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Semiconductor Market size is set to grow by USD 112.8 billion from 2024-2028, Growing adoption of IoT devices to boost the market growth, Technavio

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NEW YORK, July 2, 2024 /PRNewswire/ — The global semiconductor market  size is estimated to grow by USD 112.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.42%  during the forecast period.  Growing adoption of IoT devices is driving market growth, with a trend towards increasing adoption of sustainability manufacturing. However, supply-demand gap in semiconductor industry  poses a challenge. Key market players include Analog Devices Inc., Broadcom Inc., Infineon Technologies AG, Intel Corp., MediaTek Inc., Microchip Technology Inc., Micron Technology Inc., NVIDIA Corp., NXP Semiconductors NV, ON Semiconductor Corp., Qualcomm Inc., Renesas Electronics Corp., Samsung Electronics Co. Ltd., Skyworks Solutions Inc., Sony Group Corp., STMicroelectronics International N.V., Taiwan Semiconductor Manufacturing Co. Ltd., Texas Instruments Inc., Toshiba Corp., and Wolfspeed Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Networking and communication, Data processing, Industrial, Consumer electronics, and Others), Product (ICs, Optoelectronics, Discrete semiconductors, and Sensors), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)

Region Covered

APAC, North America, Europe, South America, and Middle East and Africa

Key companies profiled

Analog Devices Inc., Broadcom Inc., Infineon Technologies AG, Intel Corp., MediaTek Inc., Microchip Technology Inc., Micron Technology Inc., NVIDIA Corp., NXP Semiconductors NV, ON Semiconductor Corp., Qualcomm Inc., Renesas Electronics Corp., Samsung Electronics Co. Ltd., Skyworks Solutions Inc., Sony Group Corp., STMicroelectronics International N.V., Taiwan Semiconductor Manufacturing Co. Ltd., Texas Instruments Inc., Toshiba Corp., and Wolfspeed Inc.

 

Key Market Trends Fueling Growth

The semiconductor industry requires significant energy and water resources, with a single fabrication plant consuming approximately 1 terawatt-hour of energy annually and two-to-four million gallons of ultra-pure water daily. The increasing demand for semiconductors, driven by emerging technologies like 5G, AI, and IoT, necessitates production growth. Industry leaders, such as TSMC and Intel, are addressing sustainability concerns through water recycling, diverse water sources, and pollution prevention. By 2030, Intel aims to conserve 60 billion gallons of water and 4 billion kWh of energy, while using 100% renewable energy. Vendors’ sustainability efforts enhance their brand image, contributing to the global semiconductor market’s growth. 

The semiconductor market is experiencing significant growth with the increasing adoption of technology in various industries. The demand for advanced technologies such as Artificial Intelligence, Machine Learning, and Internet of Things (IoT) is driving the market. The automotive industry is also a major contributor, with the integration of semiconductors in electric vehicles and autonomous driving systems. The market is competitive with players like Powerexpress, Mosfet, and Discreteset producing and supplying semiconductors. The trend towards miniaturization and higher performance is leading to the development of new technologies like 5G and SUPPLY-chain management is crucial for companies to meet the growing demand. The semiconductor market is expected to continue its upward trajectory in the coming years. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The semiconductor industry faces challenges due to high demand for chips in sectors like IoT, AI, data centers, and smart technologies. This demand exceeds supply, causing price increases and longer lead times for manufacturers. Transitions to advanced manufacturing nodes bring production challenges and yield issues, widening the supply-demand gap. These factors may impact the semiconductor market’s growth during the forecast period.The semiconductor market faces several challenges in the present scenario. The increasing complexity of semiconductor designs calls for advanced manufacturing processes and technologies. The cost of research and development is high, and the competition is intense. The demand for smaller, faster, and more energy-efficient chips is driving innovation. However, the market is also affected by economic and geopolitical factors, such as trade policies and supply chain disruptions. The semiconductor industry must adapt to these challenges to remain competitive and meet the evolving needs of consumers and businesses. The use of automation and digitalization can help improve efficiency and reduce costs. Collaboration and partnerships can also help share risks and resources. The semiconductor market is dynamic and requires continuous innovation and investment to stay ahead.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This semiconductor market report extensively covers market segmentation by

Application 1.1 Networking and communication1.2 Data processing1.3 Industrial1.4 Consumer electronics1.5 OthersProduct 2.1 ICs2.2 Optoelectronics2.3 Discrete semiconductors2.4 SensorsGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Networking and communication-  The networking and communication segment is a major sector in the global semiconductor market, driven by the increasing demand for efficient communication solutions. This segment includes semiconductor devices and components used in various communication technologies and networking infrastructures. The rollout of 5G technology and the growth of IoT devices are key factors fueling this demand. Semiconductor solutions support high-speed data transmission, energy efficiency, and wireless connectivity for these applications. The increasing popularity of data-intensive activities like video streaming and online gaming further boosts the need for advanced semiconductor technologies. As a result, the networking and communication segment of the semiconductor market is expected to experience significant growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The semiconductor market is experiencing significant progress and breakthroughs in contemporary technology, driven by the integration of artificial intelligence (AI) and the Internet of Things (IoT). Machine learning algorithms are being employed in B2B, B2G, and B2C enterprises to optimize inventories, improve fab utilization, and enhance profitability. IDC reports that the global semiconductor market is expected to grow, fueled by the demand for memory chips in PC sales, smartphones, communication devices, data center chips, and various semiconductor devices. The semiconductor industry association anticipates subsequent technologies, such as VAT, Spring, and advanced computer chips, to further propel market growth. Electronic components and semiconducting materials, including transistors and diodes, continue to be essential building blocks in this dynamic industry.

Learn and explore more about Technavio’s in-depth research reports

The global Front End of the Line Semiconductor Equipment Market is experiencing robust growth due to the increasing demand for advanced semiconductors in various industries. Concurrently, the global Semiconductor IP Market is expanding, driven by the need for efficient and cost-effective semiconductor design solutions. Additionally, the Magneto Resistive RAM (MRAM) Market is gaining traction as MRAM technology offers significant advantages in terms of speed, endurance, and power efficiency. These trends highlight the dynamic nature of the semiconductor industry, underscoring the critical role of innovative technologies in shaping the future of electronics.

Market Research Overview

The Semiconductor Market encompasses the design, manufacturing, and sale of various types of semiconductor components, including microprocessors, memory chips, sensors, and other electronic components. These semiconductors are integral to numerous industries, such as consumer electronics, automotive, healthcare, and telecommunications. The market is driven by factors like increasing demand for miniaturization, automation, and connectivity in various sectors. Additionally, advancements in technology, such as the Internet of Things (IoT), artificial intelligence (AI), and 5G networks, are fueling the growth of the semiconductor industry. Semiconductors are also essential for power electronics, renewable energy systems, and electric vehicles, further expanding the market’s scope. The semiconductor industry is characterized by continuous innovation, intense competition, and rapid technological advancements.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationNetworking And CommunicationData ProcessingIndustrialConsumer ElectronicsOthersProductICsOptoelectronicsDiscrete SemiconductorsSensorsGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Vertafore advances AI innovation at Accelerate 2026, embedding AI across workflows to transform the insurance lifecycle

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From platform to agents to real workflows, Vertafore and NetVU bring the industry together to move from friction to flow

DENVER, April 20, 2026 /PRNewswire/ — Accelerate 2026 brought together a highly engaged community of insurance professionals to power what’s possible in the AI era, sparking conversations, forging high-impact connections and experiencing firsthand the innovations redefining what’s next for the industry. More than 2,000 attendees participated in the event by Vertafore®, the leader in insurance technology, and the Network of Vertafore Users (NetVU).

Vertafore CEO Amy Zupon and Chief Product Officer James Thom took the stage to outline a bold vision for the future, centered on delivering Distribution Velocity across the insurance value chain. They showed how agencies, MGAs and carriers can harness core digital technology, unmatched data and insurance-specific AI to reduce friction across workflows and achieve speed with intentional outcomes.

During the keynote, Vertafore introduced the Velocity™ AI Platform, brought ReferenceConnect AI™ to market to deliver trusted insights, launched six AI agents to reduce manual work and improve efficiency, and announced AgencyOne® Certificates to streamline certificate management and improve client service.

“This Accelerate was our most impactful event yet, and our customers brought incredible energy. They’re ready to put AI to work,” said Rick Warter, chief customer officer at Vertafore. “From the Velocity AI Platform to the momentum behind AgencyOne, everything we delivered this week focused on helping agencies, MGAs and carriers adapt faster and grow smarter.”

Hands-on AI sessions drive real business impact for attendees

NetVU and Vertafore brought AI to life at Accelerate with hands-on learning designed to turn ideas into action. Attendees worked through real-world use cases and practical training to apply AI across submissions, quoting, servicing and client engagement—reducing manual work and unlocking faster insights.

Education tracks combined technical guidance from Vertafore product experts and real-world experience and tangible next steps from NetVU volunteer session leaders, empowering peer insurance professionals to move from concepts to real, everyday impact.

“You could feel the momentum around AI in every session and every conversation this week,” said Shyla Lankford, chair of the NetVU Board of Directors and principal at Symphony Risk Solutions. “At a time of rapid change, community plays a critical role in helping us collaborate on best practices, stay connected and put what we’ve learned into action so we can continue to learn, grow and thrive together.”

NetVU celebrates industry leaders and delivers meaningful community impact

NetVU honored standout leaders in the Vertafore user community with its annual awards, recognizing meaningful contributions across the industry. Carl Schlotman III of CAI Insurance Agency received the Leadership Award for his long-standing leadership and industry advocacy. Joyce Sigler of SeibertKeck Insurance Partners earned the Insurance Technology Advocate Award for advancing automation and supporting agencies through change, while Sarah Dinwiddie of Charles M. Moore Insurance Agency received the Volunteer Service Award for her growing leadership and commitment to strengthening the NetVU network.

That spirit of leadership extended beyond the event into the local community. Day of Caring, a long-standing Accelerate tradition, brought attendees together for hands-on service, with nearly 200 volunteers packing shelf-stable groceries for The Just One Project’s drive-through distribution program. This year’s Day of Caring will provide up to 23,000 meals to 1,400 Southern Nevada families in need. Alongside these efforts, the community raised $30,000 to support hunger relief and critical local programs.

Insurance professionals can look ahead to this live infusion of innovation and community momentum at Accelerate 2027, scheduled for May 17–20 in San Antonio, Texas. Registration is now open.

About Vertafore

Vertafore powers Distribution Velocity, accelerating every part of the insurance value chain within and across agencies, MGAs, and carriers so they can adapt faster and grow smarter. As the trusted backbone of the industry, Vertafore provides the core digital systems, specialized AI, and data-driven foundation to eliminate distribution drag across sales, servicing, accounting, underwriting, and back-office operations, taking insurance workflows from friction to flow.

Supporting over 95% of the top agencies and insurers and 50% of industry compliance transactions, Vertafore leads at the intersection of innovation and trust, giving customers the speed, performance power, and confidence to transform and grow at scale in the new era. Vertafore is headquartered in Denver, Colorado. Learn more at www.vertafore.com.

©2026 Vertafore and the Vertafore logo are registered trademarks of Vertafore. All rights reserved. All other trademarks are the property of their respective owners.

MEDIA CONTACT:
INK Communications
vertafore@ink-co.com

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SOURCE Vertafore, Inc.

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Can Pets Help You Live Longer? New Research to Investigate the Link Between Pet Ownership, Psychosocial and Health Behaviors, and Mortality Among Older Adults

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Human Animal Bond Research Institute Awards Grant to the University of Guelph

WASHINGTON, April 20, 2026 /PRNewswire/ — The Human Animal Bond Research Institute (HABRI) today announced a new grant to identify and quantify possible psychosocial mechanisms by which pet ownership influences mortality among older adults in Canada. The grant for this project was awarded to the University of Guelph under the supervision of Principal Investigator Dr. Lauren Grant, Assistant Professor of Environmental and Public Health, Department of Population Medicine, Ontario Veterinary College, University of Guelph.

Researchers will analyze data collected from the Canadian Community Health Survey – Healthy Aging (CCHS), as well as the Canadian Vital Statistics Death Database, to quantify these mechanisms. Using longitudinal data and mediation analysis, the research aims to differentiate the direct and indirect effects of pet ownership on all-cause and cause-specific mortality, providing a robust understanding of how pets may enhance longevity through improved psychosocial and health behaviors, including companionship, isolation, loneliness, physical activity and body mass index.

“This is the first path or mediation analysis of pet ownership, psychosocial variables, health behaviors and multiple mortality outcomes among older adults using linked health survey and mortality records,” said Dr. Lauren Grant. “This information can be used by clinicians in practice to convey how pet ownership can improve healthy aging.”

“Solid science links pet ownership to healthy aging, increased longevity and reduced loneliness,” said Steven Feldman, President, HABRI. “HABRI is proud to support this important study to explore these connections more deeply, enhancing our understanding of the profound benefits of the human-animal bond.”

About HABRI
HABRI is a not-for-profit organization that funds innovative scientific research to document the health benefits of companion animals; educates the public about human-animal bond research; and advocates for the beneficial role of companion animals in society. For more information, please visit http://www.habri.org.

CONTACT: Hayley Maynard
614-701-8205
hayleym@aboutinspire.com

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SOURCE Human Animal Bond Research Institute (HABRI)

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Scenic Places Near Penn State Explained in HelloNation Article Featuring Vineyard Expert Barb Christ

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The article highlights how vineyard visits and local landscapes enhance weekend experiences beyond campus.

STATE COLLEGE, Pa., April 20, 2026 /PRNewswire/ — What is the best way to show weekend visitors the full experience of State College beyond the Penn State campus? HelloNation has published the piece and included the answer in an article.

The HelloNation article explores how visitors can experience more than campus landmarks by discovering scenic places near Penn State and the surrounding countryside. Featuring insights from Vineyard Expert Barb Christ, the article explains how adding vineyard visits, rural drives, and outdoor stops can create a more complete and memorable weekend.

The article describes State College, Pennsylvania, as a destination that extends well beyond its academic center. While campus visits and downtown dining are common starting points, the article notes that nearby rural areas offer expansive views, quiet settings, and a closer look at local agriculture. These scenic places near Penn State provide a contrast that helps visitors better understand the region’s identity.

According to the article, local wineries play a key role in shaping this broader experience. Locations such as Happy Valley Vineyard & Winery offer visitors a place to slow down, spend time outdoors, and engage with the region’s agricultural side. The article explains that these environments allow guests to connect with the land while learning how local products are made.

The HelloNation article explains that Vineyard Expert Barb Christ emphasizes the importance of creating meaningful experiences rather than rushed itineraries. By introducing guests to vineyard settings, visitors gain insight into how landscapes are cultivated and maintained. The article notes that this approach encourages a deeper appreciation for the region’s character and craftsmanship.

Sustainability is another important theme discussed in the article. At Happy Valley Vineyard & Winery, practices such as solar energy use and responsible land management are part of daily operations. The article highlights how these efforts reflect long-term environmental awareness and demonstrate how agriculture and sustainability can work together in central Pennsylvania.

The article also points out that many visitors are surprised by the balance between tradition and innovation in the area. By visiting wineries and nearby scenic places near Penn State, guests can see how longstanding farming practices are supported by modern sustainability efforts. This combination adds educational value to a weekend visit while keeping the experience accessible and enjoyable.

Beyond vineyards, the article recommends pairing these visits with nearby parks, overlooks, and natural spaces. These locations are described as easy to reach while still offering a sense of quiet and openness. The article explains that combining outdoor exploration with local agriculture creates a well-rounded itinerary that appeals to a wide range of visitors.

Pacing is another key takeaway. The HelloNation article suggests that a relaxed schedule allows visitors to fully engage with each stop. Rather than filling every hour, selecting a few meaningful destinations such as a vineyard, a trail, or a local restaurant can lead to more memorable experiences. This slower approach helps visitors connect with both the landscape and the people who shape it.

The article concludes that sharing scenic places near Penn State with weekend visitors offers an opportunity to highlight the region’s balance of culture, agriculture, and natural beauty. Through thoughtful planning and local insight, visitors can leave with a stronger understanding of what makes central Pennsylvania distinctive.

Where to Take Visitors in State College: A Weekend Guide to Local Flavor, Scenery, and Experiences features insights from Barb Christ, Vineyard Expert of State College, Pennsylvania, in HelloNation.

About HelloNation
HelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative “edvertising” approach that blends educational content with storytelling, HelloNation delivers expert-driven, good-news articles that inform, inspire, and empower. Covering topics from home improvement and health to business strategy and lifestyle, HelloNation highlights leaders making a meaningful impact in their communities.

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SOURCE HelloNation

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