The Global Multi-mode Chipset Market is witnessing rapid growth, driven by the increasing adoption of 5G devices and advancements in wireless communication technology. Valued at US$ 5.8 billion in 2022, the market is projected to grow at a CAGR of 13.0% between 2023 and 2031, reaching an estimated US$ 17.2 billion by the end of the forecast period.

Key Market Drivers

One of the major drivers of this growth is the rise in demand for 5G-capable devices. As telecom companies worldwide strive to offer faster data transfer networks, the adoption of 5G technology is expanding rapidly. Multi-mode chipsets, which enable devices to connect seamlessly to various wireless networks such as Wi-Fi, 3G, 4G, and 5G, play a crucial role in ensuring these high-speed connections.

Several telecommunications companies are actively involved in deploying 5G networks. For instance, Bharat Sanchar Nigam Limited (BSNL) partnered with Echelon Edge in January 2023 to establish a private 5G network for enterprise customers, signaling an increased emphasis on 5G services. This deployment of multi-mode chipsets to power advanced communication devices is expected to continue driving market demand.

In addition to the adoption of 5G, R&D initiatives are further propelling market expansion. Key players are focusing on developing advanced multi-mode chipsets that offer improved power efficiency, data transmission rates, and interoperability. Innovations in areas such as cloud computing, smart home devices, and autonomous vehicles are creating opportunities for the integration of multi-mode chipsets in cutting-edge technologies.

Regional Insights

North America held the largest market share in 2022, thanks to rapid urbanization, a well-established industrial sector, and the presence of key players. The region’s strong focus on 5G deployment has boosted demand for multi-mode chipsets. In the U.S., the National Telecommunications and Information Administration launched a national strategy to roll out 5G networks, supporting the region's leadership in the global market.

Meanwhile, Canada is seeing an increase in investment in 5G technology and domestic production of 5G devices, while Mexico is adopting diverse strategies to expand its 5G chipset industry.

Competitive Landscape

Key players in the multi-mode chipset market include Qualcomm Technologies, Samsung Group, MediaTek, and Intel Corporation. These companies are heavily investing in 5G chipsets and working on technologies like Virtual Reality (VR) and Augmented Reality (AR) to support high-speed connectivity and future innovations. The development of cutting-edge chipsets will be critical to meeting the growing demands of the global digital ecosystem.