PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1447977
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1447977
global smartphone system on chip (SoC) market is forecasted to experience remarkable growth over the next decade, expanding at a robust CAGR of 21.0% from 2024 to 2031. According to market analysis, the market valuation is expected to soar from US$ 700 million in 2024 to a staggering US$ 2600 million by 2031. This exponential growth trajectory is primarily attributed to the escalating demand for mobile phones worldwide, coupled with continuous enhancements in mobile phone technology, sustaining the appetite for smartphones among consumers.
Driving Forces: Rising Demand and Technological Innovations
The surging demand for smartphones across the globe is a primary driver propelling the growth of the smartphone SoC market. The industry's expansion is further fueled by advancements in mobile phone technology, facilitating sustained demand for smartphones. Integrating smartphone SoC with various mobile phone components such as graphics processors, Wi-Fi modules, and more, augments the market's acceleration over the next decade.
Catering to Growing Trends: Gaming and Innovative Features
Mobile gaming emerges as a significant end-use segment for smartphones, driving demand for innovative technologies within SoC circuits to ensure seamless gameplay experiences. However, the market faces challenges from counterfeit goods, posing as a restraint. Nevertheless, the continuous innovation in mobile phones, offering features like fingerprint sensors, fast charging, enhanced battery life, and superior camera quality, sustains the market's momentum.
Key Trends: Evolution of Smartphone SoC Market
Country-wise Insights: Regional Dynamics Driving Growth
Category-wise Insights: Dominance of Android Operating System
The Android segment is anticipated to dominate the global smartphone SoC market, driven by continuous innovations from key players such as Qualcomm. Products like the Snapdragon 782G chipset are expected to bolster the segment's growth, offering enhanced performance for mid-range android smartphones.
Competitive Analysis: Key Players and Recent Developments
Leading players in the global smartphone SoC market are leveraging various strategies such as product releases, agreements, and acquisitions to expand their market presence. Recent developments, such as Samsung's partnership with Qualcomm for the Snapdragon Pro series and MediaTek's launch of the Dimensity 8200 chipset, underscore the dynamic nature of the market.
Key Companies Profiled