Main function of chipsets is to regulate the flow of data among memory, processor, and peripheral devices. Multimedia chipset hold a significant position in modern electronic devices. Thus, multimedia chipset market is projected to grow exponentially in coming years. The growth rate is attributed to growing demand of hi-tech electronic devices and increasing number of smartphone users.
Widening internet network across the globe is playing vital role in expansion of the target market. Implementation of 5G has enabled people to watch online videos and movies. This, in turn, has increased traffic of mobile data and broadband. Further, rise in traffic is pushing demand for high-speed internet worldwide. Hence, graphic chipset is likely to contribute significantly to multimedia chipset market, in terms of revenue.
In recent years, adoption rate of wearable electronic devices has been rising exponentially. The adoption rate is attributed to rising awareness regarding health among millennial. This, in turn, is likely to augment growth of the multimedia chipset market in foreseeable future.
Meanwhile, high static cost related to formation of manufacturing unit may interfere with the market growth in coming years.
However, potential of multimedia chipset market in gaming sector expected to balance the market in the future.
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Regular and Intensive Phases of R&D Characterize Multimedia Chipsets Market
Leading companies in the multimedia chipsets market are currently witnessing a high demand for smartphones and other handheld and portable devices across the world. Users are not only demanding better quality of hardware components, but also demand them to be as cost-effective as possible. This drives the multimedia chipsets players into regular and intensive phases of research and development. As a result of the high rate of technological innovation, both players and consumers retain an improving quality of the devices as well as market revenue increments.
Multimedia chipsets companies are also benefitting from the rapid expansion of internet protocol television (IPTV) and set top boxes. These devices are in an exceptionally high demand due to the rapid migration of consumer from the conventional TV to online viewing and use of the smart TV.
The above factors, combined with the high growth potential of multimedia chipsets in the gaming industry and the wearable devices industry, allows the multimedia chipsets revenue to progress at a CAGR of 6.6% between 2015 and 2024. This market is expected to be valued at US$40.99 bn by the end of 2024.
Asia Pacific Continues to be Lucrative Region for Multimedia Chipsets Makers
Asia Pacific has been leading the demand for multimedia chipsets in the recent past and will continue dominating the market shares in both revenue and volume for the coming years. This regions shows an especially high demand for handheld devices and set top boxes and IPTVs, which form the two most lucrative application segments for multimedia chipsets players. This region is expected to hold 46.76% of the multimedia chipsets revenue generated by 2024.
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Asia Pacific multimedia chipsets also take in high investments for SoC manufacturing, which complements the fact that this region is a global hub for semiconductor companies. China holds the largest number of smartphone users in the world, making it a key market for multimedia chipsets players. At the same time, Singapore offers a very high level of market penetration for smartphones and consumer electronics, allowing most entrants a good shot at gaining revenues.
