In 2024, the semiconductor industry saw a remarkable resurgence, with total revenue rising by 18.1% to reach $626 billion, according to a new report from Gartner.
The performance of the market affected the rankings of many semiconductor vendors. Eleven vendors saw their revenues grow by a large amount, while only eight of the top 25 vendors had lower revenue in 2024.
Memory Market Leads the Growth
One big reason for this growth is the memory segment. It saw revenue jump by 71.8% in 2024. Looking closer, DRAM (Dynamic Random Access Memory) revenue went up by 75.4%, and NAND flash revenue increased by 75.7% compared to the previous year. This growth is mainly due to the rising demand for high-bandwidth memory (HBM), especially in areas like artificial intelligence (AI) and data analysis. HBM made up 13.6% of all DRAM revenue in 2024, and it is expected to rise to 19.2% in 2025.
Revenue from non-memory products also grew, increasing by 6.9% in 2024. Non-memory items accounted for 74.8% of total semiconductor revenue that year.
Samsung Electronics Takes the Top Spot in 2024
In 2024, 9 out of the top 10 semiconductor vendors increased their revenue. As a result, the rankings of these companies changed compared to the previous year. Samsung Electronics regained the first position from Intel and widened its lead in 2024 due to a strong recovery in memory device prices. Samsung Electronics earned $66.5 billion in 2024.
Intel fell to second place, as its product offerings—like AI PCs and the Core Ultra chip—were not enough to make up for the limited success of its AI accelerator and only slight growth in its x86 business. Intel’s revenue was almost flat, with just a 0.1% growth in 2024.
Nvidia continued to perform extremely well, with its revenue increasing by 84% in 2024 to reach $46 billion. This strong performance allowed it to move up two spots to claim the third position, thanks to the strength of its AI business.
Also Read: Budget 2025 allocates Rs 500 crore for Centres of Excellence (CoE) in AI
