Wearables were all tech investors could talk about last year, with innovations like the Apple Watch and fitness tracker products. This year, though, Apple's (Nasdaq: AAPL) disappointing sales have tempered investor enthusiasm for the group.

New innovations in virtual reality seem to be getting a lot of attention, but we could still be years from a mass-market, profitable product.

As investors search through patent applications and hunt for the next big consumer electronic craze, one trend has emerged under the radar.

Industry demand is projected at double-digit growth over the next several years, with unit sales in the billions. Investors have completely missed the trend because it involves components hidden away inside the most popular tech gadgets.

One company controls nearly two-thirds of the market for this hot tech trend and is doing what it takes to keep its lead through innovation.