Application Specific Integrated Circuit Market Size, Share, Growth Analysis, By Product, By Volume, By End Use, By Region - Industry Forecast 2025-2032

Application Specific Integrated Circuit Market size was valued at USD 18.32 Billion in 2023 and is poised to grow from USD 19.36 Billion in 2024 to USD 28.55 Billion by 2032, growing at a CAGR of 5.7% during the forecast period (2025-2032).

The demand for application-specific integrated circuit is expected to grow with the increasing utilization of ASICs in consumer electronics, such as tablets, smartphones, and smartwatches, among others. An application-specific integrated circuit, known simply as an ASIC, is an integrated circuit that has been agonizingly designed to meet a particular function or application which enables all electrical elements to be placed in one chip. Since the entire system is fully integrated with the help of integration of several small and medium-sized functions of integrated circuit on a single chip, these circuits ensure full conformity with the system specifications. Thus, the circuit is found to be applied in many diversified fields, such as the automotive field, communications, electrical and electronics, and medical fields. The reason for a boom in market growth, over the projection period, is expected to be the ever-increasing demand for tablets and smartphones. The report from GVR study reveals that nearly 75% of the total mobile phone owners will possess a smartphone by the end of 2025. ASICs support the necessities of next-generation smartphones, which comprise high bandwidth, low weight and size, cheap cost, and extended battery life. Increasing demand of "smart" appliances: Increased demand of any electronic device, such as gaming consoles, computers, wearables, digital cameras, televisions, with advanced features such as flat screens, touch screen, and Bluetooth, etc. is predicted to increase the demand of ICs. Electronic components comprising ASICs have increased demand over the last few years due to increasing acceptance of mechatronics in industrial and automobile applications.