Photo by Ryoji Iwata on Unsplash
The semiconductor product finds applications in various solutions, from smartphones to autonomous vehicles. To continually achieve the application requirements, the industry relies on high-tech talent and thus has a strong connection with academia. Academia, therefore, plays a crucial role in training the semiconductor workforce.
However, despite the significant contributions of academia to the semiconductor industry, there is a growing concern about a potential shortage of skilled semiconductor professionals in the future. The semiconductor industry is highly competitive, and companies are constantly looking for talented professionals to join their workforce. The demand for skilled professionals will increase significantly in the coming years due to the industry’s growth. Nevertheless, the potential shortage of qualified semiconductor professionals can negatively impact the semiconductor industry.
According to a report by the Semiconductor Industry Association, the global semiconductor market will reach $1 trillion by 2030, with a compound annual growth rate of 6.2%. However, the need for more skilled semiconductor professionals will likely derail this growth. A similar report from Deloitte states that the semiconductor industry will need more than 1 million qualified engineers by 2030, far more than the number of electrical engineering and computer science students that will graduate by 2030. Thus, showcasing the expected workforce gap.
The shortage of skilled professionals in the semiconductor industry results from several factors. Firstly, there needs to be more interest among students in pursuing careers in the semiconductor industry. It is either students need to be made aware of the opportunities available in the industry and the skills required to succeed. Secondly, the industry is highly competitive, and companies are constantly looking for top talent without looking into the gap in training and practical requirements.
Given the long-term impact, the need for more skilled semiconductor professionals is a significant concern for the semiconductor industry, and taking steps to address it is essential. Some possible solutions to the skilled semiconductor workforce shortage:
Encourage more students to pursue careers in the semiconductor industry. Achieving the task is possible by creating awareness about the industry and the opportunities available, providing better scholarships and hands-on internships, and collaborating with universities to offer specialized courses in semiconductors.
Retaining existing talent is equally important as recruiting new talent. Companies can retain talent by offering competitive benefits and opportunities for growth and development.
Collaboration between academia and industry can help bridge the gap between the skills required by the industry and the skills taught in universities. It is possible through joint research projects, internships, and exchange programs between universities and semiconductor companies.
Investing in training and development is another possible way to bring talent into the semiconductor industry.
In conclusion, the semiconductor industry will experience significant growth in the coming years, but the need for more skilled professionals threatens this growth. It is essential to encourage more students to pursue careers in the semiconductor industry, retain existing talent, foster collaboration between industry and academia, and invest in training and development.
Addressing the shortage of skilled professionals in the semiconductor industry will benefit the industry and contribute to the growth of other industries that rely on semiconductors, such as healthcare, automotive, and telecommunications. Companies and stakeholders in the industry should work together to ensure that the industry has a sufficient supply of skilled professionals to meet the demand and continue to drive growth in the future.
