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  • Published In : Mar 2024
  • Code : CMI3755
  • Pages :150
  • Formats :
      Excel and PDF
  • Industry : Semiconductors

Market Size and Trends

Global system on a chip (SoC) Market is estimated to be valued at USD 199.46 billion in 2024 and is expected to reach USD 248.72 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.

System On A Chip (SoC) Market Key Factors

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The market is expected to witness significant growth during the forecast period. Increasing proliferation of smartphones and other consumer electronic devices boosts demand for SoCs. These chips are increasingly being incorporated across various applications due to their ability to integrate multiple components into a single unit, thus, helping minimize costs while maximizing performance. Furthermore, rising adoption of artificial intelligence (AI) and Internet of Things (IoT) powered applications is driving the market growth. However, high costs associated with developing technologically advanced SoC solutions and the ongoing chip shortage may hinder the market growth.

Increased Adoption of IoT and Connected Devices

Rising internet of things (IoT) has created new opportunities for SoC products. Almost all IoT and connected devices such as smart home appliances, wearables, industrial sensors and equipment require an SoC to process data, connect to wireless networks and perform various functions. As more devices get added to the IoT ecosystem, there is a growing need for high performance yet low power SoCs that can power these devices. Major tech companies are launching new lines of connected devices every year for applications like home automation, industrial automation, healthcare etc.

This has prompted chip makers to focus on developing specialized SoCs for different IoT segments. For instance, there is demand for low cost and low power SoCs for applications like smart sensors as well as more powerful multicore processors for industrial gateway devices. The advanced features and functionality expected from new IoT products is pushing the limits of existing SoC designs, creating opportunities for next generation solutions. With 5G networks expected to roll out in the near future, it will open new possibilities for real-time IoT applications which require extremely low latency connectivity supported by powerful and efficient SoCs. Overall the proliferation of IoT devices across different sectors boosts demand for specialized and customized SoC solutions.

OMNIVISION introduced the industry's first 3MP resolution SoC for automotive cameras in January 2022. This SoC, with the lowest power consumption and smallest size, provides a seamless upgrade path for automotive OEMs, offering high performance with a small 2.1 µm pixel size in a 1/4-inch optical format.

Growing Application of Artificial Intelligence in Everyday Products

Artificial Intelligence and machine learning have developed from early experimentation phase to a powerful tools that are now enhancing various products and services. This increased adoption of AI technologies is catalyzing the SoC market as well. AI workloads require specialized hardware acceleration to run complex deep learning algorithms and models efficiently. The advanced compute capabilities expected from IoT devices is pushing the boundaries of traditional SoC designs. Edge devices performing on-device AI processing need dedicated AI processing units, neural network processors and software tools supported on high performance yet energy efficient chips.

Furthermore, developments in computer vision, speech recognition, predictive analytics and other AI technologies are finding applications in an array of fields like consumer electronics, surveillance cameras, drones, AI assistants and more. For instance, most flagship smartphones now come equipped with dedicated AI processing modules to enable superior camera and imaging capabilities. Such advanced functionalities and features demand optimized SoC platforms tailored for specific AI workloads. This growing use of AI across many industries seems poised to significantly increase the size of AI SoC market in the foreseeable future.

In January 2022, Qualcomm Technologies launched the Snapdragon Ride Vision System, a new open, scalable, and modular computer vision software stack. Built on a four-nanometer (4nm) process technology SoC, it is designed for optimized implementation in advanced driver assistance systems (ADAS) and automated driving (AD).

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