Deloitte's report sheds light on the growth of semiconductor industry, as it expected to grow 10% in 2022 to over US $600 billion for the first time ever

The semiconductor market is set to increase their revenue, with the year 2021 going in the favor of the industry, it is expected that the industry won’t back down. With new products and technologies being developed every day, the use of semiconductors has increased a lot. Every gadget, every product that we own, has a semiconductor installed in it.

Semiconductors are used in computer chips and micro-processors so that they can be used in electrical products. The most common use of semi-conductors are in computer hardware, CPUs, appliances, mobiles, IoTs, TVs etc. Almost every electrical product uses a semiconductor.

Deliotte’s report says that the Semiconductor industry will reach great heights, but there will be a few challenges for them to face. For instance, we will see a shortage in chips, and also issues with the supply chain. Even after all these hurdles, the industry is expected to experience an increase of about 10% as compared to last year’s 25% taking the total revenue up to $600 billion.

There will be 4 major trends that the industry will be looking out for. For example, as things are getting more advanced and more tech focused, we will see an increase in the usage of chips which might result in a shortage causing a few problems for both the suppliers and the buyers.

Second trend would be the usage of materials and supply chain. This means that it would be really important for the industry to cope up with the shortage and utilize all the remaining scarce resources to their benefit.

Another problem is that there are no more workers or talented people available in the industry. US, China, and Israel all are looking for fresh talent. The engineers and current workers would have to come up with a solution which would fill in the void of this empty talent pool.

Digital Transformation is also a key factor which would determine whether companies will be able to expand themselves or not. With many companies transitioning, it is expected that the industry would continue to bloom and generate revenue.

With all of these problems standing in front of the industry in 2022, we expect them to come out victorious. They would really have to put in all of their time and resources to overcome all of these hurdles. Whether it is the chip shortage or hiring engineers to build up a machine that would fill in the hollow pool of talent, the industry will continue to increase despite the problems.

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