Albany, NY, Feb. 08, 2016 (GLOBE NEWSWIRE) — Transparency Market Research has published a new market report, According to the report, the global multimedia chipsets market was valued at US$22.96 bn in 2014 and is projected to reach US$40.99 bn by 2023, at a CAGR of 6.6% from 2015 to 2023.
Increasing demand for handheld and portable consumer electronic devices is one of the major factors fueling the demand for multimedia chipsets globally. In addition, rapid expansion of set top box and IPTV is also set to bring about a positive transition in the multimedia chipsets market.
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Asia Pacific held the largest market share globally in 2014. Asia Pacific multimedia chipsets market is primarily driven by factors such as increasing demand for smart devices especially smart phones and digital TV. China is the largest market for multimedia chipsets in Asia Pacific and is expected to remain the market leader throughout the forecast period. The growth of the multimedia chipsets market in China can be attributed to increasing demand for smart consumer electronics and growth of local smart phone manufacturers among others. Apart from increasing demand for smart phones, gaming consoles, tablets and wearable electronic devices, the multimedia chipsets market in China is also driven by high penetration of inexpensive smart phones. In addition, heightening demand for inexpensive smart electronic devices such as smart televisions and wireless telecommunication devices is also expected to have a positive impact on the multimedia chipset market in China.
Asia Pacific multimedia chipsets market in terms of revenue is projected to grow at a CAGR of 6.8% during the forecast period from 2015 to 2023. In 2014, Middle East and Africa was the fastest growing market for multimedia chipsets in terms of revenue. Increase in demand for free to air satellite TV followed by increase in set top box and IPTV subscriptions in Middle East and Africa is boosting the demand of set top box and IPTV chipsets.
The application of multimedia chipsets in handheld devices segment held the largest market share in 2014 and is expected to hold the position of market leader throughout the forecast period. Handheld devices segment is noticing a continuous surge in demand, thereby resulting in growing sales volume and production. This is attributed to the decrease in smart phone price, increase in consumption of smart phones with larger screen size (generally 5.5 inches and above) and increase in online activity through smart phones. In addition, increase in demand for tablets and growing demand of portable gaming consoles is also expected to boost the demand of handheld devices chipsets market.
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Major players operating in the multimedia chipsets market include Realtek Semiconductor Corp., Qualcomm Inc, Advanced Micro Devices Inc, Cirrus Logic Inc., Intel Corp. and NVIDIA Corporation.
The Multimedia chipsets market has been segmented as follows:
Global Multimedia Chipsets Market by Function
Functions covered under this research study are:
Global Multimedia Chipsets Market by Application
Global Multimedia Chipsets Market by Geography
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.