tensor Processing Units (TPU), a custom-developed ASIC that is designed to accelerate machine learning workloads.
The Asia Pacific region is expected to dominate the application specific integrated circuit market over the forecast period owing to the presence of a large number of consumer electronics manufacturers. The growth in technological transformation in consumer electronics & automotive industries in countries such as Japan, China, India, and South Korea is expected to propel the growth of the application specific integrated circuit market in the region. The technological advancements & innovations in devices including smartphones, wireless headphones, speakers, and household appliances are growing the incorporation of modern IC chips in the systems.
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Players in the application specific integrated circuit market include Intel Corporation, Texas Instruments Inc., Infineon Technologies AG, ON Semiconductor Ltd., Qualcomm Inc., and NXP Semiconductors N.V. These manufacturers are focusing on product launches, collaborations, strategic partnerships, mergers, and acquisitions to compete in the market.