Market Trends of Multimedia Chipsets Industry
This section covers the major market trends shaping the Multimedia Chipsets Market according to our research experts:
Media and Entertainment to Witness Significant Growth over the Forecast Period
- There has been an increasing demand for high-speed internet, which has made telecom companies expand their production rates. Surging demand for fast internet is expanding globally, throughout the past couple of years. The essential factor in charge of this growth is the rising popularity for on-demand audio and video streaming.
- Moreover, in today’s fast-moving tech-savvy world, consumers are switching media consumption from ‘analog’ to ‘digital.’ The greatest change is that the people who used to consume news, entertainment, and other information via printed periodicals, television sets, and radio sets are now consuming the same via personal computers, tablet computers, and smartphones. Advancements in mobile, video and wireless technologies have ignited an explosion in the growth of on-demand streaming services.
- As in the media and entertainment industry, applications, such as video rendering and high-resolution image editing processes, require high network performance, thereby increasing the demand for multimedia chipsets. Therefore, advancement to 5G capacities is taking place, in order to fulfill the flooding demand for rapid information.
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Asia-Pacific to Remain a Lucrative Market for Multimedia Chipsets
- Asia-Pacific witnesses a higher demand for handheld devices, set-top boxes, and IPTVs, which form the two most lucrative application sectors for multimedia chipset companies. Multimedia chipsets also require high investments for SoC manufacturing in the region, which complements the fact that APAC is a global hub for semiconductor companies.
- Furthermore, increasing the adoption of 5G services across countries, such as China and India, is expected to aid the market.
- According to GSMA, at a global level, 1.2 billion people are set to have access to 5G networks by 2025, and a third of them are likely to be in China. Throughout the region, the governments, in collaboration with chip manufacturers and smartphone vendors, are putting their best for 5G technologies.
- China, India, South Korea, Japan, and Australia are expected to be the major markets for the multimedia chipset.
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