Gartner Forecasts Worldwide Semiconductor Revenue to Grow 17% in 2024

Global semiconductor revenue is projected to grow 16.8% in 2024 to total $624 billion, according to the latest forecast from Gartner, Inc. In 2023, the market is forecast to decline 10.9% and reach $534 billion.

“We are at the end of 2023 and strong demand for chips to support artificial intelligence (AI) workloads, such as graphics processing units (GPUs), is not going to be enough to save the semiconductor industry from double-digit decline in 2023,” said Alan Priestley, VP Analyst at Gartner. “Reduced demand from smartphones and PC customers coupled with weakness in data center/hyperscaler spending are influencing the decline in revenue this year.”