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Application specific integrated circuit (ASIC) is the tailored-made integrated circuits (ICs) designed for providing specific requirements only. The particular IC is manufactured and designed considering its applications and requirements. The application of ASIC is majorly recommended for the high volume of production, thus it is vastly used across industries such as manufacturing, automotive, industrial among others. The application specific integrated circuits help in reducing the chip size as it is capable of performing multiple functions on a single chip. Also, the chips offer high speed and efficiency that are required for today's’ advanced technologies. This is likely to boost the demand for ASIC.
The application of ASIC can be majorly observed in the consumer electronics. It supports with long battery life and high bandwidth that helps the electronic equipment to run efficiently for a longer time. The growing demand for smartphones, smartwatches, smart machines, and more are likely to drive the ASIC market growth. Similarly, it is witnessing vast applications in technologies such as IoT devices, cloud computing, data analytics, blockchain among others, where fast data transfer speed is essential. However, the high customization cost and circuit designing cost is likely to hinder the market growth.
Key Market Driver -
• Rapidly increasing adoption of cryptocurrency is expected to drive the market opportunity of application specific integrated circuit • Digital revolution and Industry 4.0 is likely to boost the demand for application specific integrated circuit
Key Market Restraint -
• High cost is likely to hinder the market growth
Some of the key players in the global application specific integrated circuit are Broadcom, Comport Data, FUJITSU, Infineon Technologies AG, Intel Corporation, Renesas Electronics Corporation, OmniVision Technologies, Inc., Semiconductor Components Industries, LLC, Seiko Epson Corporation, Socionext America Inc., IC’Alps, Marvell Technology Group Ltd., Samsung Electronics, Tekmos Inc., Texas Instruments Inc., STMicroelectronics N.V, LG Electronics among others. The key companies are targeting on increasing customer base to boost the brand position. Similarly, companies are focusing on business expansion across the globe.
Asia Pacific is expected to showcase rapid growth during the forecast period owing to the increasing demand for advanced technology such as IoT, artificial intelligence, connected devices, machine learning, among others. The countries such as China, India, South Korea, Japan among others are highly investing in automation, digitalization, miniaturization, among others, which is likely to drive the demand for application specific integrated circuits. These countries are also witnessing the rapid penetration of smartphones, thereby boosting the demand for ASIC. Similarly, the Middle East & Africa and South America are expected to show steady growth during the forecast period. The GCC government is keen on investing in digital transformation for further developments and it is majorly focused on IoT, automation, and data center technology. This is expected to drive the market.
North America is expected to dominant the market during the forecast period. The continuous developments in the field of cryptocurrency, connected healthcare devices, advanced consumer electronic products, and more is expected to boost the ASIC demand. Europe is also likely to show significant growth in the ASIC market. The rapidly growing automotive industry is further expected to boost the demand for application specific integrated circuits.
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