- The integrated circuit will remain the largest segment
- The sensor is expected to witness the highest growth due to the increasing demand for advanced driver assistance systems in automotive devices
- Asia-Pacific will remain the largest region and it is also expected to witness the highest growth
According to a recent report by Research and Markets, the semiconductor market is likely to reach $573 billion by 2024 with a CAGR of 4.1 per cent from 2019 to 2024. Within the semiconductor market, communication will remain the largest application due to increasing demand for wireless communication technology.
The report stated that the major drivers for this market are growth in wireless communication, increasing demand for advanced safety features in automotive, and growth in internet-connected devices.
The development of artificial intelligence-based semiconductors and increasing demand for semiconductors in autonomous driving technology also have a direct impact on the dynamics of the industry.
A closer look
The report noted that the integrated circuit will remain the largest segment. This is due to the increasing demand for memory ICs in smartphones, tablet PCs, and other personal media devices. The sensor is expected to witness the highest growth due to the increasing demand for advanced driver assistance systems in automotive and growing consumer preference for IoT-enabled devices.
It also highlighted that the industrial segment is expected to witness the highest growth due to the increasing demand for industrial robots and the digitalization of the manufacturing base.
It mentioned some of the major semiconductor manufacturers that included Samsung Electronics, Intel, SK Hynix, Qualcomm, Broadcom, Micron, Texas Instrument, Microchip, STMicroelectronics, and NXP Semiconductors.