According to latest forecast by Gartner, Inc., the revenue from global semiconductor production is expected to decline 11.2 per cent in 2023.

As per the study,  the market valued at $599.6 billion in 2022 , which was a marginal growth of 0.2 per cent from 2021. The global semiconductor revenue forecast for 2023 is $532 billion. This is due to weak end – market electronics demand spreading from consumers to businesses, making an uncertain investment environment. An oversupply of chips is also increasing inventory and reducing prices. The memory market is projected to a total $92.3 billion, with a decline of 35.5 per cent in 2023. However, it is expected to rebound in 2024 with a 70 per cent increase.

Further, the report also states that the dynamic random access memory (DRAM) market will witness a revenue decline by 39.4 per cent in 2023, which comes to a total of $47.6 billion. This will further undersupply in 2024 and DRAM revenue will increase 86.8 per cent with the price rebound. In the next six months, Gartner predicts that the dynamics for NAND market will be similar to DRAM market. The oversupply created by weak demand and significant vendor inventory will result in price declines. The NAND revenue is projected to decline at 32.9 per cent ($38.9 billion) in 2023. Whereas it is expected to increase by 60.7 per cent in 2024, due to short supply. The combined PC, tablet and smartphone semiconductor market will represent 31 per cent of the semiconductors revenue in 2023 with a total $167.6 billion. The automotive semiconductor market is to grow at 13.8 per cent reaching $76.9 billion in 2023.