Worldwide semiconductor sales are now expected to top $400 billion for the first time in 2017, according to a revised forecast from market research firm Gartner Inc.

Gartner (Stamford, Conn.) said shortages in the memory chip market have created a boom in the overall chip market. The market research firm had said in April it expected the chip market to grow by 12 percent this year after beginning the year projecting 7 percent growth.

Gartner’s latest forecast revision is the most aggressive to date in a year when market watchers are scrambling to revise forecasts upward in light of a booming memory market that is now expected to grow by more than 50 percent this year.

Andrew Norwood, research vice president at Gartner, said the memory market boom should last until 2019 before heading for a down cycle.

Global semiconductor revenue eclipsed the $300 billion for the first time in 2010 after passing the $200 billion mark in 2000, Gartner noted.