Gartner says world semiconductor revenue grew 21% in 2024

Worldwide semiconductor revenue totaled $655.1 billion in 2024, a 21% increase from $542.1 billion in 2023, according to the final results of Gartner, Inc. Nvidia has risen to No. 1 position, surpassing Samsung Electronics and Intel for the first time.

“The shift in position in the ranking among the top 10 revenue semiconductor vendors is due to the high demand for building Artificial Intelligence (AI) infrastructure and a 73.4% increase in memory revenue,” says Gaurav Gupta, VP and Analyst at Gartner. “Nvidia moved to first place as a result of a sharp increase in demand for its discrete Graphics Processing Units (GPUs), which served as the top choice for AI workloads in data centers.”

“Samsung Electronics has maintained the second place, driven by gains in Dynamic Random Access Memory (DRAM) and flash memory as prices have recovered in response to an imbalance between supply and demand,” Gupta said. “Intel’s revenue grew 0.8% in 2024 as the threats of competition gained traction across all of its core product lines and it failed to take advantage of the robust increase in demand for AI processing.”