Malaysia and Vietnam Product Engineering Services for Semiconductor Market to Grow with a CAGR of 7.62% and 5.98% Respectively During 2022-2031; Growing Need Amongst Businesses to Lower TTM for Procurement of Semiconductors to Drive Market Growth
Kenneth Research published a report titled “Malaysia and Vietnam Product Engineering Services for Semiconductor Market: Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the Malaysia and Vietnam product engineering services for semiconductor market in terms of market segmentation by services and by solution.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Malaysia and Vietnam product engineering services for semiconductor market is anticipated to grow with a CAGR of 7.62% and 5.98% respectively during the forecast period, i.e., 2022-2031. The market in these nations is segmented by solution into product & component design, product testing, product deployment, product support, and others. Out of these, the product & component design segment is anticipated to garner the largest revenue of USD 13.35 Billion and USD 5.96 Billion respectively by the end of 2031, up from USD 6.32 Billion and USD 3.25 Billion respectively in the year 2021 in Malaysia and Vietnam.
The Malaysia and Vietnam product engineering services for semiconductor market is anticipated to garner a revenue of USD 29.66 Billion and USD 13.79 Billion respectively by the end of 2031, up from USD 14.71 Billion and USD 7.92 Billion respectively in the year 2021. Growing need amongst industries to lower the time to market (TTM) for the procurement of semiconductors, along with the growing need for efficient semiconductor chips with reduced sizes are some of the major factors anticipated to drive the growth of the market during the forecast period.
Rise in Demand for Integrated Circuits to Drive the Market Growth
In Vietnam and Malaysia, the value of imports of electronic integrated circuits, according to the statistics by the International Trade Center (ITC), increased from USD 7313460 Thousands and USD 25896927 Thousands respectively in the year 2012 to USD 39140771 Thousands and USD 33390452 Thousands respectively in the year 2020.
The adoption of internet of things (IoT) is increasing at a significant pace, backed by the surge in initiatives of the government of these nations for smart cities. Integrated circuits form a major component of the connected electronic devices. With the surge in adoption of the advanced technologies, the demand for these circuits is expected to increase, which in turn, is projected to drive the market growth.
However, the fear among organizations for dropping control over intellectual property rights is expected to operate as key restraint to the growth of Malaysia and Vietnam product engineering services for semiconductor market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Malaysia and Vietnam product engineering services for semiconductor market which includes company profiling of Faststream Technologies, ALTEN, Tech Mahindra Limited, Wipro Limited, eInfochips Private Limited, Tessolve, SION Semiconductors (P) Limited, HCL Technologies Limited, Accenture, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Malaysia and Vietnam product engineering services for semiconductor market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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