The ASIC Chip Market is Anticipated to Witness High Growth Owing to Growing Demand for Application-specific Integrated Circuits

An application-specific integrated circuit (ASIC) is an integrated circuit (IC) customized for a particular use, rather than intended for general-purpose use. ASICs are typically used for circuits aimed towards high speed, low power consumption and hardware-based security. ASIC chips find use in cryptocurrency mining, electronic point-of-sale processing, video graphics and mobile device SoCs. The growing demand for ASICs from cryptocurrency mining farms has significantly contributed to market growth. The ever-increasing adoption of ASICs and related chips in consumer electronics, automotive and industrial applications has also boosted market revenues.

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