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Semiconductor Renaissance: Global Revenue Set to Surge 17% in 2024

Global semiconductor revenue is projected to grow 16.8% in 2024, reaching a total of 624 billion**, according to the latest forecast from **Gartner, Inc.** In contrast, the market is expected to decline by **10.9%** in **2023**, with total revenue reaching **534 billion. The decline in 2023 was influenced by reduced demand from smartphones and PCs, coupled with weakness in data center and hyperscaler spending. However, 2024 is forecast to be a bounce-back year, with revenue for all chip types expected to grow, driven by double-digit growth in the memory market.

Key Points:

  • 2024 Projection: Global semiconductor revenue is expected to grow 16.8% in 2024, reaching $624 billion.
  • 2023 Decline: In 2023, the market declined by 10.9%, with total revenue at $534 billion.
  • Memory Market Rebound: The memory market is forecast to record a 38.8% decline in 2023 but is expected to rebound in 2024 with 66.3% growth.
  • NAND Flash: NAND flash revenue declined significantly in 2023 due to anemic demand and oversupply, but it is projected to recover in 2024.
  • DRAM Pricing Rebound: DRAM vendors are chasing market prices down to reduce inventory, but pricing is expected to rebound in 2024.
  • AI Workloads: Deployment of workload accelerators in servers to support AI workloads is driving demand for high-performance GPU-based servers.

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