Vice President and Head of Investor Relations at Texas Instruments
Good afternoon, and thank you for joining our fourth quarter and 2021 earnings conference call. Rafael Lizardi, TI's Chief Financial Officer, is with me today. For any of you who missed the release, you can find it on our website at ti.com/ir. This call is being broadcast live over the web and can be accessed through our website. A replay will be available through the web. This call will include forward-looking statements that involve risks and uncertainties that could cause TI's results to differ materially from management's current expectations. We encourage you to review the notice regarding forward-looking statements contained in the earnings release published today as well as TI's most recent SEC filings for a more complete description.
First, let me provide some information that's important for your calendars. We plan to hold a call for our capital management update on February 3rd at 10 a.m. Central Time. Similar to what we've done in the past, Rafael and I will summarize our progress and provide some insight into our business and our approach to capital allocation. For today's call, let me summarize what Rafael and I will be reviewing. I'll start with fourth quarter revenue results, including some details of what we're seeing with respect to our customers and markets. I'll then provide the annual summary of revenue breakout by end markets. And lastly, Rafael will cover the financial results, some insights into one-time items and our guidance for first quarter 2022.
Starting with fourth quarter results and the market environment. The company's revenue grew 19% year-over-year, driven by strong demand in the industrial and automotive markets. Analog revenue grew 20% year-over-year and Embedded Processing grew 6%. our Other segment grew 35% from the year-ago quarter.
Let me now comment on the current environment to provide some context of what we're seeing with our customers and markets. Overall, the quarter came in stronger than we expected. The strength was across most product families, end markets and geographies. The market environment is similar to what we reported 90 days ago. Lead times for the majority of our products remain stable, but hotspots continue to exist. However, customers continue to be selective in their expedite requests, increasingly focusing on products that complete a matched set rather than expediting products across the board. This behavior is not specific to any product family, end market or geography.
Discussions with customers confirm a high level of interest in our commitment to expanding our internal manufacturing capacity roadmap, including 300-millimeter wafer fabs, RFAB2 and LFAB, our recently announced plans for a multi-fab site in Sherman, Texas and the associated assembly test expansions. These investments to strengthen our manufacturing and technology competitive advantage will provide lower costs and greater control of our supply chain. And while there is a growing recognition that the near-term supply/demand imbalance will end at some point, the secular growth of semiconductor content per system will continue to increase, and this requires a robust manufacturing capacity roadmap for 2025 and beyond.
Moving on, I'll now provide some insight into our fourth quarter revenue by end market for the year-ago quarter. First, the industrial market was up about 40% driven by broad-based strength across all sectors. The automotive market was up high single-digits with strength in most sectors. Personal electronics was down upper single-digits off a strong compare from a year ago. Next, communications equipment was up about 25%. Finally, enterprise systems was up about 50% off a weak compare from a year ago, driven primarily by data center and enterprise computing.
And lastly, as we do at the end of each calendar year, I'll describe our revenue by end market for 2021. We break our end markets into six categories that are grouped by their life cycles and market characteristics. The six end markets are, industrial; automotive; personal electronics, which includes products such as mobile phones, PCs, tablets and TVs; communications equipment; enterprise systems; and other, which is primarily calculators. As a percentage of revenue for the year, industrial was 41%; automotive, 21%; personal electronics, 24%; communications equipment, 6%; enterprise systems, 6%; and other was 2%.
In 2021, industrial and automotive combined made up 62% of TI's revenue, up about 5 percentage points from 2020 and up from 42% from 2013. We see good opportunities in all of our markets, but we place additional strategic emphasis on industrial and automotive. Our industrial and automotive customers are increasingly turning to analog and embedded technology to make their end products smarter, safer, more connected and more efficient. These trends have resulted and will continue to result in growing chip content per application, which will drive faster growth compared to the other markets.
Rafael will now review profitability, capital management and our outlook. Rafael?