Market research firm IC Insights projected a 5% fall in global semiconductor sales to $604.2 billion in 2023 in a report released on Monday. The report attributes the decline to the struggling global economy, soft demand for PCs and smartphones, and continued weakness in the memory chip market. Without the addition of object storage device (OSD) sales, the fall expands to 6%. This would be only the second time that the market has seen negative growth since 2016. In 2022, memory is the only major category to see a decrease – of 17% – while the other four main categories (analog, logic, sensors/actuators, and discretes) are expected to exceed growth rates by 10%. Founded in 1997, IC Insights is a US head-quartered semiconductor market research company. [IC Insights]