SAN FRANCISCO -- IC revenue is expected to grow an aggregate 28.7% between 2012 and 2017, according to a new study from New Ventures Research.

IC packaging revenue will grow even faster -- 33.5% over the next five years.

The firm estimates IC sales totaled $241.3 billion in 2012, down 2.1% from 2011. The firm expects IC revenue and unit growth will increase steadily through 2017, good for a 5.2% compound annual clip.

Packaging revenue rose a fraction last year. Overall packaging consumes slightly more than 15% of the total chip revenue and will rise to slightly more than 16% over the forecast period, NVR said.

The data are from the firm's new report, "The Worldwide IC Packaging Market, 2013 Edition."