USD 4.09 Billion
Report ID:
SQMIG45K2079 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
61
|Figures:
77
Global Real-Time Clocks (RTCs) Market size was valued at USD 4.09 Billion in 2022 and is poised to grow from USD 4.40 Billion in 2023 to USD 7.97 Billion by 2031, at a CAGR of 7.70% during the forecast period (2024-2031).
Real-time clocks (RTCs) are widely used in various industries, including automotive, aerospace, and consumer electronics. An integrated circuit known as a real-time clock IC (RTC IC) is a device that continuously counts seconds, minutes, hours, days, months, and years with leap-year compensation. These ICs have an AM/PM display and come in 12- and 24-hour time formats. Using just one lithium cell, Real-time Clock (RTC) ICs can operate for years.
Even after the main power source is turned off, the RTC IC's battery allows it to continue keeping time. For instance, STMicroelectronics introduced a new line of real-time clocks in January with improved features such as Bluetooth Low Energy support and an integrated temperature sensor that can be used with smartphones and tablets running Android 4.4 or higher software platform. RTCs are found in practically any electronic equipment that requires precise time of day, despite the word being frequently used to refer to the devices in personal computers, servers, and embedded systems. RTC ICs are widely utilised in many applications, including Point-of-Sale terminals, e-metering, gaming devices, burglar alarm systems, and a wide range of additional uses across many different industry verticals. RTCs are widely incorporated into other devices as well, such as the ICs used in vehicle radios for broadband connections.
US Real-Time Clocks (RTCs) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.09 Billion
Largest Segment
External
Fastest Growth
External
Growth Rate
7.70% CAGR
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Real Time Clocks Market is segmented by Interface, Mounting Type, Operating Voltage, End Use and Region. Based on Interface, the market can be segmented into Inter-Integrated Circuit, Serial Peripheral Interface. Based on Mounting Type the market can be segmented into Surface Mount, and Through Hole. Based on Operating Voltage the market can be segmented into 1V – 2V, 2.1V – 3.5V, and 3.6V – 6V . Based on End Use the market is segmented into Energy & Utility, Consumer Electronics, Automotive, Industrial, IT & Telecommunication, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Real-Time Clocks (RTCs) Market Analysis by Application
Due to its broad application across numerous sectors, including healthcare, transportation & logistics, aerospace & defense, the industrial application segment dominated the global market in terms of revenue share in 2022. Additionally, a significant number of R&D activities are being conducted by important industry players to create new goods and services for their specific end-use markets.
Due to growing demand from smartwatch makers and increased acceptance rates among users of other wearable devices, such as fitness bands, the consumer electronics application segment is anticipated to develop significantly over the course of the forecast period.
Global Real-Time Clocks (RTCs) Market Analysis by Type
External RTCs are expected to grow at a CAGR of around 4% during the forecast period. External RTCs are standalone devices that are connected to the system through a communication interface. These RTCs typically have lower power consumption, higher accuracy, and better stability compared to integrated RTCs. The dominant segment in the external RTCs market is the SMBus/I2C interface, which is widely used in consumer electronics and automotive applications
Integrated RTCs are anticipated to expand at a CAGR of about 5%. RTCs that are built into a microcontroller or system-on-chip (SoC) are known as integrated RTCs. When compared to external RTCs, these RTCs are typically less expensive and take up less board space. The SoC/ASIC category, which is utilized in a variety of applications including automotive, industrial, and healthcare, is the dominating segment in the market for integrated RTCs.
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Asia Pacific is predicted to expand at a CAGR of about 6%. Due to rising consumer electronics and industrial automation demand, Asia Pacific is the region with the largest RTC market. External RTCs, which are widely employed in consumer electronics and automotive applications, are the main market in Asia Pacific. Integrated RTCs, which are finding favour in commercial and medical applications, are the market category that is expanding at the highest rate
North American RTCs market is expected to grow at a CAGR of around 4% during the forecast period. North America is a mature market for RTCs, driven by the high adoption of RTCs in aerospace and defense, automotive, and industrial applications. The dominant segment in North America is the integrated RTCs segment, which is widely used in automotive and industrial applications. The fastest-growing segment is the consumer electronics segment, which is witnessing significant growth due to the increasing adoption of smart wearables and IoT devices.
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Global Real-Time Clocks (RTCs) Market Drivers
Increasing demand for Precise and Accurate Timekeeping to Increases Revenue Opportunities
Global Real-Time Clocks (RTCs) Market Restraints
Limited Battery Life to Hinder Market Growth Prospects
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These companies compete based on various factors such as product features, price, quality, and innovation. Many of them have adopted strategies such as mergers and acquisitions, partnerships, and collaborations to expand their product portfolio and increase their market share. Additionally, there is a growing trend towards the development of RTCs that consume less power, are smaller in size, and offer greater accuracy and functionality, which is expected to drive competition and innovation in the market.
Top Player’s Company Profiles in Global Real-Time Clocks (RTCs) Market
Global Real-Time Clocks (RTCs) Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the market growth can be attributed to several factors such as the growing demand for RTCs in various applications such as industrial automation, automotive, and consumer electronics. The increasing demand for RTCs in the automotive industry for the implementation of advanced driver assistance systems (ADAS) and autonomous vehicles is expected to drive market growth. The increasing adoption of IoT devices and the growing trend of smart homes and cities is expected to fuel market growth. Real-time clocks play a critical role in IoT devices by providing accurate time and date information, which is essential for data processing and analysis. The global real-time clocks market is expected to witness steady growth in the coming years, driven by the increasing demand for RTCs in various industries and the growing trend of IoT devices and smart cities.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 4.09 Billion |
Market size value in 2031 | USD 7.97 Billion |
Growth Rate | 7.70% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Real-Time Clocks (RTCs) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Real-Time Clocks (RTCs) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Real-Time Clocks (RTCs) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Report ID: SQMIG45K2079