NEVADA CITY, CA – The fastest-growing application segment for IC devices is the communications market, with shipments expanding at a CAGR of 7.1% between 2018 and 2023 to reach annual revenues of $137 billion, according to New Venture Research.

Though the smartphone market has cooled in recent years, communications devices of all types (and the infrastructure products that support them) will still lead the IC market in growth.

The overall IC packaging market will grow at a CAGR of 4.8% through 2023, and OSAT revenues will grow at a rate of 6.5%, thanks to expanding reliance on outsourcing for not just conventional packaging products, but for a growing number of advanced packaging formats, according to the research firm.