Global semiconductor market predicted to decline

The global semiconductor market is forecast to decline by 4.1 percent in 2023 to $557 billion for the first annual contraction since 2019, according to a forecast by the World Semiconductor Trade Statistics.

The memory chip market, which accounts for more than one-fifth of the total, will fall 17 percent next year, WSTS said.

It has linked the decline to multiple reasons including rising inflation and weak consumer markets that hurt memory component sales.