From Yahoo Finance:
The semiconductor industry is a major driver, enabler and indicator of technological progress. The developments in the space have a significant impact on the way we work, commute, communicate, entertain, defend and respond to our environment.
The emergence of products like health monitoring devices and home automation gadgets, and the increased automation on factory floors, automobiles and elsewhere have added a new dimension to the industry. Environmental concerns and the need for judicious use of resources have also opened up opportunities in the form of chips reducing power consumption and heat dissipation; capturing solar energy, creating more efficient lighting solutions and so forth.