According to the research institution International Data Corporation (IDC), global semiconductor revenue is expected to rebound to $630.2 billion this year, growing by 20%. The storage market is the strongest growing sector, with an increase of 52.5%; followed by data centers, with a growth of 45.4%.
During the IDC Global Semiconductor 2024 Market Outlook webinar, IDC’s Vice President of Global Semiconductors, Mario Morales, stated that the semiconductor market’s capacity utilization is gradually improving. The long-term inventory adjustment ended at the end of 2023, and key demand has returned to a stable balance with supply.
Morales pointed out that global semiconductor revenue was $525.1 billion in 2023, a decrease of 12.1%. With the elimination of industry inventory adjustment issues and the recovery of the storage market, global semiconductor revenue is expected to rebound to $630.2 billion in 2024, growing by 20%, and will grow by another 14.4% in 2025.
Morales said that driven by AI devices, computational infrastructure, automotive, high-bandwidth memory (HBM), and small chipsets, semiconductor revenue is expected to approach $1 trillion by 2029 and grow to over $1 trillion by 2032.
He noted that the storage market is expected to grow by 52.5% this year, the data center market by 45.4%, the communications market by 13.5%, the Internet of Things market by 6.8%, and the automotive market by 6.5%.
Morales stated that memory suppliers are focusing on profitability as their operational priority, driving memory prices up. The memory market is expected to jump by 57.3% this year and grow by another 13.8% in 2025.
Morales pointed out that investment in AI infrastructure will grow rapidly, with a compound growth rate of 35.7% from 2022 to 2027. As more companies use artificial intelligence, sales of personal computers and smartphones will also grow steadily.
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