IC Insights depicts the increasingly close correlation between worldwide GDP growth and IC market growth through 2017, as well as its forecast through 2022, in the Figure.

As shown, over the 2010-2017 timeframe, the correlation coefficient between worldwide GDP growth and IC market growth was 0.88, a strong figure given that a perfect correlation is 1.0.

In the three decades previous to this timeperiod, the correlation coefficient ranged from a relatively weak 0.63 in the early 2000s to a negative correlation (i.e., essentially no correlation) of -0.10 in the 1990s.

IC Insights believes that the increasing number of mergers and acquisitions, leading to fewer major IC manufacturers and suppliers, is one of major changes in the supply base that illustrate the maturing of the industry that is helping foster a closer correlation between worldwide GDP growth and IC market growth.