Over the past two years, acute semiconductor chip shortages due to supply chain disruptions have caused a significant revenue decline in the global market. Although the supply chain challenges are expected to remain this year, the industry’s ‘crucial’ status in the operation of several sectors makes its prospects bright. The semiconductor market is expected to grow at a 9.25% CAGR to $893.10 billion by 2029.
Rising demand for consumer electronics, advancements in Artificial Intelligence (AI), IoT, and wirelessly connected devices, and increased demand for integrated circuits in developing economies should boost the semiconductor market’s growth. Furthermore, rapid digital transformation across almost every industry is creating new markets for the semiconductor industry.
