According to Gartner, the overall semiconductor market rebound reshaped the rankings of the top semiconductor vendors, with Samsung Electronics reclaiming the No. 1 position from Intel, driven by a strong rebound in memory device prices.
- Samsung Electronics reported $66.5 billion in semiconductor revenue, a 62.5% increase from 2023.
- Intel, which led the market in 2023, fell to No. 2, with revenue of $49.2 billion, showing flat growth of just 0.1%.
- Nvidia surged to No. 3, with $46 billion in revenue, an 83.6% increase, fueled by AI accelerator demand.
- SK hynix climbed to No. 4, experiencing 86% revenue growth due to strong DRAM and NAND sales.
“Graphics processing units (GPUs) and AI processors used in data center applications (servers and accelerator cards) were the key drivers for the chip sector in 2024,” said George Brocklehurst, VP Analyst at Gartner. “The rising demand for AI and generative AI (GenAI) workloads led data centers to become the second-largest market for semiconductors in 2024, behind smartphones. Data center semiconductor revenue totaled $112 billion in 2024, up from $64.8 billion in 2023.”
Top 10 Semiconductor Vendors by Revenue, 2024 (in billions USD)
| Rank | Vendor | Revenue | Growth (%) |
|---|---|---|---|
| 1 | Samsung Electronics | $66.5B | 62.5% |
| 2 | Intel | $49.2B | 0.1% |
| 3 | Nvidia | $46.0B | 83.6% |
| 4 | SK hynix | $42.8B | 86.0% |
| 5 | Qualcomm | $32.4B | 10.7% |
| 6 | Micron Technology | $27.8B | 72.7% |
| 7 | Broadcom | $27.6B | 7.9% |
| 8 | AMD | $23.9B | 7.4% |
| 9 | Apple | $18.9B | 4.6% |
| 10 | Infineon Tech | $16.0B | -6.0% |
Source: Gartner (February 2025)
Memory Market Booms, HBM Becomes a Key Growth Driver
The memory market experienced an extraordinary 71.8% growth in 2024, contributing significantly to overall semiconductor revenue.
- DRAM revenue surged 75.4% year-over-year.
- NAND flash memory revenue rose 75.7% year-over-year.
- High-Bandwidth Memory (HBM) emerged as a major driver of DRAM growth, representing 13.6% of total DRAM revenue in 2024.
In 2025, HBM is projected to account for 19.2% of DRAM revenue, with its market share expected to rise 66.3% to $19.8 billion.
“Memory and AI semiconductors will drive near-term growth, with HBM projected to account for an increasing share of DRAM revenue,” Brocklehurst noted.
Outlook for 2025: Continued Growth with AI and Data Centers at the Forefront
With semiconductor revenue expected to reach $705 billion in 2025, industry experts predict AI-driven computing, memory expansion, and data center investments will continue to fuel demand. As tech giants ramp up investments in AI and next-generation computing, semiconductor vendors are well-positioned to benefit from this growth cycle.
Key takeaways for 2025:
- Memory and AI chip demand will dominate semiconductor growth.
- HBM and advanced AI accelerators will be in high demand.
- Samsung, Nvidia, and SK hynix will be among the biggest beneficiaries.
As semiconductor vendors adapt to rising AI adoption, cloud computing needs, and next-generation processing demands, 2025 is poised to be another milestone year for the industry.
