Growing demand for high speed internet and wide area network
USA, Rockville MD, June 07, 2022 (GLOBE NEWSWIRE) — The multimode chipset market is expected to reach a valuation of US$26.3 billion by 2032 from US$8.2 billion in 2022, growing rapidly at a CAGR of 12.4% throughout the forecast period.
Growing deployment of LTE networks globally, rapid technological advancements in cellular connectivity, and popularity of devices supporting 5G NR with built-in Gigabit LTE are all contributing to the growth of the global multimode chipset market.
One of the important trends propelling the multimode chipset request is the growing popularity of devices that are expected to enable a 5G network with built-in gigabit.
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The demand for multimode chipsets has grown rapidly as telecommunications companies around the world have begun to focus on delivering data transmission speeds 1,000 times faster than 4G services. This feature has sparked the interest of telecom operators around the world to deploy 5G services. Due to this growing demand, sales of multimode chipsets are expected to increase throughout the forecast period.
Some of the more well-known multimode chipset makers have started shipping 5G with a focus on Gigabit LTE. The demand for multimode chipset is expected to increase due to technical improvements such as high-speed data networks and the arrival of 5G. In addition, for this reason, multimode chipset sales are also expected to increase.
What are the driving factors of the Global Multimode Chipsets Market in the forecast years?
The market share of multi-mode chipsets is driven by the adoption of high-speed Internet, the growing need for functional hardware in mobile handsets and portable devices, and certainly the popularity of multimedia chipsets for the gaming industry. IPTV equipped set-top boxes also contribute hugely to the sales of multi-mode chipsets which are still very popular in different parts of the world.
Over the past few years, 5G network architecture has made immense progress, paving the way for advancements in wireless communication technology. Countries leading the initial introduction of commercial deployments of 5G technology have prioritized the funding and development of a multi-mode integrated chipset, making it a popular choice among market players.
Multifaceted efforts to reveal 5G SoC designs for cellphones and other smart communication devices have led to increased demand for multimode chipsets in today’s market. These designs are also expected to include the installations of artificial intelligence (AI) technologies and expand the advancements of the multi-mode chipset market in the coming years.
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Key segments covered by the Multimode chipset Industry survey
- Per application:
- Wearable device
- By region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
Some of the major multimode chipset market players profiled in the study are HiSilicon Technologies, Intel Corporation, Qualcomm Technologies Inc., Samsung Group, and MediaTek.
With 5G multi-mode chipset designs, a few gamers have entered the race. An increasing number of 5G products, such as smart home devices, autonomous vehicles, gadgets, cloud services, and next-generation computing, are generating new growth opportunities for the multimode chipset market.
- Qualcomm announced the Snapdragon 750G 5G Mobile Platform, a new 7-Series 5G mobile platform 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. The platform is built on the unique first-generation Snapdragon 8cx 5G computing platform, which powered the world’s first 5G PC, and is designed to deliver cutting-edge 5G PC experiences.
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The key players in the Multimode chipset Market
- Covestro S.A.
- The Dow Chemical Company
- Hunter’s Society
- Yantai Wanhua Polyurethanes Co. Ltd.
- Foamcraft Inc.
- Eurofoam Group
- Tosoh Company
- Future Foam, Inc.
- Saint-Gobain SA
Main takeaways from Multimode chipset Market research
- By application, owing to the growing popularity of smartphones, the smartphone segment is likely to lead the global multimode chipset market with a CAGR of 12.6%.
- During the forecast period, the United States is expected to dominate the oil and gas data management software market with a CAGR of 13.5%.
- During the forecast period, North America is expected to hold the largest market share and is expected to grow at a CAGR of 13.9% during the forecast period.
- Most telecom operators in a number of European countries now provide technologically advanced chipsets for smart devices.
- During the forecast period, UK is expected to witness high growth potential in the multimode chipset market with a CAGR of 11.7%.
- Due to a broader consumer base and the existence of a large number of telecom providers in these countries, the demand for multimode chipsets in APAC is expected to remain focused on China and India.
- Due to the growing popularity of smartphones and increased acceptance of modern technologies, the Indian multi-mode chipset market is expected to grow at a CAGR of 14.6% throughout the projection period.
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