SAN JOSE, CA – The IC packaging market had worldwide revenues of $48 billion in 2014, up more than 10% year-over-year, says New Venture Research.

Annual revenues will continue to grow and are expected to reach $63 billion by 2019, says the research firm.

“The primary driver of this growth is the continuous consumer demand for greater functionality in smaller products,” says NVR senior analyst Jerry Watkins. “The explosive growth of smartphones and other handheld communications products has created a dynamic market for near-chip scale packages.”

Market segments expected to benefit the most from these trends are QFNs, BGAs and WLPs, each of which will grow at a CAGR of more than 6% over the next five years.

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