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Strong demand across the entire IC market this year is projected to lift sales for the total IC market by 24% and break through the US$500 billion plateau for the first time in history, according to IC Insights.
At the mid-point of 2021, IC production was returning to normal levels, but a surge in chip demand caused by the COVID-19 pandemic meant that ICs used in smartphones, computers, TVs, automobiles, and other end-use applications remained in short supply - an industry condition that could last well into 2022, IC Insights said.
The IC market is forecast to see continued growth next year and again in 2023 when worldwide IC revenues are projected to exceed US$600 billion for the first time, IC Insights indicated. Throughout the forecast period, momentum is expected to surge for 5G connectivity, artificial intelligence (AI), deep learning, virtual reality (VR), and other emerging applications in mobile, data center and cloud servers, automotive, and industrial markets, resulting in a robust IC market CAGR of 10.7% from 2020-2025.