Witnessing ample growth opportunities in the gaming industry and accelerating adoption of multimedia chipsets in wearable devices, the global multimedia chipsets market is projected to rise at a CAGR of 6.6% from 2015 to 2023, in terms of revenue.
Albany, NY -- (SBWIRE) -- 01/12/2018 -- 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.
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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 2023. This market is expected to be valued at US$40.99 bn by the end of 2023.
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 2023.
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.
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Graphics Chipsets in High Demand as Users Desire Devices for Streaming, Multitasking
Graphics chipsets have consistently held the larger revenue share in multimedia chipsets in recent years. Current market trends indicate that this segment will continue to hold the dominant share for the coming years as well. A key reason for this high demand is the growth in the number of users demanding consumer electronics for the purpose of watching videos and movies online. Improved internet facilities across the world are making it easier for consumer to stream videos online, considerably increasing their numbers over the past few years.
Consumers have also expressed high demand for electronics devices capable of multitasking. Most multitasking components of a consumer's usage involve switching between different graphics on a device, which requires strong and stable graphics chipsets. The level of innovation is high among the three leading providers of graphics hardware – Intel, NVidia, and AMD. Each company holds a large number of users based on their difference in utility, preferences, and the company's marketing strategies.
The key manufacturers of multimedia chipsets globally include AMD, Inc., Intel, NVidia, Realtek, Yamaha, Qualcomm, and Cirrus Logic, Inc.