According to the forecast of the International Semiconductor Manufacturing Corporation (IDC) - an organization established by major semiconductor (chip) manufacturers, the global chip market is expected to grow 13.1% in 2024, reaching a record value of 588.36 billion USD, after a decline in 2023, thanks to the increasing demand for chip products used in artificial intelligence (AI).
Efforts by key chipmakers such as TSMC, Samsung and Intel, along with stabilizing user demand, will drive double-digit growth in the global semiconductor foundry industry next year.
IDC has revised its forecast upward from the 11.8% growth forecast it issued in June. If the growth rate is achieved, the chip market size in terms of units will surpass the record of $574.08 billion recorded in 2022. The forecast shows an optimistic outlook for the chip market, as the industry records signs of recovery due to the demand for AI applications created by OpenAI's launch of the ChatGPT chatbot tool; and improvements in sales of personal computers and smartphones. In terms of products, memory chips will lead the overall market growth in 2024, with sales expected to increase by 44.8% compared to 2023.
The logic chip market is also forecast to grow by 9.6%, while the image sensor chip market is expected to grow by 1.7%. By region, the Americas are expected to grow the most at 22.3%. The Asia- Pacific market, home to many smartphone and personal computer manufacturing facilities, is expected to grow by 12%.
The integration of more AI functions into personal devices, including smartphones, PCs and wearables, will boost demand for chips. In addition, the US chip export ban has prompted China to expand its manufacturing capacity dramatically, putting pressure on chip prices outside of China. Advanced chip manufacturing technologies are also emerging to meet the growing demand for chip performance.
KHANH MINH
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