The domain with a history that dates back to couple of decades, is set for rapid growth fuelled by the connected world. Sensors form the backbone of IoT technology and enable data collection, monitoring, retrieval and transfer. Wireless communication has empowered the semiconductor industry for a considerable time period. The penetration of smartphones has now reached maturity consequently the room for growth of wireless communication. The Artificial Intelligence (AI) revolution would be transforming the nature of semiconductor industry. Demand for producing smaller node size chips used in AI would be acting as a catalyst for present and future. The stablished giants as well as small sized companies are prioritizing innovation hence, the R&D investments are at all-time high. The oversupply of memory puts the market under stress across majority applications. Trade relations between the supply hub and demand generator defines the growth of industry. China is the largest innovator of chips industry and US is the biggest buyer of chips. The prevalent trade ties between these two countries gives rise to a lot of uncertainty and fundamental shifts. An improved trade relation would require a significant time period. Meanwhile manufacturers would continue to invest in innovation and patiently wait for the situation to ease out.