Worldwide sales of semiconductors for October 2014 reached US$29.7 billion, an increase of 9.6% from a year ago when sales were US$27.1 billion, according to SIA. Compared to the US$29.2 billion posted in September, October sales represented a 1.5% growth.

"Year-over-year global semiconductor sales increased for the 18th straight month in October, and the industry is well-positioned for a strong close to 2014," said Brian Toohey, president and CEO of SIA.

"Sales continue to be strong across the board, with nearly all regions and product categories exhibiting increases. We expect nearly double-digit growth in 2014, followed by moderate growth in 2015 and 2016," Toohey noted.

Regionally, chip sales in the Americas registered an on-year increase of 12.2% in October 2014, while sales in Asia Pacific and Europe grew 12.1% and 5.2%, respectively. Chip sales in Japan, however, saw a 3% decline during the same period, SIA said

Compared to the previous month, October chip sales in the Americas and Asia Pacific increased 5.8% and 0.7%, respectively, while those in Europe and Japan decreased, SIA disclosed.

In addition, SIA has endorsed WSTS' (World Semiconductor Trade Statistics) forecast for global semiconductor sales in 2014 and the next two years.

WSTS has forecast that worldwide sales of semiconductors will reach US$333.2 billion in 2014, a 9% increase from the 2013 sales total. Beyond 2014, the industry is expected to grow steadily and moderately across all regions. WSTS predicted growth of 3.4% and 3.1%, respectively, for 2015 and 2016.