- Digital transformation has increased the demand of SoC
- SoC provides a massive opportunity for businesses to deliver innovative solutions
According to a report by ResearchandMarkets, the global system-on-chip market is estimated to be USD 176.03 Bn in 2023 and is expected to reach USD 249.79 Bn by 2028. The market is set to grow at a Compound Annual Growth Rate (CAGR) of 7.25%.
A single chip which consists of several electrical components, such as CPUs, memory, and peripherals, is known as System-on-Chip (SoC). This component has been used in number of devices, including smartphones and Internet of Things devices, to optimise performance, power economy, and space utilization by compressing complicated operations into small units.
The digital transformation has increased the demand for SoC. SoC offers integrated computing power, memory, and connectivity, critical for processing and transferring large volumes of data in various applications such as automation, communication, and data analysis. This drives the demand for efficient and compact computing solutions.
Another reason for SoC development is wearable technology. Nowadays, people use smart watches, trackers, heartbeat check bands, etc. These devices require integrated components for real-time data processing, communication, and power efficiency. SoCs meet this demand by seamlessly integrating computing units, sensors, and wireless capabilities into the small space of wearable devices.
As technology has been transforming and advancing the fields of artificial intelligence, 5G connectivity, and miniaturisation, the demand for SoCs is increasing. It also provides a massive opportunity for businesses to deliver innovative solutions, improve user experiences, and capitalise on the changing needs of a tech-driven market, supporting competitiveness and expansion.
