Global semiconductor revenue is projected to grow by 16.8% to $624 billion in 2024, according to Gartner. However, in 2023, the market is expected to decline by 10.9% to $534 billion. The decline in revenue is attributed to reduced demand from smartphones and PC customers, as well as weakness in data center/hyperscaler spending. Furthermore, the worldwide memory market is forecasted to experience a 38.8% decline in 2023, with NAND flash revenue falling to $35.4 billion.