New York, NY -- (SBWIRE) -- 08/31/2017 -- The global market for analog IC is estimated to witness a steady growth at 6.2% CAGR during the forecast period (2016 to 2024) according to the report by Persistence Market Research (PMR).

Around 40% share of global revenues for analog IC market is estimated to be held collectively by STMicroelectronics NV, Skywork Solutions Inc., Analog Devices Inc. and Infineon Technologies AG by the end of 2024. Texas Instruments Inc. is the dominant player in the global analog IC market. NXP Semiconductors NV is well known for its performance-based analog IC products. Owing to the credibility of On Semiconductor Corporation (US-based) in serving applications such as logic & timing and power management, this company has also acquired the place of being a leading player in the global market for analog IC. Other prominent analog IC products manufacturers include Renesas Electronics Corporation, Maxim Integrated Products Inc. and Qualcomm Technologies Inc.

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Currently general purpose IC products and services are garnering huge demand from various industrial verticals. Around 40% market revenue share in 2016 was accounted by general purpose IC products. The revenues generated by sales of such products is estimated to experience a decline. This has resulted in inclination of industries towards demand for application-specific IC products. As per PMR's report, the revenue generation from global sales of application-specific IC products and services is anticipated to reach a value of US $50 billion by 2024 end. The application-specific IC products are estimated to account for 60% value share of global analog IC market by 2024 end and this market is expected to reflect 7% CAGR during the forecast period.

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Based on application, the global analog IC market is categorized into communications, manufacturing, automotive, healthcare and consumer electronics. Owing to the instrumental role of analog IC products in multiple device connectivity, these products are witnessing increasing adoption among communication industries. Consumer electronics industry is estimated to hold more than one-third revenues of global analog IC market, owing to growing use of analog IC products in manufacturing multimedia devices. The automotive application segment is estimated to gain traction in the global analog IC market during the forecast period accounting for global revenues of more than US $12 billion.

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Region-wise, the market is categorized into North America, Europe, Middle East & Africa (MEA), Latin America and Asia Pacific (APAC). Middle East & Africa, Latin America and Europe are expected to collectively account for around 25% revenues of global analog IC market. North America holds its position as the second-most dominant region in the global market for analog IC and it is estimated to register a CAGR of 5% during 2016 to 2024. Asia Pacific is the dominant region in the global analog IC market. PMR has forecasted that, revenues from every other analog IC product sold across the globe will be accounted by Asia Pacific region by 2024 end. The APAC analog IC market is estimated to hold a market value of more than US $40 billion during 2016 to 2024.

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