The System on a Chip (SoC) Market is estimated to be valued at US$ 140.99 Bn in 2023 and is expected to exhibit a CAGR of 8% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
A system on a chip or SoC refers to integrating all the components of a computer or other electronic systems into a single integrated circuit. It integrates features like CPU, memory, I/O peripheral interfaces all into a single chip. SoCs are leveraged across various industries and products ranging from smartwatches, consumer electronics, smartphones, networking equipment, automotive electronics, industrial automation and more.

Market Dynamics:
The System on a Chip (SoC) Market is witnessing high growth owing to increasing demand for highly integrated chips from consumer electronics manufacturers as well as growing adoption of IoT (Internet of Things) solutions across industries. One of the major driver for increasing SoC adoption is to reduce system cost by integrating multiple components into a single chip. As standalone chips require additional external components, board space and assembly which adds to the overall system cost. SoCs helps address this by integrating various peripherals with core processor on a single die, thereby reducing cost significantly. Second major factor fueling the market growth is growing connected devices market with increasing IoT penetration. IoT requires low power integrated solutions to power small devices with extended battery life. SoCs enables development of low power IoT devices by integrating all critical components needed to connect, communicate and process data on a single chip with very low power consumption. This makes SoCs ideal for applications like smart home devices, industrial gateways, smart city infrastructure and more.

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