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

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NEW YORK, July 12, 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- View the snapshot of this report

Semiconductor Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 3.42%

Market growth 2024-2028

USD 112.8 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.26

Regional analysis

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

Performing market contribution

APAC at 79%

Key countries

China, US, Germany, Canada, and UK

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.

 

Market Driver

The semiconductor industry faces significant challenges in meeting the increasing demand for semiconductors due to emerging technologies like 5G, AI, and IoT. One fabrication plant requires approximately 1 terawatt-hour (TWh) of energy per year and two-to-four million gallons of ultra-pure water daily. To address these concerns, industry leaders like Taiwan Semiconductor Manufacturing Company (TSMC) and Intel Corporation are implementing sustainability programs. TSMC focuses on water recycling, diverse water sources, and pollution prevention techniques to optimize water usage. Intel aims to conserve 60 billion gallons of water and fund external water restoration projects by 2030, along with achieving 100% renewable energy use and conserving 4 billion kWh of energy. These initiatives not only help reduce environmental impact but also enhance brand image, making sustainability a crucial part of the semiconductor market’s growth strategy. 

In the semiconductor market, emerging technologies like autonomous driving and electrification are driving demand. Autonomous vehicles and electric vehicles require advanced semiconductor components for autonomy and efficient power management. The intense competition among automakers and semiconductor companies necessitates capital investments and manufacturing capacity expansions. Electrification and the shift towards a sustainable future are leading to changes in demand for essential parts like Discrete Semiconductors and Semiconductor Devices in the Semiconductor Devices Segment. High-energy, power-efficient devices are in high demand for wireless, portable electronic products, and system architectures. The post-pandemic era brings challenges like lead times, skilled labor shortages, and supply chain disruptions. Semiconductor companies must adapt to these changes to maintain business revenues and corporate operations. The supply side is affected by shortages of essential components like MOSFETs and power MOSFETs. The telecom sector, with its focus on 5G subscriptions and Power-over-Ethernet (PoE) for power transfer in connected lighting, is another significant market for semiconductors. The semiconductor industry must address manufacturing capacity constraints and customer behavior shifts to remain competitive. Size and component count are crucial factors in the design of efficient power management systems for AC-DC power adapters and switching power supplies. The semiconductor industry must innovate to meet these demands while minimizing power consumption and ensuring reliability. 

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Market Challenges

The semiconductor market has seen a significant increase in demand due to the expanding use of technology in various sectors. Connected devices, artificial intelligence, machine learning, data centers, and smart industries are key drivers of this growth. However, this increased demand has resulted in semiconductor supply shortages and longer lead times. Manufacturers face challenges in meeting demand, leading to delayed chip delivery and price increases. Transitions to new manufacturing nodes, such as 7nm and 5nm, bring production challenges and yield issues, further widening the supply gap. These factors may impact the semiconductor market’s growth during the forecast period.The semiconductor market is experiencing significant challenges in the current business landscape. Companies like Navitas Semiconductor and Polymatech Electronics face hurdles in meeting the increasing demand for chips in VR, 5G, and 6G technologies. ASE/SPIL and Amkor grapple with high inventories and low fab utilization, impacting profitability. The chip industry is under pressure to deliver affordable, dependable, and compact semiconductor devices for diverse electronics, from PC sales to smartphones and data centers. Spring is essential for progress in this sector, with memory chips and communication chips being key areas of focus. The upcoming years will bring forthcoming breakthroughs in semiconductor devices, including generative AI accelerators and AI semiconductors. However, challenges persist, such as cyberattacks, export controls, and the need for advanced node manufacturing equipment. The semiconductor industry IP remains a crucial aspect, with the need for smart manufacturing and contemporary technology to ensure progress and overcome challenges.

For more insights on driver and challenges – Request 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 substantial part of the global semiconductor market, including semiconductor devices and components used in various communication technologies and networking infrastructures. With the growing need for efficient communication, the demand for semiconductor solutions in this sector continues to expand. The widespread use of smartphones, tablets, laptops, IoT devices, and other connected devices has led to increased data demand. Consumers and businesses seek faster and more dependable communication, necessitating advanced semiconductor solutions for high-speed data transmission. The rollout of 5G technology brings the promise of significantly higher data speeds and lower latency, enabling new applications and services, such as enhanced mobile connectivity. 5G networks require a multitude of semiconductor components, including RF front-end modules, baseband processors, and antennas, fueling the demand for communication ICs. The proliferation of IoT devices and applications, from smart homes to industrial sensors, heavily relies on semiconductor solutions for wireless connectivity, data processing, and energy efficiency. The rising popularity of video streaming, online gaming, and social media platforms places immense pressure on network bandwidth. Semiconductor solutions play a crucial role in supporting the efficient and reliable transmission of video content. Consequently, the increasing demand for semiconductors is anticipated to fuel the expansion of the networking and communication segment of the global semiconductor market during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The semiconductor market is experiencing significant growth due to the increasing demand for contemporary technology in various industries. Artificial intelligence and the Internet of Things are driving the market, with machine learning being a key application. According to IDC, the global semiconductor market is expected to reach USD1.1 trillion by 2025. Integrated circuits, memory chips, computer chips, data center chips, and communication chips are in high demand. B2B enterprises, B2G enterprises, and B2C enterprises are all major consumers of semiconductors. The semiconductor industry association reports that semiconductor devices, electronic components, and semiconducting materials are essential for various applications, including PC sales, smartphones, and VAT (vehicle automation technology). Inventories are being managed carefully to ensure profitable fab utilization, and breakthroughs in subsequent technologies, such as transistors and diodes, are expected to fuel further progress.

Market Research Overview

The semiconductor market is experiencing significant growth due to the increasing adoption of artificial intelligence (AI), Internet of Things (IoT), and machine learning technologies across various industries. According to IDC, the global semiconductor market is projected to reach USD1.1 trillion by 2026, driven by the digitization levels of B2B enterprises, B2G enterprises, and B2C enterprises. The semiconductor industry is also impacted by factors such as VAT, exchange rates, and top-down approach vs bottom-up validation. Companies like Navitas Semiconductor, Polymatech Electronics, ASE/SPIL, Amkor, and others are making breakthroughs in AI semiconductors, memory chips, and node manufacturing equipment. The semiconductor industry is also facing challenges such as cyberattacks, export controls, and manufacturing capacity constraints, leading to changes in demand and customer behavior. The forthcoming years will bring intense competition, widespread adoption of emerging technologies like VR, 5G, and 6G, and a sustainable future for electronics in sectors like autonomous driving, electrification, and automakers. Skilled workers, lead times, and capital investments are crucial factors in the semiconductor industry’s profitable operation. Affordability, dependability, compact size, and utilization remain key considerations for diverse electronics, from communication chips in data centers to computer chips in PC sales and smartphones.

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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As ADA Anniversary Approaches, University of Phoenix Survey Highlights AI’s Potential to Advance Accessibility in Work and Learning

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Survey conducted by The Harris Poll on behalf of University of Phoenix finds among those already using AI in the workplace, 60% say AI has improved their knowledge of and ability to use accessibility standards and guidelines.

PHOENIX, July 24, 2026 /PRNewswire/ — As artificial intelligence becomes part of how people work, learn and solve problems, a new University of Phoenix survey conducted by The Harris Poll finds that recent working learners see meaningful opportunities for AI to support accessibility. The survey was designed to understand the impact of AI in the workplace and learning environments on accessibility, defined as ensuring digital content, tools and resources, including AI tools and output, are usable by people with different abilities through inclusive design, use of assistive technology or conformance with accessibility standards, such as the Web Content Accessibility Guidelines (WCAG). The findings are being released ahead of the 36th anniversary of the Americans with Disabilities Act (ADA) on July 26.

The survey, conducted among 1,019 U.S. employed adults who completed a professionally presented training or school course in the past 12 months (“recent working learners”), found that, among workers already using AI in the workplace, 3 in 5 (60%) say AI has improved their knowledge of and ability to use accessibility standards and guidelines, including nearly 1 in 5 (19%) who report significant improvement. 

While the findings point to optimism about AI’s accessibility potential, they also reveal an opportunity for clearer organizational guidance: 45% of respondents say accessibility is absent from, unclear in, or they are uncertain whether it is covered by their workplace AI policies.

“The reality is that accessibility benefits everyone,” shares Kelly Hermann, Vice President of Accessibility and Student Affairs at University of Phoenix. “If accessibility is built in from the beginning, organizations are more likely to create AI-enabled environments that are universally usable. Clearer content, better summaries, accurate captions, and multiple formats can help workers and learners with disabilities, but they also help busy adults, multilingual learners, mobile users, and anyone trying to absorb information quickly.”

Key findings from the survey include:

Workers see AI’s accessibility potential: 89% of recent working learners identify workflows that could benefit from AI and accessibility tools, especially creating accessible documents, presentations, websites or learning materials (38%), presenting information in different formats such as plain language, audio, summaries or translations (33%), and training employees or learners on accessibility practices (30%).AI may help build accessibility awareness: Among those already using AI in the workplace, 60% say AI has improved their knowledge of and ability to use accessibility standards and guidelines.Accessibility is not always clear in workplace AI policies: 45% of recent working learners say accessibility is absent from, unclear in, or they are uncertain whether it is covered by their workplace AI policies.AI tools may not yet fully support different access needs: Among those who use workplace AI tools, only about a quarter of survey respondents (27%) say AI tools available through their workplace or professional learning environment support people with disabilities very well.Human oversight remains important: 36% of recent working learners say human review for important decisions or high-impact work should be part of responsible AI use at work or school.Workers also recognize how AI and accessibility can have an impact on their own career journey: 90% of recent working learners identify AI and accessibility skills that would be valuable in their current or desired career field, including 45% who see value in understanding when AI-generated content needs human review.

Why accessibility is essential to responsible AI adoption

As AI tools are used to draft documents, summarize information, generate captions and transcripts, create image descriptions, support learning and assist with workplace tasks, accessibility becomes central to responsible use. Poorly implemented AI can also create or amplify barriers, including inaccessible content, inaccurate summaries, biased outputs and tools that do not work effectively with assistive technologies.

“Responsible AI is not only about productivity,” Hermann said. “It is about whether the technology works for the people who need to use it. AI can help create more accessible materials and more flexible ways to engage with information, but it still requires clear policies, practical training and human judgment to make sure the outputs are accurate, applicable and usable.”

What the findings mean for employers and educators

The survey suggests that organizations have an opportunity to align AI adoption with supportive design, accessibility practices and workforce training. Employers and educators can take immediate steps by:

Naming accessibility directly in AI policies and guidance.Choosing AI tools with accessibility and assistive technology compatibility in mind.Training workers and learners to create, check and improve accessible AI-generated content.Making support pathways clear for people who experience barriers using AI tools.Keeping human review in place for important decisions, high-impact work and accessibility-sensitive outputs.

The survey also found workers want practical AI training. The most helpful resources identified by recent working learners include real-world examples from their field or industry (36%), hands-on practice using realistic workplace scenarios (34%) and step-by-step demonstrations of common tasks (33%).

Accessibility insights from University of Phoenix

Hermann shared the survey findings ahead of the ADA anniversary in recent media interviews. Hermann oversees the University’s accessibility initiative, including evaluation and remediation of curricular resources, the Center for Access, Resources, Engagement and Support Services (CARES), and the Office of Collaborative Learning and Educational Engagement. Her work focuses on fostering accessible and welcoming educational environments for students, faculty and staff.

Hermann’s office at University of Phoenix also convenes accessibility conversations through initiatives such as Access Amplified™, a free, annual virtual event focused on advancing digital accessibility in web development. The event brings together engineers, developers, designers, content authors and digital strategists for practical strategies and human-centered conversations that address the gap between coding practices and how users with assistive technology experience the web.

About the survey

The survey was conducted online within the United States by The Harris Poll on behalf of University of Phoenix from June 22–29, 2026, among 1,019 employed adults ages 18 and older who have taken a professionally presented training or a school course in the past 12 months, referred to as “recent working learners.” Data were weighted where necessary by age, gender, race/ethnicity, region, education, employment, marital status, household size, household income and smoking status to bring them in line with their actual proportions in the population.

Respondents for this survey were selected from among those who have agreed to participate in surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

Review the complete survey at phoenix.edu/aiaccessibility.

About University of Phoenix

University of Phoenix is Built for Real Life. 50 Years Strong. The University innovates to help working adults enhance their careers and develop skills in a rapidly changing world through flexible online learning, relevant courses, academic AI pillars, and skills-mapped curriculum for associate, bachelor’s and master’s degree programs. Active students and alumni have access to Career Services for Life® resources including career guidance and tools. For more information, visit phoenix.edu. 

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Mastech Digital to Announce Second Quarter 2026 Financial Results; Participate in Upcoming Investor Conference

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PITTSBURGH, July 24, 2026 /PRNewswire/ — Mastech Digital, Inc. (NYSE American: MHH) (“Mastech Digital”), a leading provider of Digital Transformation IT Services, today announced the date for the release of its financial results for the second quarter ended June 30, 2026, and its participation in an upcoming investor conference.

Second Quarter 2026 Earnings:

Mastech Digital will report its financial results for the second quarter 2026 before the market opens on Thursday, August 6, 2026. Management will host a live conference call and webcast at 9:00 a.m. Eastern Time on that day to discuss the Company’s financial performance and operating results.  The conference call will be hosted by Nirav Patel, President and CEO, and Kannan Sugantharaman, Chief Financial and Operations Officer.

Those wishing to participate via webcast should access the call through Mastech Digital’s Investor Relations website at https://investors.mastechdigital.com. Those wishing to participate via telephone may dial in at 1-800-715-9871 (USA) or 1-646-307-1963 (International) with the passcode 7506988. The replay will be available via webcast through Mastech Digital’s Investor Relations website.

Upcoming Investor Conference:

Mr. Sugantharaman will host a fireside chat at the Sidoti Micro-Cap Investor Conference on Wednesday, August 19, 2026, at 9:15 a.m. Eastern Time.

Mastech Digital management is scheduled to host virtual one-on-one and small group meetings with investors during the conference on August 19-20, 2026. Investors interested in arranging a meeting should contact their Sidoti representative or reach out to the Mastech Digital investor relations team at investors@mastechdigital.com.

About Mastech Digital, Inc.

Mastech Digital (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. The Company offers Data Management, Analytics & AI Solutions, and IT Staffing Services with a digital-first approach. A minority-owned enterprise, Mastech Digital is headquartered in Pittsburgh, PA, with offices across the U.S., Canada, Europe, and India. Visit us at www.mastechdigital.com.

Investor Relations Contact:
investors@mastechdigital.com 

 

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SOLAI Limited Announces Extraordinary General Meeting

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AKRON, Ohio, July 24, 2026 /PRNewswire/ — SOLAI Limited (NYSE: SLAI) (“SOLAI” or the “Company”) (previously known as “BIT Mining Limited”), a technology-driven personal AI and digital infrastructure provider, today announced that it will hold its extraordinary general meeting of shareholders at 428 South Seiberling Street, Akron, Ohio, US on August 14, 2026 at 10:00 a.m., New York time.

Holders of record of ordinary shares and preference shares of the Company at the close of business on July 20, 2026, New York time (the “Record Date”) are entitled to receive notice of, and to attend and vote at, the extraordinary general meeting or any adjournment thereof. Holders of the Company’s American Depositary Shares (“ADSs”) who wish to exercise their voting rights for the underlying ordinary shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas.

The notice of the extraordinary general meeting, which sets forth the resolutions to be submitted to shareholder approval at the extraordinary general meeting is available on the Investor Relations section of the Company’s website at https://ir.solai.com

About SOLAI Limited

SOLAI Limited (previously known as “BIT Mining Limited”) (NYSE: SLAI) (previously traded under “BTCM”) is a technology-driven personal AI and digital infrastructure provider. Building upon its historical legacy in digital asset mining and blockchain network operations, the Company is leveraging extensive experience in large-scale hardware deployment, data center operations, and high-performance computing to build the foundational infrastructure for personal AI computing and digital asset ecosystems globally.

For more information:

SOLAI Limited
ir@solai.com
ir.solai.com
www.solai.com 

Christensen Advisory
Jason Ng
Tel: +852-2117-0861
Email: solai@christensencomms.com 

 

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