The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Application Specific Integrated Circuit (ASIC) Market.
It was estimated prior to this unanticipated outbreak Application Specific Integrated Circuit (ASIC) Market will reach CAGR of 5.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Application Specific Integrated Circuit Market Insights Application specific integrated circuit market is likely to witness a CAGR of 5.5% during the forecast period. The prime factor driving the application specific integrated circuit market is the growing demand from the consumer electronics segment.
Market Share Analysis Application Specific Integrated Circuit Market Share: By Product Type Based on the product type, the market is segmented as full custom ASIC, semi-custom ASIC, and programmable ASIC. The semi-custom ASIC segment dominated the market in 2019, and is expected to maintain its position during the forecast period. Wide range of applications and low complexities are the major factors that have led to the dominance of the semi-custom ASIC segment.
Application Specific Integrated Circuit Market Share: By Application Type Based on the application type, the ASIC market is segmented as telecommunications, industrial, automotive, consumer electronics, and others. The consumer electronics segment held the largest share of the market and is also expected to witness a healthy growth during the forecast period. Increasing usage of ASIC in smart phones, tablets, and laptops along with rapidly growing demand for these products from consumers across the globe is the major factor behind the growth of the consumer electronics segment.
Application Specific Integrated Circuit Market Share: By Region In terms of regions, Asia-Pacific is estimated to be the largest market for application specific integrated circuit during the forecast period. China, Japan, Taiwan, South Korea and India are the major economies contributing towards the growth and high demand for application specific integrated circuit in the region. Huge consumer base, growing disposable income of consumers, and rapidly growing urbanization are the major factors driving the growth of the Asia-Pacific market. North America and Europe are also expected to witness a healthy demand for application specific integrated circuit during the forecast period.