Application Processor Market is Set to Exceed Valuation of USD 45.02 Billion with Potential Growth Rate of 5.6% by 2026
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Increasing penetration of smartphones and increasing adoption of artificial intelligence technology is driving the application processor market.
HYDERABAD, TELANGANA, INDIA, Dec. 26, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, forecasts that the application processor market is expected to reach US$45.02 billion after growing at an estimated CAGR of 5.6% during 2021-2026 . With the increasing penetration of smartphones with high-end graphics and growing demand for achieving immersive user experiences among tech-savvy millennials, Application Processors Market is expected to gain major traction due to the rise of system on chip and microprocessors. Increasing demand for advanced digital signal processors in electronic devices that handle primary processing and other smart functions, including superior connectivity, enhanced camera functionality, immersive augmented reality (AR) and virtual reality (VR) experiences. The report provides a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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This IndustryARC report on the application processor market highlights the following areas –
• RICS is estimated to dominate the market during the forecast period 2021-2026 due to increasing penetration of wearable devices.
• Consumer sector is estimated to witness the highest growth during 2021-2026 due to massive and rapid adoption of smartphones, tablets and laptops.
• APAC is estimated to dominate the application processor market during the forecast period 2021-2026 due to increasing investments in IoT infrastructure across this region.
• Increasing penetration of smartphones and increasing adoption of Artificial Intelligence technology is driving the application processor market.
• Increased cost is one of the major challenges hindering the market growth during 2021-2026.
• By Architecture – Application processor market is segmented under RISC, CISC, application specific integrated circuit (ASIC), superscalar processors and digital signal microprocessors (DSP). RISC architecture is estimated to hold the major application processor market share of 34% during the forecast period 2021-2026 due to the reduced chip complexity and high demand for RISC technology in consumer electronic devices such as smartphones, tablets, and smart wearables.
• By End User – Application processor market is segmented under industrial, commercial and consumer sectors. Consumer sector dominated the market in 2020 gaining a market share of 42% and is estimated to hold the largest market share of 45% by 2026 with a CAGR of 9.56% during the forecast period 2021-2026 due to massive penetration of smartphones globally.
• By Geography – Application Processor Market is segmented under North America, Europe, APAC, South America and RoW. APAC dominated the application processor market in 2020 by gaining a share of 72% and is estimated to hold the largest market share of 79% with a CAGR of 12.78% during 2021-2026 due to increasing investments to build a digital infrastructure across these to set up region.
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The top 5 players in the application processor industry are –
1. Qualcomm Inc.
2. Intel Corporation
3. Texas Instruments Inc.
4. Meditek Inc.
5. Nvidia Corporation
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