Semiconductor Market to Reach Valuation of USD 712.4 Billion By 2028 - Growing Adoption of IoT Devices to Drive the Market

In terms of revenue, the Global Semiconductor Market is expected to reach USD 712.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 8.70% from 2022 to 2028.

A Semiconductor is a substance, usually, a sizable chemical component or mixture, that, under particular conditions, can conduct electricity, giving it an effective medium for controlling electrical current. The expanding use of consumer electronics products worldwide is credited with driving this market's expansion. Additionally, new potential for market expansion is being presented by the development of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) technologies. Additionally, the market expansion will be driven by the rising need for faster and more sophisticated memory chips in industrial applications throughout the projected period.

Key Highlights from Report:

· The Memory Devices segment dominated the growth of the Semiconductor Market in 2021 because of ongoing technology developments like cloud computing and virtual reality and their integration into end-user devices. The high average selling price of Dynamic Random Access Memory (DRAM) and NAND flash memory would bring in money. The largest growth rate is anticipated for logic components used in Application Specific Integrated Circuits (ASIC) and Application Specific Signal Processors (ASSP) throughout the forecast period.

· The Networking & Communications segment dominated the growth of the Semiconductor Market in 2021, owing to the global demand for smartphones and other smart gadgets. Working from home is becoming increasingly necessary in both developed and emerging countries, which drives demand for this application category. Due to the high demand for and sales of smartphones and other connected devices fuelling the demand for memory and storage devices, the data processing application category currently maintains a sizeable market share in the Semiconductor industry.

· Asia Pacific is predicted to mention the fastest growth of the Semiconductor Market during the forecast period because more people are using technology and minimum electronic prices are falling. The market will continue to rise as a result of ongoing technological developments as well as the integration of the Internet of Things (IoT) and LTE. Additionally, the market's footprint will expand due to the presence of major firms in the area.

Market Dynamics:

One of the main factors boosting the Semiconductor Market's growth is the increasing deployment of IoT devices. The installation of smart devices, including smart security solutions, autonomous guided vehicles, smart parking management systems, autonomous mobile robots, and smart robots, is being driven by the IoT ecosystem, which is quickly developing. The increased number of connected devices allows vendors to sell goods and services, build solid IoT infrastructure, and generate income. In turn, this will fuel market expansion over the projection year.

Asia Pacific is accounted to have potential growth in the Semiconductor Market during the forecast period. Consumer electronics consumption is expanding due to the growing use of high-end technology-based gadgets and falling prices for electronics. Additionally, the region can control many markets because of technological developments like IoT and LTE that assist electronics products. Due to the expanding presence of domestic Semiconductor component manufacturers, China currently holds the greatest global market share. These local market operators frequently provide a broad selection of goods in large quantities at steep discounts. As a result, it would accelerate market expansion in China during the anticipated timeframe.

The Global Semiconductor Market is Segmented as follows:

• Components
  • Memory Devices
  • Logic Devices
  • Analog IC
  • Microprocessor Unit
  • Discrete Power Devices
  • Microcontroller Unit
  • Sensors
  • Others (Digital Signal Processing)
• Applications
  • Networking & Communications
  • Data Processing
  • Industrial
  • Consumer Electronics
  • Automotive
  • Government
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

A list of the Key Players in the Global Semiconductor Market is:

Broadcom Inc. (U.S.), Intel Corporation (U.S.), Qualcomm (U.S.), Samsung Electronics (South Korea), SK Hynix (South Korea), Taiwan Semiconductors (Taiwan), Texas Instruments (U.S.), Toshiba Corporation (Japan), Maxim Integrated Products Inc. (U.S.), Micron Technology (U.S.), NVIDIA Corporation (U.S.), NXP Semiconductors N.V. (Netherlands)

The Global Semiconductor Market Scope can be Tabulated as below: