Navigating the Data Revolution: Data Converter Market Forecasted to Reach $7.4 Billion by 2028
According to the report "Data Converter Market," the worldwide data converter industry is expected to increase significantly over the next several years. With a predicted value of USD 5.5 billion in 2023, it is expected to increase at a consistent compound annual growth rate (CAGR) of 6.0% to reach USD 7.4 billion by 2028.
Analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) are the two types of converters into which the market is divided. High-speed data converters and general-purpose data converters are further classified into groups based on sampling rate. North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW) make up the market's regional boundaries. The need for data converters is rising across a range of industries, including telecommunications, consumer electronics, automotive, and industrial sectors. This increase is being driven by technological advancements as well as the constant requirement for data processing and conversion. The market is also growing as a result of the growing digitalization and IoT device usage, especially in areas like APAC where industrialization and technical breakthroughs are happening quickly.
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The data converter market is expanding and is supported by multiple important elements that work together to propel its growth trajectory. The most important of them is the growing need for high-resolution photographs, especially in scientific and medical fields. Sophisticated data converter solutions are in high demand as imaging technologies continue to progress and the necessity for accuracy and clarity in data conversion grows. This increasing momentum is further amplified by the widespread deployment of technologically sophisticated data collecting systems across a range of industries. Large volumes of data are captured, processed, and analysed by these systems, which makes reliable data converter solutions essential for maintaining efficiency and accuracy.
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Digital-to-Analog Converters (DACS) is expected to hold the second-largest share during the forecast period
A crucial component found in many contemporary computers and multimedia devices, the digital-to-analog converter (DAC) is at the core of digital audio conversion. DACs serve as the intermediary between digital signals and analogue outputs, which is essential for providing high-quality audio experiences in a variety of consumer gadgets. DACs play a crucial role in converting large amounts of digital data into clear and engrossing analogue soundscapes for devices like PCs, cellphones, tablets, and game consoles. The market for general-purpose DACs is still growing in today's digital environment, where professional audio equipment, in-car infotainment systems, and home entertainment systems rule supreme.
High-speed data converters to grow at a higher CAGR during the forecast period
Operating at sampling rates ranging from 10 MSPS to multi-GSPS, high-speed data converters are an essential part of contemporary communications networks. At incredibly high speeds and resolutions, these converters are excellent at quickly and precisely translating analogue signals to digital format, or vice versa. Infrastructure providers are stepping up their R&D efforts to create new equipment that meets the requirements of high-speed communications in light of the constantly changing communications market. Consequently, this offers profitable prospects for manufacturers of high-speed data converters. High-speed data converters are widely used in communications and test and measurement (T&M) applications. They are essential for the smooth transfer of data across networks. The communications sector's growing demands are expected to create significant rise in the demand for high-speed data converters as 5G technology moves closer to becoming commercially available. High-speed data converters are set to be crucial in allowing the next generation of high-speed communication networks as the telecom sector prepares to enter the 5G era.
Communications application is expected to hold the largest share of the data converter market during the forecast period
The worldwide communications sector is among the largest and fastest-growing industries. In order to survive in this highly competitive market, items need to be scalable, technologically advanced, and reasonably priced. Base stations, optical communication devices, and other infrastructure components are in high demand due to the emergence of wireless communication networks, such as 3G, 4G, and the rapidly developing long-term evolution (LTE). The rapid advancement of 5G wireless technology is expected to increase demand for data converters even more on a global scale. The data converter market is undergoing a surge of innovation in response to the growing demands of the wireless sector for more spectral efficiency, higher sampling rates, and broader input bandwidths as the industry gradually moves from 4G to 5G infrastructure. Owing to 4G and 5G wireless networks' extensive signal band coverage, data converters become essential parts of the complete communication ecosystem. High-speed data converters are in high demand because producers of electronics and network infrastructure are forced to come up with lag-free, high-speed solutions in order to meet the demands of sophisticated high-performance communication applications. The necessity for data converters is further increased by the expanding use of various high-speed broadband communication devices, especially in internal and building communication systems. High-speed data converters are used in a variety of wireless infrastructure applications, including software-defined radio (SDR) and digital repeaters. These applications highlight the critical role that high-speed data converters play in facilitating communication across a wide range of domains.
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North America to hold the second-largest market share during the forecast period
Many of the component manufacturers that specialise in automated testing equipment systems have their headquarters in North America; these companies include Teradyne (US) and Roos Instruments (US). Test and measurement (T&M) solutions are widely used in the region's communications and industrial sectors, which employ them to improve the delivery of data, voice, and video services. The growing need for T&M equipment is anticipated to be the main factor propelling the data converter market's expansion in North America. Furthermore, numerous enterprises and academic organisations are conducting strong research and development projects that are broadening the application boundaries of Internet of Things (IoT) technology and connected solutions. The data converter market in North America is expected to grow at a robust rate due to the rapid pace of digitization observed across many industries, as well as the increasing usage of smart connected devices and ongoing technical breakthroughs.
The key players in this market are Texas Instruments (US), Analog Devices (US), Skyworks Solutions, Inc. (US), Infineon Technologies AG (Germany), STMicroelectronics (Switzerland), Qorvo, Inc. (US), NXP Semiconductor (Netherlands), ON Semiconductor (US), Microchip Technology (US), Renesas Electronics Corporation (Japan). The players in this market have adopted various strategies to expand their global presence and increase their market shares.
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