The global IC market grew 10 percent in pandemic year 2020, IC Insights reports. The semiconductor industry managed to avoid catastrophic sales declines seen in many other industries largely thanks to increased demand for portable computers and powerful large-screen smartphones, which consumers purchased to work or study at home. Investments in data center expansions also gave IC sales a boost.
Looking forward, IC Insights expects a strong, three-year wave of double-digit growth for the IC industry based on emerging technologies such as 5G technology, artificial intelligence, virtual reality, the Internet of Things, autonomous vehicles and robotics. For 2021, the market researcher is forecasting a 12 percent market increase to 441.5 billion dollars.