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Multi-Mode Chipset Market Size, Growth, Outlook Report 2033
Multi-Mode Chipset Market
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According to The Business Research Company's, The multi-mode chipset market size has grown rapidly in recent years. It will grow from $6.29 billion in 2023 to $7.05 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to rapid growth in the developments of smartphones, the growing popularity of connected automobiles, increased sales of chipsets to smartphones, growing demand for semiconductor components in automobiles, and increasing demand for flexible chipsets.
The multi-mode chipset market size is expected to see rapid growth in the next few years. It will grow to $11.22 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to rising demand for higher data transfer rates, increased demand for modern multimode chipsets, increasing demand for the internet of things, increasing investments in 5G Networks, increasing number of smartphones and rising data traffic and need for efficient networks. Major trends in the forecast period include developments in digital technologies, data transmission technologies, integration of multi-mode chipsets, research and development of new products, and artificial intelligence technologies.
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Market Drivers and Trends:
The rising prevalence of chronic diseases is expected to propel the growth of the multiplex biomarker imaging market going forward. Chronic diseases are long-lasting health conditions that persist or recur over time, often with complex causes, multiple risk factors, and long latency periods. The growing prevalence of chronic diseases is attributed to several factors, including the rapid aging of the population, improved case finding and detection, better treatment and management of diseases, and changes in lifestyle and environmental risk factors. Multiplex biomarker imaging is utilized in chronic disease management for comprehensive analysis and characterization of disease progression and treatment response. For instance, in January 2023, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.52 million in 2020 to 142.66 million in 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the multiplex biomarker imaging market.
Major companies operating in the multi-mode chipset system market are focusing on developing innovative technologies, such as new LTE chipsets, to strengthen their position in the market. New LTE chipsets are the latest iterations of Long-Term Evolution (LTE) technology, designed to enhance wireless connectivity and data transmission capabilities on mobile devices. For instance, in May 2024, GCT Semiconductor Holding Inc., a US-based semiconductor company, introduced the first highly integrated multi-mode LTE chipset for the 450 MHz spectrum. This innovative chipset heralds a new era in wireless communication by combining advanced functionalities with comprehensive support for a spectrum previously underutilized in LTE technology. It stands out for its seamless integration, allowing for multi-mode operation, and robust performance, which opens up opportunities for expanding and optimizing networks.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Intel Corporation, Qualcomm Technologies Inc., Broadcom Corporation, Fujitsu Limited, Telefonaktiebolaget LM Ericsson, Nokia Corporation, MediaTek Inc., STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Analog Devices Inc., Renesas Electronics Corporation, Marvell Technology Group Ltd., Skyworks Solutions Inc., Texas Instruments Incorporated, Qorvo Inc., Maxim Integrated Products Inc., Integrated Device Technology Inc., Sierra Wireless Inc., Spreadtrum Communications (Shanghai) Co. Ltd., Rockchip Electronics Co. Ltd., GCT Semiconductor Inc.
Multi-Mode Chipset Market 2024 Key Insights:
• The multi-mode chipset market size is expected to see rapid growth in the next few years. It will grow to $11.22 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
• Smartphone Expansion Fuels Growth In Multi-Mode Chipset Market
• Innovative LTE Chipsets Transforming The Market
• North America was the largest region in the multi-mode chipset market in 2023
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