As connected technologies continue to become more complex and widespread, the Semiconductor industry is set to experience a renewed growth cycle. According to PwC, Semiconductor sales in 2018 were $481 billion and are expected to rise in light of emerging technologies.
KPMG’s 2019 Global Semiconductor Outlook report revealed that nearly two-thirds of the 149 leaders surveyed ranked IoT as the primary application driving revenue in 2019. Other factors such as AI and 5G connectivity are also expected to have a significant impact.
In this blog, ISC’s team of Semiconductor recruiters will offer a few market insights for the Semiconductor industry.
Artificial Intelligence is set to be the catalyst behind a decade-long growth period for the Semiconductor industry. The Internet of Things is what connects devices around the globe, and AI is what empowers them. It enables computer systems and devices to perform tasks that require cognitive function.
A variety of sophisticated and compact devices are needed to perform tasks facilitated by AI, introducing a host of challenges and opportunities alike. AI-related Semiconductors are expecting an increase in revenue from $6 billion currently to more than $30 billion by 2022.
An Interconnected World
The Internet of Things opens a new world of possibilities by offering data collection and processing capabilities in an unprecedented manner. To achieve this, however, it requires cost-effective, reliable, and secure Semiconductors that feature cross-industry compatibility.
There are endless applications of IoT place Semiconductors expected in a multitude of next-gen electronics including medical devices, industrial fabrications, and automotive.
5th Generation Connectivity
5th Generation connectivity or 5G is something that Intel and Qualcomm have been working on for some time. The technology will be able to support a myriad of industries and create opportunities for networking, software, and AI. According to a study carried out by Qualcomm, the full potential of 5G will be realized by 2035 and will help industries generate revenues up to $12.3 trillion.
The rise in production of autonomous vehicles is set to boost the global demand for Semiconductors. Nvidia will launch an autonomous vehicle platform for Toyota and Tesla, whereas Google is already planning to launch its autonomous car-sharing service.
Rising demand for electronic components used for infotainment, safety, fuel efficiency, and navigation are also another factor behind the overall growth of the industry.
Bridging the Talent Gap
The US is currently enjoying our lowest unemployment rates since the 1950’s. Industries across the country are experiencing increased challenges in attracting and retaining top talent. Because of its tremendous growth and the increasing need for experienced professionals, the Semiconductor industry is particularly feeling the repercussions of a stronger demand as opposed to supply of qualified candidates available to hire. According to SEMI, more than 10,000 current job openings are yet to be filled by qualified employees. Increased competition is adding to the problem of multiple companies fighting over a limited pool of skilled candidates.
International Search Consultants has been a leading Executive Recruiting firm for the Semiconductor arena since 1999. We have an extensive database of skilled candidates with Semiconductor specific experience, and we would love to provide an exceptional pool of candidates for our clients with critical fill hiring needs.
Please check out our recruiting capabilities specifically for Semiconductor roles and let us know how we may be of service.