In 2024, the semiconductor industry is expected to experience significant growth with an estimated 16.8% increase in sales, reaching a total of $624 billion, as reported by Gartner. This positive outlook comes on the heels of a challenging 2023 market, which experienced a projected decline of 10.9% to $534 billion.
Despite the slowdown in 2023, the year 2024 is anticipated to be a period of recovery, characterized by substantial revenue growth across all chip types. This resurgence is expected to be primarily driven by the double-digit expansion of the memory market, which is predicted to play a pivotal role in the industry's overall rebound.
The global memory market is projected to exhibit a remarkable turnaround, following a 38.8% decline in 2023, with a forecasted growth of 66.3% in 2024. This surge in the memory sector stands as a promising indicator for the overall revival of the semiconductor market, fueling optimism for a robust and prosperous year ahead.
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