Global semiconductor revenue reached $655.9 billion in 2024, marking a 21% increase from $542.1 billion in 2023, according to final figures released by Gartner. NVIDIA became the largest semiconductor vendor by revenue for the first time, accounting for 11.7% of the global market, surpassing both Samsung Electronics and Intel.
The shift in vendor rankings is attributed to heightened demand for artificial intelligence (AI) infrastructure, coupled with a 73.4% year-over-year increase in memory revenue. NVIDIA’s growth was primarily driven by increased demand for its discrete graphics processing units (GPUs), which have been widely adopted for AI workloads in data centers.
Samsung Electronics maintained its position as the second-largest vendor, supported by rising DRAM and flash memory sales as memory prices recovered. Intel, which held the top position in 2023, dropped to third place. Its annual revenue grew by 0.8%, as it faced increased competition across its product portfolio and did not benefit to the same extent from the AI-driven demand surge.
SK hynix moved from sixth to fourth in the rankings, with revenue growing by over 91%, while Micron Technology rose from twelfth to seventh following a 71% increase in revenue. Qualcomm, Broadcom, AMD, Apple, and MediaTek rounded out the top ten, with year-on-year growth rates ranging from 8.2% to 18.5%.
Vendors outside the top ten collectively accounted for 41.2% of the market, with total revenue of $270.5 billion, reflecting a modest growth rate of 0.6% compared to 2023.
