The rising adoption of the Internet of Things (IoT), artificial intelligence (AI), 5G network, and cloud computing to make businesses more automated have been driving the semiconductor industry's growth. In addition, the CHIPS Act, which is awaiting passage in Congress, would allocate $52 billion for strengthening domestic semiconductor manufacturing and research, which could bode well for the industry.
The escalating war between Ukraine and Russia have taken a significant toll on the semiconductor industry by deepening the supply shortage. However, surging demand from the automotive and electronics sectors worldwide should help the industry grow. According to the Semiconductor Industry Association (SIA), global semiconductor industry sales in 2021 reached a record $555.9 billion, up 26.2% year-on-year.
