Revenues amounted to $340.3 billion in the year, compared to revenues of $315.4 billion in 2013.
All devices showed positive growth but the memory market exceeded the rest of the pack, growing by 16 percent during the year.
Andrew Norwood, a senior vice president said the DRAM market in particular did well, with revenues growing by 32 percent to $46.1 billion, the hghest figure ever.
The usual suspects hogged the top five vendors – that is to say Intel, Samsung, Qualcomm, Micron and SK Hynix.
2014 was also noticeable for the merger and acquisitions (M&A) that happened during the year, with Avago buying LSI, Mstar Semi merging with Mediatek, and ON Semi buying Aptina Imaging.
Intel, said Norwood, saw a return to growth and has held the number one market share position for 23 years in a row.