Microprocessor Market Worth 2.87 Billion By 2027 | CAGR: 4.1%
Posted by Nicky Arora on May 20th, 2021
The global microprocessor market size is expected to reach USD 112.87 billion by 2027, registering a CAGR of 4.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. In recent years, growing IT industries and increasing data centers have been observed continuously demanding cloud and web-based services. Shifting inclination towards cloud data storage is expected to result in growing demand for servers, further boosting the demand for microprocessors over the forecast years. Besides, there is a surging need to increasingly minimize the size of microprocessors due to the compact size of devices that enable improved processing, speed, and portability, resulting in the growth of the market across the globe.
Escalating demand for microprocessors in various applications such as 5G technology, smart cards, artificial intelligence (AI), and machine learning techniques is expected to be one of the key factors boosting the market growth. The aforementioned applications enable speedier transit of organizational data across the IT network, and thus find extensive usage in public clouds, data center facilities, and connected devices. Most organizations are, therefore, incorporating ICs to support the functioning of advanced technologies in devices, resulting in lower operational cost.
Embedded devices application is driven by extensive usage of microprocessors. Based on the type of application, embedded microprocessors can use 8, 16, 32, and 64 bit processors. High end processors find use in communications infrastructure equipment such as soft switches and firewalls, whereas usage of low-end processors lies in consumer electronics and industrial applications. Furthermore, economic betterment in Asia Pacific and consequent growth in market penetration of consumer electronics remain key contributors to the regional as well as global growth.
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About the AuthorNicky Arora
Joined: October 15th, 2019
Articles Posted: 389
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