[News] WSTS Revises 2024 Forecast Upward, Citing Strong AI-Driven Growth

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The World Semiconductor Trade Statistics (WSTS) organization has released its latest projections for the global semiconductor market. In its updated fall forecast, WSTS has revised its 2024 estimates upward, predicting a robust 19.0% year-over-year growth. The global semiconductor market is now expected to reach a value of USD 627 billion in 2024, setting a new all-time high record.

According to WSTS, this growth will be primarily driven by two Integrated Circuit segments: Memory, which is forecasted to surge by an impressive 81.0%, and Logic, with a projected growth of 16.9%.

Based on WSTS’s projections, the Japan Electronics and Information Technology Industries Association (JEITA) notes that investments in AI remain robust. This demand is driving growth in memory products and logic products such as GPUs, which are expected to be the main forces behind the market’s expansion in 2024.

However, JEITA highlights challenges in non-AI-related sectors. The market for automotive applications is expected to decline. Additionally, industrial applications are likely to face sluggish demand due to weak capital investments, leading to year-over-year negative growth for many products.

Looking ahead to 2025, WSTS predicts an 11.2% growth in the global semiconductor market, with its value expected to reach approximately USD 697 billion.

According to WSTS, growth in 2025 will be driven largely by the Logic and Memory sectors. Logic is forecasted to grow by over 17% year-over-year, while Memory is projected to see a 13% increase.

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(Photo credit: Samsung)