The technology industry isn't out of the woods in terms of the worldwide semiconductor shortage - which is likely to last through the end of 2021 and then return to normal levels in the second calendar quarter of 2022.

World leaders have taken notice of the scarcity, as concerns about the risks of relying on foreign supplies grow.

The U.S. and Europe have pleaded for investment to strengthen local semiconductor businesses to reduce dependency on East Asian suppliers. Meanwhile, in reaction to U.S. technology restrictions, China has launched its own drive to increase chipmaking capacity.

The shortage has unsettled automakers such as Germany's Volkswagen Group, America's Ford Motor, and Japan's Nissan Motor since the fourth quarter of 2020, prompting production cuts.

The shortage of components has caused the price of some chips to more than triple, raising the cost of any device that uses them while also making them practically hard to source for industries that aren't the largest customers of chip producers, such as Taiwan's TSMC and Korea's Samsung Foundry.

According to Michael Schallehn, a partner at management consulting firm Bain & Co, which specializes in the semiconductor industry, the automotive industry suffered first because it accounts for 10% of chip makers' revenue only and has less bargaining power than the consumer electronics market, which accounts for roughly 70% of chip foundries' revenues.

Gartner analyst Alan Priestley told CNBC that while the situation in some industries may improve in the next six months, there may be a "knock-on effect" until 2022.

"It shouldn't go any longer," Priestly said. "The industry is putting more capacity in place, but it does take time."

Indeed, Intel said in March that it plans to invest $20 billion in two new chip manufacturing facilities in Arizona. Intel has also stated that if it receives government assistance, it may build a facility in Europe.