India, April 4 -- 2024 marked a record-breaking year for the semiconductor market with annual revenue surging approximately 25% to $683 billion according to Omdia's Competitive Landscaping Tool. The sharp rise was attributed to strong demand for AI-related chips, particularly high bandwidth memory (HBM), used in AI GPUs, which contributed to a 74% year-over-year growth in the memory segment. The rebound in memory helped lift the overall market after a challenging 2023.

However, this record-setting year masked uneven performance across the industry. While the data processing segment experienced strong growth, other key segments - automotive, consumer, and industrial semiconductor - experienced revenue declines in 2024. These struggles hig...