Portland, OR -- (SBWIRE) -- 06/01/2018 -- The Global System in Package (SiP) Technology Market is expected to witness massive growth in the near future due to boom in portable electronic market and increase in popularity of Internet of Things (IoT). Earlier, printed circuit board (PCB) based IC were used in industrial systems for data transmission. However, other industries, such as consumer electronics, energy & power, inverter & UPS, and automotive, have adopted SiP to efficiently manage the data transfer, owing to the advent of advanced technology and increase in awareness about the benefits of SiP technology. Market players have focused on developing innovative products for applications in telecommunication and electronic appliances to enhance their efficiency. It enables high frequency data transfer to improve efficiency and prevent power loss. Low power consumption and intense competition in the market have enforced industries to adopt 2.5D IC packaging technology, which has stimulated the growth of the SiP market.

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The global system in package (SiP) technology market is expected to garner $30 billion by 2022, registering a CAGR of 9% during the period 2016 - 2022.Asia-Pacific dominates the global market in terms of revenue, accounting for more than 50% share of the global market, followed by North America.

SiP Technology is widely used across the applications such as consumer electronics, telecommunication, and automotive. Presently, rise in demand for portable electronic devices and adoption of SiP in graphic cards and processors are some factors that majorly drive the market. Moreover, increase in demand for high frequency electronic gadgets is expected to provide lucrative opportunities to market players. 2.5-D IC Packaging is the leading segment in the global SiP market, and is expected to maintain this trend throughout the forecast period. However, 3-D IC Packaging segment is expected to witness significant growth in the future, owing to the compact size and low power consumption.

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Increase in demand for high frequency electronic gadgets provide growth opportunities to market players. Public and private organizations have substantially invested in R&D activities to develop technologies and applications for SiP technology. Asia-Pacific is the major revenue contributor to the global market, followed by North America. It is projected that the growth of the SiP market in North America and LAMEA would significantly increase during the forecast period.