RFIC Market To Grow Considerably in the Wi-Fi Category
Date
12/6/2023 6:51:14 AM
(MENAFN- P&S Intelligence) The RFIC market had a value of around USD 24.1 billion in 2023, and it will power at a rate of 11% by the end of this decade, to reach USD 49.2 billion by 2030. The industry is powered by an increasing requirement for higher-bandwidth Radio communications.
Fundamentally, the growing necessity for consumer Electronics has powered the manufacturing of RFICs in the recent past.
On the basis of product, the transceiver category is the leader of the industry. The growth of IoT and the increasing accessibility of internet services in the U.S., China, Brazil and India are powering the purchase of connected devices.
Furthermore, with the growing count of smartphone users, the requirement for transceivers is increasing, as these components are vital for the establishment of wireless communications.
In the years to come, the Wi-Fi category will have a considerable growth, on the basis of technology. This is because of the growing use of video sharing, e-commerce, online search, and social networking uses in APAC, North America, and Europe.
Also, APAC leads the industry for devices equipped with Wi-Fi connectivity. This is mostly because of the increasing requirement for free public Wi-Fi, growing affordability of smartphones, and snowballing spending on wireless technologies.
By the end of this decade, the NFC category will experience considerable development, mostly because of the increasing usge of RFIC chips in mobiles. The overall industry for NFC is projected to grow across the projection period propelled by the developments in digital communication infrastructure. Further, the rising acceptance of smartphones and tablet computers amongst middle-class customers in India and China will drive this growth.
In 2022, there were 6.8 billion people using smartphones, which was almost double of 3.7 billion at the end of 2016. The global population is 8 billion, which means a smartphone usage of over 80%. This means that in the last 7 years, the count of mobile phone operators has augmented at a mammoth rate of 86.5%.
Smartphone use will continue to increase in the future, reaching 7 billion in 2024, before growing additionally to 7.5 billion by 2026.
The RFIC market is led by the consumer electronics category. All smartphones, tablets, laptops, or PDAs, allow communications through the wire or over the air. This makes RFICs important for these devices, which is the vital factor for powering the advance of the industry. The sale of these kinds of products is increasing with people’s snowballing spending power and mounting urbanization at a global level.
Because of the need for higher bandwidth radio communication, the RFIC industry is growing. This trend will continue in the years to come as well.
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