According to ReportLinker, the global RF (radio frequency) transceiver market size is predicted to reach $18.5 billion by 2024, advancing at an 11.6% CAGR during the forecast period from 2018 to 2024. The increasing use of mobile devices and rapid deployment of the internet of things (IoT) are some of the major factors driving the growth of the market. On the basis of design, the market is bifurcated into a standalone-chip and single-chip transceiver. Of these, in 2018, the single-chip transceiver bifurcation dominated the market in terms of revenue.
The emerging IoT technology, surging use of wireless communication devices, swift digitization, heavy adoption of smartphones, increasing dependence on technology in the daily routine, and growing deployment of upgraded devices in the defense, telecommunication, automotive, and transportation industries are expected to boost the RF transceiver market growth during the forecast period. A single-chip transceiver consumes low power and can work with low voltage in a wireless system. In addition, these transceivers are rapidly being adopted in the healthcare sector for telemetry communication and wireless body area network.
Further, 4G cellular technology is predicted to be replaced by 5G technology during the forecast period. 5G wireless technology is compatible with different frequency bands and can also be used for cellular and IoT applications. With continuous technological developments and rising demand for high-performance and area-efficient transceivers, the introduction of 5G communication technology is predicted to offer huge opportunities in the RF transceiver market around the globe.
Nations such as China, Japan, and the U.S. are aiming at developing and expanding their 5G network during the forecast period. For instance, Japan is investing vigorously on the 5G technology and is also ready to deploy such technology ahead of the Tokyo 2020 Paralympic and Olympic games for better connectivity and network coverage. Thus, with the increasing focus of nations toward the introduction of 5G technology, 5G RF transceivers are predicted to offer opportunities to the players operating in the RF transceiver market.
Due to the presence of numerous global players, the market is highly competitive. The market is dominated by four companies, namely STMicroelectronics, Qualcomm Incorporated, MediaTek Inc., and Broadcom Inc. These businesses hold the majority of the share in the RF transceiver market as they are the prime choice of users owing to their reputation and the quality of their products. Qualcomm Inc., in 2018, held the largest revenue share in the market. This is attributed to its respect and the rising sale of its RF transceiver to key smartphone manufacturers.
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