The global multimedia chipsets market was valued at USD 22.96 billion in 2014 and is estimated to reach USD 40.99 billion by 2023 in terms of revenue. The market in terms of revenue is projected to grow at a CAGR of 6.6 % from 2015 to 2023.

Albany, NY -- (SBWire) -- 07/05/2016 --Multimedia chipsets are crucial for various electronic devices and deals with audio and video processing. These chipsets not only reduce the cost but also offers various specifications that differentiate it from other devices.

By function, the global market for multimedia chipsets has been segmented into: audio chipsets, and graphics chipsets. By application, the global market for multimedia chipsets has been segmented into: digital cable TV, set top box and IPTV, handheld devices that includes smart phones, tablets and portable gaming consoles, home media players (audio and video) and others. The others segment includes digital signal processors and chipsets for imaging products (digital camera, camcorder etc.)

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In 2014, by product function, graphics multimedia chipsets accounted for the largest market share globally and their demand is expected to rise due to increasing demand from the gaming industry. Sophisticated games require a dedicated graphics card of up to 1 GB, which has enabled leading graphics chipsets manufacturers such as Nvidia, Intel, and AMD to invest in both computer and video games industries. The application of multimedia chipsets in handheld devices held the largest market share in 2014 and is expected to remain the market leader throughout the forecast period. Decrease in smart phone prices, increase in usage of smart phones with larger screen size (generally 5.5 inch and above), and growing online activity from smart phones are the main factors boosting the demand for smart phones globally which in turn drives the global smart phones chipsets segment.

Increasing demand for handheld and portable consumer electronic devices in the coming years is expected to drive the market of multimedia chipsets which facilitate faster data transmission and better video resolution in a cost effective way. Decreasing prices of consumer electronic devices coupled with increasing disposable income is driving the market of handheld consumer electronic devices.

Rapid expansion of set top box and IPTV is also driving the global multimedia chipsets market. Recently, initiatives has been taken by the government of different regions that mandated the digitization of conventional cable television along with migration from analog to internet based digital television system has boosted the demand of set top box at an exponential rate.High fixed cost associated with establishment of production unit is restraining the growth of global multimedia chipsets market. However, rise in gaming industry followed by increase in demand of wearable devices market are some of the major opportunities for the global multimedia chipsets market.

Asia Pacific held the largest market for the multimedia chipsets market in terms of revenue in 2014 and is projected to stay as the market leader over the forecast period. Market growth in Asia Pacific is chiefly attributed to heavy investment in System on Chip(SoC) manufacturing technology as APAC is the biggest hub for semiconductor manufacturers. North America is the second largest market for multimedia chipsets in terms of revenue. France is the largest market for multimedia chipsets in Europe. Hybrid set-top boxes containing advanced SoCs are required by broadcasters to deliver content, which is also leading to the growth of the System on Chip (SoC) market thereby boosting the demand of multimedia chipsets market in Europe.

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This report also provides an understanding of revenue (USD Billion) of multimedia chipsets market. The study also provides forecast from 2015-2023 and highlights current and future market trends.

By geography, the market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America. This report helps distributors, suppliers and manufacturers to formulate strategies based on understanding of the trends in this market.

The leading players in the Multimedia chipsets market include Realtek Semiconductor Corp., Qualcomm Inc, Advanced Micro Devices Inc, Cirrus Logic Inc., Intel Corp. and NVIDIA Corporation.

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