LONDON--(BUSINESS WIRE)--Mar 25, 2025--
2024 marked a record-breaking year for the semiconductor market with annual revenue surging approximately 25% to $683 billion according to Omdia’s Competitive Landscaping Tool. The sharp rise was attributed to strong demand for AI-related chips, particularly high bandwidth memory (HBM), used in AI GPUs, which contributed to a 74% year-over-year growth in the memory segment. The rebound in memory helped lift the overall market after a challenging 2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250325544613/en/
However, this record-setting year masked uneven performance across the industry. While the data processing segment experienced strong growth, other key segments - automotive, consumer, and industrial semiconductor – experienced revenue declines in 2024. These struggles highlight areas of weakness within an otherwise booming market.
AI and memory complete a strong 2024
Throughout 2024, AI’s influence on the semiconductor market has been a dominant force, driving record revenues and reshaping industry dynamics. NVIDIA emerged as the clear leader, climbing the market share rankings with strong revenue growth the last few years due to its AI GPUs. HBM, a critical component for AI applications surged alongside, significantly boosting revenues for memory companies. While HBM outpaced other DRAM segments in growth, an improved supply-demand balance contributed to higher average selling prices (ASPs) and revenue gains across the broader memory market.
Industrial segment faces a second consecutive year of decline
The downturn in the industrial semiconductor segment, which began in 2023, deepened in 2024, posing challenges for companies focused on this sector. “Historically, the industrial semiconductor market has grown approximately 6% each year, however, after two years of above-average growth in 2021 and 2022, semiconductor market revenue declined in double digits in 2024,” said Cliff Leimbach, Omdia Principal Analyst. “Diminished demand coupled with inventory adjustments made 2024 a difficult year for the industrial segment. Companies with a large presence in this segment saw their market share rankings slip as a result.”
Automotive market stalls
While the automotive semiconductor market performed better than the industrial sector, it also experienced a revenue decline in 2024. After nearly doubling in size from 2020 to 2023, far exceeding the historical average annual growth rate of 10%, the sector saw an abrupt slowdown. Weakening demand led to a contraction in 2024, disrupting the steady upward trajectory the market had enjoyed in recent years.
NVIDIA takes the top spot as market rankings shift
NVIDIA’s dominance in AI-driven GPUs pushed it to the top position in semiconductor companies by revenue, surpassing Samsung which held the number one position in 2023.
The strong memory market also reshaped the leaderboard with Samsung, SK Hynix, and Micron all ranking among the top seven largest semiconductor companies by revenue. Each of these companies climbed at least one spot from their 2023 rankings, marking a significant shift from the previous year when they were spread across the top eleven.
ABOUT OMDIA
Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.
Semiconductor companies by revenue 2024 rankings
Total semiconductor revenue Omdia CLT 4Q24
ROME (AP) — U.S. Secretary of State Marco Rubio said Saturday that the Vatican could be a venue for Russia-Ukraine peace talks, taking up the Holy See’s longstanding offer after Pope Leo XIV vowed to personally make “every effort” to help end the war.
Speaking to reporters in Rome before meeting with Cardinal Matteo Zuppi, the Vatican point man on Ukraine, Rubio said that he would be discussing potential ways the Vatican could help, “the status of the talks, the updates after yesterday (Friday) and the path forward.”
Asked if the Vatican could be a peace broker, Rubio replied: “I wouldn’t call it broker, but it’s certainly — I think it’s a place that both sides would be comfortable going.”
“So we’ll talk about all of that and obviously always grateful to the Vatican for their willingness to play this constructive and positive role,” he said at the U.S. Embassy in Rome.
The Vatican has a tradition of diplomatic neutrality and had long offered its services to try to help facilitate talks, but found itself sidelined during the all-out war, which began on Feb. 24, 2022.
Pope Francis, who often angered both sides with his comments, had entrusted Zuppi with a mandate to try to find paths of peace. But the mandate seemed to narrow to help facilitate the return of Ukrainian children taken by Russia, and the Holy See also was able to mediate some prisoner exchanges.
Leo, who was elected history’s first American pope on May 8, took up Francis’ call for peace in Ukraine in his first Sunday noon blessing as pope. He appealed for all sides to do whatever possible to reach “an authentic, just and lasting peace.”
Leo, who as a bishop in Peru had called Russia's war an “imperialist invasion," vowed this week personally to “make every effort so that this peace may prevail.”
In a speech to eastern rite Catholics, including the Greek Catholic Church of Ukraine, Leo begged warring sides to meet and negotiate.
“The Holy See is always ready to help bring enemies together, face to face, to talk to one another, so that peoples everywhere may once more find hope and recover the dignity they deserve, the dignity of peace,” he said.
The Vatican secretary of state, Cardinal Pietro Parolin, repeated the Vatican’s offer to serve as a venue for direct talks, saying the failure of negotiations in Istanbul to reach a ceasefire this week was “tragic.”
“We had hoped it could start a process, slow but positive, toward a peaceful solution to the conflict,” Parolin said on the sidelines of a conference. “But instead we’re back to the beginning.”
Asked concretely what such an offer would entail, Parolin said that the Vatican could serve as a venue for a direct meeting between the two sides.
“One would aim to arrive at this, that at least they talk. We’ll see what happens. It’s an offer of a place,” he said.
“We have always said, repeated to the two sides that we are available to you, with all the discretion needed,” Parolin said.
The Vatican scored what was perhaps its greatest diplomatic achievement of the Francis pontificate when it facilitated the talks between the United States and Cuba in 2014 that resulted in the resumption of diplomatic relations.
The Holy See has also often hosted far less secret diplomatic initiatives, such as when it brought together the rival leaders of South Sudan in 2019. The encounter was made famous by the image of Francis bending down to kiss their feet to beg them to make peace.
Perhaps the Holy See's most critical diplomatic initiative came during the peak of the Cuban missile crisis when, in the fall of 1962, Soviet Premier Nikita Khrushchev ordered a secret deployment of nuclear missiles in Cuba that were soon detected by U.S. spy planes.
As the Kennedy administration considered its response, with the threat of nuclear war looming, Pope John XXIII pleaded for peace in a public radio address, in a speech to Vatican ambassadors and also wrote privately to Kennedy and Khruschev, appealing to their love of their people to stand down.
Many historians have credited John XXIII’s appeals with helping both sides step back from the brink of nuclear war.
Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
Secretary of State Marco Rubio, speaks to the media during a meeting with President of the Conference of Italian Bishops, Cardinal Matteo Zuppi at the U.S. Embassy to the Holy See in Rome, Saturday, May 17, 2025. (AP Photo/Gregorio Borgia)
Secretary of State Marco Rubio, left, and President of the Conference of Italian Bishops, Cardinal Matteo Zuppi, pose for a photo at the U.S. Embassy to the Holy See in Rome, Saturday, May 17, 2025. (AP Photo/Gregorio Borgia)
Secretary of State Marco Rubio, left, and President of the Conference of Italian Bishops, Cardinal Matteo Zuppi, meet at the U.S. Embassy to the Holy See in Rome, Saturday, May 17, 2025. (AP Photo/Gregorio Borgia)
Secretary of State Marco Rubio, left, and President of the Conference of Italian Bishops, Cardinal Matteo Zuppi, pose for a photo at the U.S. Embassy to the Holy See in Rome, Saturday, May 17, 2025. (AP Photo/Gregorio Borgia)
