NEVADA CITY, CA – The global market for IC packaging grew by double digits in 2018 but increased 3% in 2019, as the overall IC devices market declined 3.7%, according to New Venture Research.

The saving grace for the packaging industry comes primarily as a result of strong growth of advanced packaging solutions, which reached nearly $31.5 billion in 2019, says NVR.

While the IC devices market faced declining revenues starting in late 2018, the forecast for the industry remains positive as the new decade dawns. By 2023, the IC market is expected to reach annual revenues of $425 billion, helped along by the strong growth of IC packaging, which will rise from 18% of the total IC market to 21%, and will total $88.7 billion in 2023. The primary driver for growth in the IC packaging market is the increasing demand for smaller and more highly integrated solutions that can be used in a broad range of products, but especially for mobile devices and leading-edge wearables.