The multi-mode chipset market is projected to reach a valuation of US$ 26.3 Bn by 2032 from US$ 8.2 Bn in 2022, rising rapidly at a CAGR of 12.4% throughout the forecast period.
The increasing deployment of LTE networks around the world, quick technological advancements in cellular connection, and the popularity of devices that support 5G NR with integrated gigabit LTE are all contributing to the global multi-mode chipset market's growth.
One of the significant trends propelling the demand for multi-mode chipset is the growing popularity of devices projected to enable a 5G network with inbuilt gigabit.
The demand for multi-mode chipsets rose rapidly as telecommunications companies worldwide started concentrating on delivering 1,000 times faster data transmission speeds than 4G services. This characteristic has piqued the interest of telecommunications operators all over the world in deploying 5G services. As a result of this increasing demand, the sales of multi-mode chipset are anticipated to rise throughout the forecast period.
Some of the most well-known multi-mode chipset manufacturers have begun commercialising 5G by focusing on Gigabit LTE.
The demand for multi-mode chipset is predicted to rise due to technical improvements like high-speed data networks and the arrival of 5G. Furthermore, due to this reason, the sales of multi-mode chipset is also anticipated to rise.
Consumers are gradually embracing a growing number of smartphones that offer 5G connectivity to achieve faster data transmission speeds, which is predicted to increase the demand for multi-mode chipset during the forecast period.
Countries leading the initial wave of commercial 5G deployments have prioritised funding the development of advanced chipsets, with multi-mode being a popular choice among industry participants. This is likely to boost the sales of multi-mode chipsets during the forecast period.
Over the years, new multi-mode architecture for 5G networks has made progress, opening the path for advancements in wireless communication systems. The efforts to reveal 5G SoC designs for smartphones are a good example.
These designs will also include cutting-edge AI, broadening the market for multi-mode chipset advancements. In recent years, there has been an increase in demand for cutting-edge multimedia and visual experiences in virtual reality and augmented reality applications.
By application, due to the increasing popularity of smartphones, the smartphone segment is likely to lead the global multi-mode chipset market with a CAGR of 12.6%.
During the forecast period, the U.S. is anticipated to dominate the oil and gas data management software market with a CAGR of 13.5%.
During the forecast period, North America is anticipated to hold the largest market share, and it is expected to grow at a CAGR of 13.9% during the forecast period.
Most telecom carriers in a number of European nations are now supplying technologically advanced chipsets for smart devices.
In the forecast period, the United Kingdom is anticipated to witness high growth potential in the multi-mode chipset market with a CAGR of 11.7%.
Due to a larger consumer base and the existence of a significant number of telecommunication providers in these countries, demand for multi-mode chipset in APAC is expected to remain focused in China and India.
Due to the growing popularity of smartphones and increased acceptance of modern technologies, India’s multi-mode chipset market is expected to develop at the CAGR of 14.6% throughout the projection period.
Rising Demand for High-speed Internet and Wide Network Coverage to Boost the Multi-mode Chipset Market
Some of the multi-mode chipset market key 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 players have entered the race. A growing number of 5G products, such as smart home devices, self-driving vehicle, gadgets, cloud services, and next-generation computing, are generating new growth opportunities for the multi-mode chipset market.
Qualcomm announced the Snapdragon 750G 5G Mobile Platform, a new 5G mobile platform in the 7-series 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 provide industry-leading 5G PC experiences.