- The rise in demand for the modern system on chip (SoC) design and reduction in manufacturing and design cost has impacted the growth of the market
- Latin America, Middle East and African ( LAMEA) is anticipated to exhibit the highest compound annual growth rate (CAGR) during the forecast period
The global semiconductor Intellectual Property (IP) Market is projected to reach $5,701 million by 2024 growing at a compound annual growth rate (CAGR) of 7.30 per cent from 2018 to 2024 as per a report by Allied Market Research. The report titled, “Semiconductor IP Market by Design IP, by IP Source and Application – Global Opportunity Analysis and Industry Forecast, 2018-2024” also said that at present, Asia-Pacific dominates the global semiconductor IP market which is then followed by North America. In North America, the U.S. currently dominates the market.
The report added that the rise in demand for the modern system on chip (SoC) design and reduction in manufacturing and design cost has impacted the growth of the market. It also said that fluctuations in the development or functionality of the chips have impacted the growth of the global semiconductor IP market.
Rise in the demand for smart and power-efficient devices
Semiconductor IP blocks are combined with the system on-chip (SoCs) and application-specific integrated circuit (ASICs) products. These products are then used for the production of chips, which are then installed in MP3 players, automobiles, televisions, mobile phones. There is also a rise in the demand for smart and power-efficient devices. This leads to a boost in the demand for the SoCs. This further leads to the growth of the global semiconductor IP market
There is a continuous reduction in the design and the development of the semiconductor IP. This cost reduction supplements the growth of the semiconductor IP market. The report also said that based on design, the processor IP is anticipated to dominate the global semiconductor IP market share, in terms of revenue.
LAMEA to witness the highest CAGR during the forecast period
Latin America, Middle East, and African ( LAMEA) are anticipated to exhibit the highest compound annual growth rate (CAGR) during the forecast period. As per the new report, in the near future, the rising demand for consumer electronics, and new technological developments are expected to create good opportunities for the key players operating in the semiconductor IP market.
