Due to robust and widespread demand for ICs (integrated circuits), the global market is expected to exceed $500 billion this year, and growth is projected to continue until 2023.

IC Insights recently predicted that due to strong demand for the overall IC market this year, revenue in the global IC market will increase by 24% and surpass $500 billion for the first time in history.

This is attributed to the surge in demand for ICs used in smartphones, computers, TVs, automobiles, and other applications due to COVID-19.

Although IC production returned to normal levels in mid-2021, supply shortages are expected to persist until 2022.

The IC market is expected to continue growing next year, and global IC sales are projected to exceed $600 billion for the first time.

It was also expected to grow once again in 2023.

From 2020 to 2025, demand for 5G connectivity, artificial intelligence, deep learning, virtual reality, and other emerging applications in the mobile, data center and cloud computing server, automotive, and industrial markets is surgingA strong IC market is expected to form, growing at an average annual rate of 10.7%.