It is anticipated that the market for multi-mode chipsets will experience a substantial rise in value over the forecast period, reaching an estimated US$ 26.3 Bn by the year 2032 – an increase of 12.4% compounded annually from US$ 8.2 Bn in 2022.
Key Points
- Rising Demand for High-speed Internet and Wide Network Coverage to Boost the Multi-mode Chipset Market
- By application, due to the increasing popularity of smartphones, the smartphone segment is likely to lead the global multi-mode chipset marketwith a CAGR of 12.6%.
- In the forecast period, the United Kingdom is anticipated to witness high growth potential in the multi-mode chipset marketwith a CAGR of 11.7%.
- During the forecast period, the U.S. is anticipated to dominate the oil and gas data management software market with a CAGR of 13.5%.
- During the forecast period, North America is anticipated to hold the largest market share, and it is expected to grow at a CAGR of 13.9% during the forecast period.
- Most telecom carriers in a number of European nations are now supplying technologically advanced chipsets for smart devices.
Due to a larger consumer base and the existence of a significant number of telecommunication providers in these countries, demand for multi-mode chipset in APAC is expected to remain focused in China and India.
Also due to the growing popularity of smartphones and increased acceptance of modern technologies, India’s multi-mode chipset market is expected to develop at the CAGR of 14.6% throughout the projection period.
Leading statistics platform “Fact.MR” reported that the global multi-mode chipset market is being driven by the widespread deployment of LTE networks, rapid developments in cellular connectivity, and the growing recognition of devices equipped with 5G NR and integrated gigabit LTE.
Telecommunications companies all around the globe are aiming to provide data transmission speeds 1,000 times faster than 4G which has provoked interest in 5G services from telecom operators sparking a surge in the demand for multi-mode chipsets and is expected to continue through the forecast period.
A major factor contributing to the need for multi-mode chipset is the increasing popularity of gadgets that are designed to create a 5G connection with built-in gigabit capability.
Well-known multi-mode chipset manufacturers begin commercialising 5G
It is foreseen that the need for multi-mode chipset will grow with the technical advancements of high-speed data networks and the emergence of 5G. As a result, the sales of multi-mode chipset are also projected to increase.
As consumers are becoming more accustomed to using smartphones that have 5G capabilities, which allow for faster data transfer speeds, the need for multi-mode chipsets is expected to go up in the foreseeable future.
Countries leading the initial wave of commercial 5G deployments have prioritised funding the development of advanced chipsets, with multi-mode being a popular choice among industry participants. This is likely to boost the sales of multi-mode chipsets during the forecast period.
Over the past several years the structure of 5G networks has been advancing with the advent of the new multi-mode architecture, providing a gateway for the development of wireless communication systems. A prime example of this is the endeavors to create 5G system-on-chip designs for mobile phones.
The designs will also feature the state-of-the-art AI, which will expand the market for the development of multi-mode chipset. In the last few years, there has been a surge in the need for state-of-the-art audio-visual experiences for virtual reality and augmented reality applications.
The Competitive Landscape:
Some of themulti-mode chipset market key players profiled in the study include:
- HiSilicon Technologies
- Intel Corporation
- Qualcomm Technologies Inc
- Samsung Group
- MediaTek
Recent Annoucements
- Qualcomm announced the Snapdragon 750G 5G Mobile Platform, a new 5G mobile platform in the 7-series that supports 5G with spectacular HDR gaming and on-device AI, in September 2020.
- Qualcomm announced the Snapdragon 8cx Gen 2 5G compute platform in September 2020, which is the company’s most powerful and efficient compute platform.
As 5G products, like smart home appliances, autonomous cars, gadgets, cloud solutions, and advanced computing, are on the rise, the multi-mode chipset market is also experiencing a surge in growth prospects.
