China's IC design industry output value climbed to US$24.75 billion in 2016 from US$5.66 billion in 2010 which reached a CAGR of 27.9% during the five-year period, according to Digitimes Research.
The output value of China's IC design industry is forecast to increase 16.9% on year to US$28.93 billion in 2017, said Digitimes Research.
China's continued economic growth and its expanding smartphone market were key drivers of the country's IC design industry output value growth in 2010-2016, Digitimes Research indicated. Despite a slowdown in China's smartphone shipments, the country's steady domestic IC demand and government support for the local industry's development will continue to drive industry output value growth in 2017.
In addition, the number of China-based fabless IC firms continues to expand and will exceed 1,500 companies during the period of the country's 13th five-year plan, Digitimes Research said. The number of China-based fabless firms surged 85.1% on year to 1,362 companies in 2016.
Taiwan's IC design industry output value grew at a slower CAGR of 5.2% in the period 2010-2016, according to Digitimes Research. The output value of Taiwan's IC design industry came to US$19.09 billion in 2016 from US$14.04 billion in 2010.