Under the global trends where electronic products are getting thinner, multi-functional and low power, the SiP (System in Package) technology has grabbed increasing attention, especially in recent years where the demand for lightweight mobile devices and wearables rises. With the IoT (Internet of Things) era approaching, multi-functional integration and low power consumption are considered essential when selecting an electronic product. Hence, SiP is playing an increasingly important role in the development of packaging technology. This report provides an in-depth analysis of global SiP development from three dimensions: technology development, market application development, and industry trends; examines how SiP shapes up and influences the semiconductor industry, particularly packaging and testing service providers, IC substrate manufacturers, and foundries.