According to the new market research report "Data Converter Market by Type (Analog-to-Digital Converter and Digital-to-Analog Converter), Sampling Rate (High-Speed Data Converter and General-Purpose Data Converter), Application, and Region - Global Forecast to 2023", the data converter market is expected to grow from USD 3.52 Billion in 2017 to USD 5.08 Billion by 2023, at a CAGR of 6.3%.
The factors that are driving the growth of this market are the rising demand for test and measurement solutions by end users and growing demand for high-resolution images in scientific and medical applications.
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“Data converter market for ADCs expected to grow at the highest rate during the forecast period”
The market for analog-to-digital converters (ADCs) is expected to grow at the highest CAGR between 2017 and 2023. The growing adoption of industrial data acquisition (DAQ) systems and medical devices such as cardiac monitors, hemodynamic monitors, respiratory monitors, multi-parameters monitors, digital thermometers, endoscopes, and ophthalmoscopes are likely to drive the market for ADCs.
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“The data converter market for the communications application to grow at a high rate between 2017 and 2023”
Among various applications, the communications application accounted for the highest CAGR of the overall data converter market between 2017 and 2023. The evolution of wireless communication networks, such as 3G, 4G, and long-term evolution (LTE), has resulted in the growth of base stations, optical communication devices, and other communications-based infrastructural products. With all this development in the communications application, the demand for data converters would also rise.
“The Asia Pacific expected to lead the data converter market between 2017 and 2023”
The Asia Pacific is expected to hold the largest size of the data converter market during the forecast period. This growth is mainly attributed to the increasing demand for communications systems and consumer equipment in China, Japan, and India. Furthermore, the growing adoption of industrial automation in the APAC would enable the requirement of data converters integrated into sensor-based systems.
The major players operating in the data converter market are Analog Devices (US), Texas Instruments (US), Maxim Integrated (US), Cirrus Logic (US), Microchip Technology (US), Intersil (Renesas) (US), DATEL (US), Asahi Kasei Microdevices (US), Avia Semiconductor (Xiamen) (China), IQ-Analog (US).
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