The Substantial Growth of Ics in the Automotive Sector and Iot-based Devices Coupled With Growing Demand for Consumer Electronics Have Fostered the Demand for Digital Ics Which in Turn is Boosting the Market Growth During the Forecast Period 2022-2027

The Digital IC Market size is forecast to reach US$96.28 billion by 2027, growing at a CAGR of 7.85% from 2022 to 2027. Growing demand for consumer electronics, incorporation of IoT-based devices and rapid usage of integrated circuits in the automotive sector is boosting the Digital IC Industry growth over the forecast period. Gallium arsenide-based Digital ICs and digital signal processors are constantly increasing the operational efficiency of these Digital ICs which are then being in consumer electronics, communication devices, automobiles and others. However, complexities associated with designing and manufacturing these Digital ICs as well as the lack of skilled labor for operation are major factors restraining the Digital IC market growth. Moreover, due to the wide range of application areas of Digital ICs such as smartphones, computers, set-up boxes, media players, stereo systems, home theatre systems and so on, the consumer electronics industry can be considered one of the major end users of Digital ICs, driving the Digital IC industry forward. Based on forecast figures by Ericsson and The Radicati Group, the number of smartphone users increased from 6.02 billion in 2020 to 6.37 billion in 2021. These factors will effectively increase the demand for digital ICs and thereby positively influencing the Digital IC industry Outlook over the forecast period.

North America generated approximately 26% of the global revenues in the Digital IC industry in 2021. Rising developments by key manufacturers, growing consumer electronics demand and growing adoption of digital ICs in the automotive industry and other industry verticals boost the Digital IC market in the region. By the end of 2022, according to the National Automobile Dealers Association, new light vehicle sales in the United States will increase by 3.4% to 15.4 million units. This growing automotive industry boosts the demand for Digital ICs, thereby increasing the Digital IC market size in the North American Market.

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Digital IC Market Growth Drivers:

The rapidly growing Automotive industry and the wide applicability of Digital ICs in automobiles will drive the Digital IC Industry forward during the forecast period

Rising automotive sales, increased demand for improved driving safety and control, increased investments by automobile manufacturers in the development of vehicles with smart control features, advanced driver assistance systems and a variety of other factors have all contributed to the market growth of Digital ICs. Growing demand for digital signal processing in automotive applications is a major factor driving the Digital IC market growth. Digital integrated circuits are used in a variety of automotive industries, including advanced driver assistance systems, infotainment systems, RADAR and Lidar sensor processing, automotive body electronics and many others. Furthermore, rising consumer emphasis on fuel-efficient vehicles, a shift toward efficient high-speed processors and increased production of self-driving or autonomous cars by global automotive manufacturers are expected to accelerate market demand for Digital ICs. In 2020, according to the data published by OICA, the number of passenger cars sold across the world stood at 53.9 million units. These growths will boost the adoption of Digital ICs and thereby positively influence the Digital IC industry outlook.

The Major Players in this Market Include

Major players in the Digital IC Market include Lattice Semiconductor Corporation, Taiwan Semiconductor Manufacturing Company, Samsung Corporation, Integrated Device Technology Inc., Texas Instruments Inc, Skyworks Solutions Inc., and Semiconductor NV among others. In December 2021, BAE Systems has been chosen by the U.S. Department of Defense to qualify a new generation of digital Integrated Circuit technology for use in the harsh space environment. When compared to 45-nanometer technology, which is widely used today, this new 12-nanometer technology uses a smaller feature size and provides a significant leap forward in space-based computing.