New York, US, Jan. 11, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Multimedia Chipset Market Research Report: By Type, Applications, End-Users - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 69.32 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.30% during the assessment timeframe.
Multimedia Chipset Market Key Players
Eminent industry players profiled in the global multimedia chipset market report include
- NVIDIA Corporation (U.S.)
- Intel Corporation (U.S.)
- Realtek Semiconductor Corp (Taiwan)
- Qualcomm Inc. (U.S.)
- Cirrus Logic Inc. (U.S.)
- Advanced Micro Devices Inc. (U.S.)
- DSP Group, Inc. (U.S.)
- Apple Inc. (U.S.)
- Broadcom Corporation (U.S.)
- Marvell Technology Group, Limited (U.S.)
- Samsung Group (South Korea)
- Actions Semiconductor Co., Ltd. (China)
- MediaTek Inc. (Taiwan)
- NXP Semiconductors N.V. (Netherlands)
- STMicroelectronics (Switzerland).
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The dynamics and expansion of the market are greatly influenced by these important firms. These significant main players choose a variety of techniques and laws to increase their consumer base. These policies and strategies mostly include of partnerships, joint ventures, extensions, mergers, acquisitions, new production techniques, inventions, and technology-enhanced versions of current items. All of these crucial techniques are chosen in order to understand customer wants and create a solid foundation for future growth.
Multimedia Chipset Market Report Scope:
| Report Metric | Details |
| Multimedia Chipset Market Revenue forecast in 2030 | USD 69.32 Billion |
| Growth Rate | CAGR of 6.3% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Growing Need for Advanced Multimedia Features in Consumer Electronics to offer Robust Opportunities |
| Key Market Drivers | Growing Adoption of Wearable Devices to Boost Market Growth |
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Multimedia Chipset Market Dynamics
Drivers
Growing Adoption of Wearable Devices to Boost Market Growth
The growing adoption of wearable devices will boost market growth over the forecast period for the health concerns especially among the millennial.
Opportunities
Growing Need for Advanced Multimedia Features in Consumer Electronics to offer Robust Opportunities
The growing need for advanced multimedia features in consumer electronics coupled with growing need for faster data processing in IT & telecommunication applications will offer robust opportunities for this market in the assessment period.
Restraints and Challenges
Higher Static Costs to act as Market Restraint
Higher static costs, higher consumption of batteries, and costly feature-rich devices may act as market restraints over the forecast period.
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Multimedia Chipset Market Segmentation
The global multimedia chipset market is bifurcated based on end-users, type, and application.
By application, set-top boxes and IPTV will lead the multimedia chipset market over the forecast period.
By type, the multimedia chipset market is segmented into audio chipsets, graphics chipsets, and others.
By end-users, media and entertainment will domineer the market over the forecast period.
COVID-19 Analysis
By 2028, market value is anticipated to increase at a 6% CAGR, reaching $30 billion. The globe is in a complete uproar as a result of the recent COVID- 19 outbreak. The decline in growth is having an impact on every single firm. Similar to this, market reports for multimedia chipsets identify key companies. The anticipated purchase as well as the demand for multimedia chipsets increased with the spreading pandemic. This occurred as a result of people beginning to exercise in their homes during the lockdown, which forced them to purchase multimedia chipset.
The novel work-from-home arrangement came to be. The chipset became useful once the offices closed. As a result, during the pandemic, more and more people engaged in online chip trading. A new generation of mobile products emerged as a result of the pandemic. The demand for the chipset also increased as people's concerns about their data and audio/video quality grew.
Regional Insights
North America to Steer Multimedia Chipset Market
The market for US smart grid sensors is dominated by North America. The continent of North America is further divided into two nations, such the US and Canada. Due to the region's rising need for graphics chipsets, which are utilized to provide high definition picture quality on the system, North America dominates the global market for multimedia chipsets. The rise of these multimedia chipsets is a driving force. The North American market is the most lucrative and has the most economic potential. One of the key drivers of the multimedia chipset market's growth is the increased need for graphics chipsets, which are required to deliver high definition picture quality on the system. The market share for US smart grid sensors is dominated by North America. The continent of North America is further divided into two nations, such the US and Canada. Due to the region's rising need for graphics chipsets, which are utilized to provide high definition picture quality on the system, North America dominates the global multimedia chipset market. The rise of these multimedia chipsets is a driving force.
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APAC to Have Favorable Growth in Multimedia Chipset Market
Handheld devices, IPTVs and set-top boxes are in increased demand in Asia-Pacific, making them the two most lucrative application markets for manufacturers of multimedia chipsets. APAC is a global hub for semiconductor businesses, and multimedia chipsets demand large investments for SoC manufacturing in the region. Additionally, the market will benefit from a rise in the deployment of 5G services across nations like China and India. In recent years, Asia Pacific has been driving the demand for multimedia chipsets, and it will continue to dominate market shares in terms of both revenue and volume in the years to come. The two most attractive application categories for multimedia chipset players are mobile devices and set top boxes and IPTVs, which this region exhibits an unusually high demand for. By 2023, this region is anticipated to account for 46.76% of the revenue from multimedia chipsets.
Industry Updates
August 2022- The Pentonic 700, a smart TV system-on-chip (SoC) featuring a potent AI processing engine for high-end 120Hz 4K TVs, was unveiled by MediaTek. With integrated 4K120 MEMC and TCON, integrated AI-powered picture quality improvements, Dolby Vision IQ with Precision Detail support, and gaming optimizations, the Pentonic 700 enables worldwide TV companies to improve the whole watching experience for consumers.
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