Emerging markets such as IoT, M2M, and Big Data analysis will change the game rules of semiconductor industry in 2020. What kind of business models will be required for the players? It is becoming difficult for the Integrated Device Manufacturers (IDM) to make profits simply by fabricating devices. Not only the hardware, but services or solutions becomes more and more important. On the other hand, big players begins to put great effort on the LSI design and acquire many semiconductor design houses. Will the fabless be the best style in 2020? How foundry business will change? Panelists will present their opinions on this topic and discuss what is semiconductor industry in 2020.