In terms of revenue, the global real-time clock IC market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which, study offers thorough insights and forecasts in its report on the global real-time clock IC market.
A real-time clock IC is a type of IC that works as a clock in various devices. Real-time clock ICs offer the time in terms of year (including leap year), months, days, hours, minutes, and seconds. These ICs are available in 12-hour and 24-hour time formats, with an AM/PM display. Real-time clock ICs are low-current devices that can sustain for years on a single lithium cell. RTC ICs run on a lithium cell that keeps a track of the time even if it is disconnected from the main power.
For example, IC DS1307 by Maxim Integrated offers time in terms of decade (around 17 years). RTC ICs are used in several applications such as wearable devices, computers, IoT (Internet of Things) devices, digital cameras, battery management units, and vehicle dashboards. In the healthcare sector, real-time clock ICs are applied in fitness bands, medicine dispensers, glucometers, and other devices that need to keep a track of time.
In this report, study proposes that, real-time clock ICs are estimated to witness technological advancements in the near future. Rising demand for standalone real-time clock ICs for use in low-power IoT devices is the key factor driving the demand for real-time clock ICs across the globe. Also, technological advancements in real-time clock ICs are expected to drive the global real-time clock IC market from 2019 to 2027.
Over the last few years, the consumer electronics industry in prominent countries of Asia Pacific and North America has witnessed significant demand for real-time clock ICs. Tear-time clock IC market players are introducing advanced ICs that are suitable for use in automotive, healthcare and industrial applications.
In addition to this, increasing demand in the healthcare sector for use in patient-monitoring devices and fitness bands is expected to further drive the global real-time clock IC market during the forecast period. However, limitations in terms of accuracy in timekeeping are likely to adversely impact the global real-time clock IC market in the next few years.
The real-time clock IC market in Asia Pacific is estimated to witness prominent growth in the next few years, as manufacturers in the region offer advanced real-time clock ICs. The RTC IC market in the region is expected to expand significantly during the forecast period, primarily due to the increasing adoption of these ICs in the consumer electronics industry in the region.
Real-time clock IC market players in the region are introducing advanced products with added features. The new RV-8063-C7 IC by Golledge Electronics Ltd comes with multiple additional features such as automatic leap year calculation, programmable offset register, and minute and half-minute interrupts.
Key manufacturers operating in the global real-time clock IC market are displaying synergies through collaborations with distributor companies and raw material suppliers for the areas of sales, marketing, and production. Manufacturers of RTC ICs are also expanding through organic methods, such as increase in production capacity, so as to meet the rising demand for real-time clock ICs.