The photonic IC market is estimated to rise considerably over the assessment period of 2019-2029 on the back of the rising usage across a plethora of applications. The use of photonic ICs in industries like medical, industrial, telecommunication, data centers, and others may bring tremendous growth opportunities for the photonic IC market during the forecast period of 2019-2029.
The implementation of novel technologies such as 3D-based hybrid laser integration may further add extra stars of growth to the photonic IC market. The ongoing research and development activities by a large number of players across the photonic IC market will certainly invite profitable growth opportunities.
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Heightening Number of Data Centers to Invite Positive Growth for Photonic IC Market
The data flow has increased considerably over the years due to the advent of the internet and other technologies. The emergence of high-speed data centers will help in increasing the growth rate of the photonic IC market. The use of photonic ICs in data centers enables low power consumption as compared to conventional ICs. Thus, the increasing use of photonic ICs in data centers may prove to be beneficial for the growth of the photonic IC market.
Escalating Digitization to Add Extra Stars of Growth
The trend of digitization is expected to reign supreme as a prime growth contributor for the photonic IC market. The use of the Internet-of-Things (IoT) has also increased substantially. They require high bandwidth and storage. Thus, this aspect may invite tremendous growth opportunities for the photonic IC market during the tenure of 2019-2029.
North America to Observe Dominance in Terms of Regional Contribution
The photonic IC market in North America may witness lucrative growth across the assessment period of 2019-2029. The increasing research and development activities and the escalating requirement of photonic ICs in high-speed data transmission may prove to be beneficial growth factors in the region.
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