Semiconductor revenue climbs to US$655.9b in 2024 as AI, memory boom

NVIDIA emerged as the standout performer, climbing to the No. 1 position for the first time. 

The global semiconductor market grew by 21% in 2024, reaching US$655.9b, according to data released by Gartner.

The surge was driven by soaring demand for artificial intelligence (AI) infrastructure and a 73.4% increase in memory revenue.

NVIDIA emerged as the standout performer, climbing to the No. 1 position for the first time. Its revenue more than doubled to US$76.7b, up 120.1% YoY, giving it an 11.7% share of the global market.

Samsung Electronics maintained its No. 2 spot with US$65.7b in revenue, a 60.8% increase from 2023, due to strong gains in DRAM and flash memory prices.

Intel, long a leader in the industry, slipped to third place. Its revenue inched up by just 0.8% to US$49.8b.

Other big movers in 2024 included SK hynix, which jumped to fourth place with 91.5% revenue growth, and Micron, which rose to seventh with 71% growth. MediaTek entered the top 10 for the first time after an 18.5% increase in sales.

Together, the top 10 vendors accounted for nearly 59% of total market revenue, highlighting the growing concentration of power amongst AI and memory-focused players.