The Semiconductor Industry Association (SIA) said worldwide sales of semiconductors reached $78.47 billion during the first quarter of 2014, the highest ever for that quarter.

Despite this global sales momentum, SIA president Brian Toohey noted that a lack of innovation could pose a threat to the semiconductor industry in the long term. He said this "innovation deficit," or the gap between needed and actual federal investments in research and higher education, is a threat that beclouds the semiconductor market's continued growth and America's overall economic strength.

Analysts said policymakers should act quickly to close the innovation deficit by committing to robust and sustained investments in basic scientific research and higher education.

For the meantime, however, global sales this March rose to $26.16 billion, an increase of 11.4 percent from March 2013 when sales stood at $23.48 billion. The total for March was higher by 0.4 percent compared to February's total of $26.04 billion.

Regionally, sales in the Americas during March improved by 16.1 percent year-on-year. On-year sales increased across all regions.

Year-to-year sales increased in the Americas, Asia Pacific, Europe and Japan, the first time in more than three years that year-to-year sales increased across all regions. Sales were up compared to the previous month in Europe, Asia Pacific, and Japan, but were slightly lower in the Americas.

SIA is a trade association and lobbying group that represents the United States semiconductor industry. Located in Washington, D.C., SIA is the voice of the U.S. semiconductor industry, one of America's top export industries and a driver of American economic strength, national security and global competitiveness.