New York, USA, Sept. 06, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “AI Audio and Video SoC Market Research Report Information By Product, By Application Area, and By Region – Market Forecast Till 2032, the market is predicted to reach USD 280.7 Billion at a CAGR of 49.5% during the forecast period.
AI Audio and Video SoC Market Scope:
As a consequence of recent technological advancements, artificial intelligence (AI) has become one of the most intriguing technologies. The architectures of system-on-chips (SoCs) must be redesigned by semiconductor companies in order to support more scalable levels of performance, flexibility, efficiency, and integration. A system-on-chip (SoC) is an integrated circuit (IC) that contains all the necessary electronic circuits and components for a specific device, such as a smartphone or wearable computer. On a single-chip SoC for a sound-detecting device, an audio receiver, an analog-to-digital converter (ADC), a microprocessor, memory, and user input/output logic control may all be present.
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Competitive Dynamics:
Key Companies in the AI Audio and Video SoC market include
- Big Fish
- Qualcomm
- Dolphin Design
- Synaptics Incorporated
- Axis Communications AB
- Nvidia
- Intel
- IBM
- Kneron
- Atlazo Inc.
- Ambarella
- Silicon Labs
- MediaTek Inc
- Socionext
- Among others.
Report Scope:
| Report Metric | Details |
| Revenue Forecast in 2032 | USD 280.4 Billion |
| Growth Rate | CAGR of 49.5% from 2023 to 2032 |
| Base Year | 2022 |
| Study Period | 2023-2032 |
| Key Market Opportunities | The incredible growth of smart appliances due to trends in smart homes |
| Key Market Drivers | The popularity of autonomous driving is growing, rise in trend of digitalization, increase in cyberattacks, and integration with advanced technologies |
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Market USP:
Market Drivers
Artificial intelligence (AI) is one of the most intriguing technologies due to technological advancements over the past decade. The expansion of artificial intelligence requires semiconductor companies to redesign their system-on-a-chip (SoC) architectures to facilitate more scalable levels of performance, flexibility, efficiency, and integration. SoC is a microchip that incorporates on a single integrated circuit (IC) all of the electronic circuits and components required for a specific system, such as a smartphone or wearable computer.
The rise in the trend of digitalization coupled with the global expansion of the information technology (IT) industry is one of the primary factors driving the growth of the system-on-chip (SoC) market. Deep learning algorithms can autonomously intercept available data points, which improves the accuracy and effectiveness of the decision-making process. The increase in cyberattacks is driving businesses to implement fraud detection tools, cybersecurity, and database management, thereby accelerating the market.
Integration of big data analytics and cloud computing to provide enhanced services to various industries has a further impact on the market. Through research and development (R&D) efforts, deep learning processing solutions are enhanced. Additionally, the market for system-on-a-chip (SoC) is bolstered by urbanisation, lifestyle changes, an investment boom, and increased consumer expenditure. The increasing acceptance of autonomous vehicles, the trend toward digitization, the rise in the number of cyberattacks, and the incorporation of cutting-edge technologies are the main market drivers fueling market expansion.
In addition to standard tasks such as turning off lights, dimming lights, and closing curtains, smart homes are capable of conducting complex actions such as immediately lighting exit routes in response to a fire alarm. The connectivity of home appliances, such as security cameras, utility meters, and thermostats, has evolved into a high-end novelty. In the future years, it is anticipated that connectivity will increase in prevalence and potentially become the norm in nearly all home appliances and equipment.
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Market Restraints
However, the initial R&D costs associated with system-on-a-chip (SoC) are substantial. Due to the increasing customization of SoC for a variety of products, market participants must focus on multiple R&D projects concurrently, thereby increasing their project costs. These factors are anticipated to impede market expansion over the forecast period.
COVID-19 Analysis:
In multiple ways, COVID-19 had a significant impact on the market. The pandemic disrupted the semiconductor industry's supply chain by complicating shipping and transportation activities and limiting labor availability. However, COVID-19 also accelerated the demand for systems on chips (SoCs) by initiating a new surge of digital transformation and remote work, which increased the demand for laptops and tablets.
Market Segmentation:
Product
In 2022, the AI audio SoC segment generated the highest revenue share. Increasing demand for voice-activated digital assistant products is the primary impetus behind the development of AI audio SoC. As voice-enabled apps, such as smart assistants, with features such as voice commands and voice search acquire popularity, intelligent processing and sensing designs are becoming increasingly common.
Application Area
In 2022, the intelligent home segment dominated the AI Audio and Video SoC Market. Increased adoption of voice assistant devices and smart speakers is the primary driver of the segment's growth. We estimate that 186 million smart speakers will be delivered worldwide in fiscal year 2021. This increase in adoption is a consequence of the growing acceptance of smart home technology. China and the United States are the two largest markets for smart speakers.
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Regional Analysis:
In 2022, the AI Audio and Video SoC Market in North America held a 45.80% market share. This may be attributable to the region's growing interest in autonomous vehicles. There are numerous advantages to automated vehicles. Fully autonomous vehicles will reduce the number of highway fatalities caused by driver distraction, which accounts for the vast majority of fatalities. Moreover, the U.S. AI Audio and Video SoC market held the largest market share, and the Canada AI Audio and Video SoC market had the highest growth rate in North America.
In 2022, the AI Audio and Video SoC market in Europe held a robust market share. Increased digitalization, IoT penetration, advanced analytics & server performance, and ongoing investments in cutting-edge workstations and servers utilizing 5G technologies are driving market growth. In addition, the German AI Audio and Video SoC market held the largest market share, while the British AI Audio and Video SoC market had the highest growth rate in Europe.
From 2023 to 2032, the AI Audio and Video SoC market in Asia-Pacific is anticipated to experience significant growth. This is due to the increasing demand for SoCs in the IT, telecom, and consumer electronics industries. In this region, system-on-chips are extensively used in Bluetooth headsets, fitness bands, smartwatches, tablets, laptops, household appliances, and consumer electronics. In addition, China's AI Audio and Video SoC market held the largest market share, whereas India's AI Audio and Video SoC market had the highest growth rate in the Asia-Pacific region.
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