The global RFIC market is growing at a CAGR of 8.4% during the forecast period due to the increasing demand from emerging economies, increasing adoption of IoT solutions and increasing internet penetration across the globe. RFIC are the devices that enable users in computing devices with long-range connectivity with the use of LTE networks.
Increasing adoption of wireless communication in several business enterprises in high bandwidth is another factor that is pertaining towards the growth of the RFIC market. The extensive embracement of wireless technique in healthcare domain is enabling the hospitals to dispense information in an effective and efficient manner. Moreover, the prices of wireless spectrum specifically in India and China is pertaining towards the increasing demand of high bandwidth wireless communication that is further strengthening the growth of RFIC market across the globe.
Furthermore, extensive deployment of internet of things (IoT) in developing economies is another factor that is driving the growth of the RFIC market. However, absence of international standards and high initial establishment cost is another factor that is hampering the growth of the global RFIC market.
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Based on application, the market is categorized into mobile, tablet and others, of which the mobile category is the largest contributor and also predicted to witness the highest growth during the forecast period. The high demand for RFIC in mobile devices is primarily due to the increasing internet penetration and number of smart phone users, and increasing adoption of connected devices.
Asia-Pacific is the largest RFIC market across the globe and is also predicted to witness significant growth during the forecast period. The presence of large number of OEMs in the region, increasing internet penetration, and increasing automation in supply chain management are leading to the high demand for RFIC technology in the region. The RFIC market in Latin America and Middle East and Africa will also witness significant growth in the coming years owing to the large unexplored territories and developing information and communication technology infrastructure in the region.
Key players in the RFIC market are leveraging market growth through development of new innovation strategies and establishing long-term contractual relationships with business partners. The key players operating in the RFIC market include Infineon Technologies AG, TriQuint Semiconductor, Qualcomm Technologies, Inc., Skyworks Solutions, Inc., NXP Semiconductors N.V., Silicon Laboratories Inc., Avango Technologies, STMicroelectronics NV, and Renesas Electronics Corporation.
Global RFIC Market Coverage
Product Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Global RFIC Market by Region
Rest of the World