The COVID-19 pandemic has created unprecedented challenges for the semiconductor industry, leading to chip shortages amid insufficient capacity at semiconductor plants. However, chip-makers are continuously adjusting their long-standing strategies to meet the demand.
According to Fortune Business Insights, the semiconductor industry is estimated to expand at a CAGR of 8.6% between 2021 and 2028, hitting $803.15 billion in the terminal year. The industry should experience long-term growth due to the wider usage of chips in Artificial Intelligence (AI), the Internet of Things (IoT), machine learning technologies, and higher consumption of consumer electronic devices.
