According to World Semiconductor Trade Statistics, the global semiconductor market will drop by 4.1 percent in 2023 to $557 billion, the first annual decline since 2019.
The semiconductor industry includes firms that create and manufacture semiconductors and semiconductor devices such as transistors and integrated circuits. It was founded about 1960 when the manufacture of semiconductor devices became a viable company.
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According to WSTS, the memory chip market, which accounts for more than one-fifth of the total, will shrink 17 percent next year.
It has attributed the reduction to a variety of factors, including increased inflation and sluggish consumer markets, which hampered memory component sales.