Now, IHS doesn't see that happening. The analyst firm said PCs and related peripherals are the key market segments pulling down the overall semiconductor market in 2012.

A previous IHS forecast predicted that growth in the wireless sector would be enough to propel the overall semiconductor market in 2012. However, the slipping PC market is causing enough drag to outweigh any growth in the wireless market.

"While the introduction and shipment of exciting new products, such as ultrabooks and other ultrathin PC platforms, in the second half of the year will give the PC market a much needed boost, the counterweight of growing economic worries will place strong downward pressure on the overall PC market and limit both consumer and corporate spending in 2012," Ford said.

The weak performance, he added, will result in a broad-based revenue decline that crosses most semiconductor component categories this year.

Not all the news is grim, however. IHS is still forecasting a strong rebound of more than 9% in 2013.