The semiconductor industry turned in its best performance since 2010 and is on track to grow nearly 10 percent year-over-year according to a new report from market research firm IHS Technology.

The firm expects global revenue to total $353.2 billion, up from just $322.8 billion last year. Looking back over the past several years, revenue increased 1.0 percent in 2011, dropped more than 2.0 percent in 2012 and showed respectable growth of 6.4 percent in 2013.

This year's growth will be the highest rate of annual growth since the colossal 33 percent realized in 2010.

Dale Ford, vice president and chief analyst at IHS Technology, said this is the healthiest the semiconductor business has been in many years, not only in light of overall growth, but because of the broad-based nature of the market's expansion.

Last year's upswing was almost entirely driven by growth in a few specific memory segments but the rise in 2014, Ford added, is built on a widespread increase in demand for a variety of different types of chips.

IHS tracked 28 key sub-segments of the semiconductor market and concluded that 22 of them are expected to expand this year. In comparison, just 12 sub-segments realized growth a year ago.

The big winners this year, DRAM and data flash memory, are projected to rise by nearly 20 percent with Intel, Samsung and Qualcomm leading the charge, in that order.