A Digital signal processor is a type of microprocessor that is specifically for handling digital signal processing tasks. The market is poised to witness decent growth during the next five years on account of the rising adoption across numerous industry verticals.
The major factor that is driving the digital signal processors is the increasing proliferation of smartphones especially across the major developing economies of the world such as India and China among others. These processors process digital data through mathematical manipulations for analyzing the information contained in them. The real-time processing of the data and also have considerably high throughput, thereby making them suitable for numerous applications across various end-use industries that include communications, consumer electronics, healthcare, and military and defense among others. Furthermore, the burgeoning adoption of wireless devices due to the growing middle-class population in both developed and developing economies is also expected to be a major factor positively influencing the digital signal processors' market growth during the next five years. Moreover, the increasing acceptance of smart devices and rising investments in smart homes is further widening up the opportunities for the market to surge in the near future. However, the market for digital signal processors may be restrained by the fact that these require high power for function, thus high consumption of power is projected to inhibit its adoption to some extent in low power devices, thereby hampering the growth in the coming years. However, the recent advent of COVID-19 is anticipated to inhibit market growth to some extent as a halt in manufacturing activities across various industries. Also, the temporary halt by manufacturers operating under the market on account of the disruption in the supply chain is also expected to restrain the market growth, especially during the short run.
Rapid Growth in the Demand of Electronic Devices
One of the key factors bolstering the digital signal processors market growth throughout the forecast period includes the rapid urbanization and increasing middle-class population in countries such as India, China, and Vietnam among others. The rapid increase in the urban population has further raised the standards of living of the people in these countries has led to an increased demand for wireless devices such as smartphones, PCs, and others. Thus, an increase in the demand for these devices will supplement the growth of the digital signal processors market during the next five years. Furthermore, the booming acceptance of wireless surveillance systems across the globe is also considered to be a major factor that is projected to positively influence the demand for digital signal processors in the near future.
The digital signal processors market has been segmented on the basis of the number of cores, type, end-user industry, and geography. On the basis of the number of cores, the market has been segmented into, single-core and multi-core. By the type, the segmentation of the market has been done into, DSP multiprocessors on a die, 32-bit flash floating-point, 16-bit fixed point. By the end-user industry, the segmentation has been done into consumer electronics, automotive, healthcare, manufacturing, aerospace and defense, and others. Geographically, the market has been classified into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By the number of cores, the single-core segment is anticipated to hold a substantial share throughout the forecast period on account of considerably advanced processing capabilities. Moreover, vast applications of single-core DSPs across high-end medical, aerospace, and defense and advanced test and measurement industries is also a key factor supplementing the growth of this segment over the course of the next five years. The multi-core segment is expected to show healthy growth throughout the forecast period.
By the end-user industry, the consumer electronics segment is expected to hold a considerable market share throughout the forecast period. The major factors supplementing the market growth throughout the forecast period on account of wide applications of DSPs across numerous wireless electronic devices such as printers, PCs, smart devices, and others. The automotive segment is projected to witness a decent growth throughout the forecast period on account of the integration of technology across the automotive vehicles that has led to an upsurge in the demand for digital signal processors for the automotive industry. The aerospace and defense, and the healthcare segments are anticipated to show a healthy growth on account due to the presence of a variety of products for the applications across these industries. Also, the increasing healthcare and military spending especially across the developing economies for the up-gradation of technology and infrastructure.
Geographically, the North American region will hold a noteworthy market share throughout the forecast period on account of the early adoption of technology and the availability of state-of-art infrastructure across the numerous end-user industries. Furthermore, the presence of key market players in the region is a major factor that is supplementing the digital signal processors market growth in the next five years. The European region is anticipated to hold a substantial share in the next five years primarily due to the presence of a highly advanced automotive industry as well as the electronics industry in various countries across the European region. However, the Asia Pacific region will witness rapid growth during the next five years on account of rapid adoption of automation solutions across the varios industry verticals.
ABOUT THE AUTHOR:
Rachit Gulati is a Market Research Analyst at Knowledge Sourcing Intelligence, working on estimates and global/regional specific reports on multiple industries ranging from automation to food and beverages, with a special knack for automotive and healthcare. With the addition of his formal education in Economics, Commerce, and Finance, he is able to provide more light on the macro aspects of the story. To read more articles by him, and for more information regarding multiple global markets, visit www.knowledge-sourcing.com.