An application specific standard product or ASSP is an integrated circuit that implements a specific function that appeals to a wide market. As opposed to ASICs that combine a collection of functions and designed by or for one customer, ASSPs are available as off-the-shelf components. ASSPs are used in all industries, from automotive to communications.

Examples of ASSPs are integrated circuits that perform video and/or audio encoding and/or decoding.

Source: Wikipedia.org: Application specific standard product

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