Global Semiconductor Market Trends: Expected Growth in 2024

Gartner predicts a significant upswing in global semiconductor revenue, projecting a growth of 16.8% to reach $624 billion in 2024.

Bharti Trehan
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Global Semiconductor Market Trends Expected Growth in 2024

Global Semiconductor Market Trends Expected Growth in 2024

Gartner, the IT advisory firm, predicts a significant upswing in global semiconductor revenue, projecting a growth of 16.8% to reach $624 billion in 2024. In contrast, the semiconductor market is anticipated to experience a downturn in 2023, with a forecasted decline of 10.9%, resulting in a market value of $534 billion.


The global memory market is poised for a substantial transformation, with a projected 38.8% decline in 2023 followed by an impressive rebound of 66.3% in 2024. This downturn is attributed to weakened demand and reduced prices resulting from a significant oversupply, causing NAND flash revenue to plummet by 38.8% to $35.4 billion in 2023. Analysts anticipate a stabilization in NAND industry pricing over the next three to six months, marking the lowest point before witnessing an improvement in conditions for vendors. Looking ahead, Gartner foresees a robust recovery in 2024, with revenue surging to $53 billion, reflecting a noteworthy 49.6% year-over-year growth and signaling a promising turnaround for the global semiconductor market.

Driven by a surplus in supply and a dearth of demand, DRAM vendors are actively lowering market prices to diminish inventory. This trend is expected to persist through the fourth quarter of 2023, maintaining the oversupply in the DRAM market. However, this oversupply is anticipated to act as a catalyst, leading to a subsequent rebound in pricing as the market adjusts to the prevailing conditions.

The Indian semiconductor industry is set to boom in 2024. New technologies are set to launch this year which will further help this sector to outgrow itself.

In a statement by Balaji Baktha, Founder and CEO, of Ventana Microsystems, he shared:

“As we approach 2024, the landscape of India's semiconductor industry is on the brink of a transformative era, thanks largely to advancements in RISC-V and chiplet technologies. At Ventana Microsystems, we're not just observing this change – we're at the forefront, driving it. Our innovative solutions are tailored to meet the unique needs of the Indian market, ensuring that our technology not only aligns with but actively supports the government's vision for a self-reliant digital India. We're excited to play a pivotal role in this journey, bringing cutting-edge, high-performance RISC-V CPUs to the heart of India's tech growth. Stay tuned for a year of remarkable progress and partnership as we work together to redefine the boundaries of India's semiconductor capabilities. Ventana Microsystems is poised to be a key player in the Indian semiconductor revolution. As RISC-V and chiplet technologies take center stage in 2024, we are actively committed to contributing to the substantial and positive impact they will have on the industry. Our dedication to innovation aligns perfectly with the government's vision for a thriving semiconductor sector in India.”