The graphics processing unit (GPU) market growth can be attributed to the surging demand for high-quality visual experiences and advanced graphics in numerous end use industries such as entertainment, gaming, and data centers. The increasing popularity of augmented reality (AR) and virtual reality (VR) developments in machine learning and AI are also contributing to the GPU market growth.
NEWARK, Del, Dec. 18, 2023 (GLOBE NEWSWIRE) — The graphics processing unit market is estimated to be worth US$ 70.9 billion in 2024 and is projected to be valued at US$ 1,159.3 billion in 2034. Between 2024 and 2034, the industry is expected to register a growth rate of 32.2%.
The demand for more powerful GPUs surged as gaming enthusiasts sought enhanced graphical experiences, higher resolutions, and smoother frame rates, driving market demand during the forecast period. The rising demand for GPUs in data centers for high-performance computing, cloud services, and AI-related tasks further boosted market growth.
With the increasing digitalization in various industries and sectors, the need for efficient and powerful computing solutions, including GPUs, continues to rise. The rising new applications such as AR/VR, automotive computing, and edge computing rely on GPUs, broadening their use cases and increasing market demand.
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Data centers rely on GPUs for parallel processing tasks like AI inference, data analytics, and scientific simulations, contributing significantly to market growth. GPUs excel in parallel processing, making them pivotal for AI and machine learning tasks. As these technologies become integral across industries, the demand for GPUs grows.
The automotive industry increasingly integrates GPUs for infotainment systems, advanced driver-assistance systems (ADAS), and autonomous vehicle development, boosting demand for specialized GPUs tailored for these applications.
The growing regulatory compliance promoting energy efficiency and environmental sustainability might drive the development of more energy-efficient GPUs, influencing market demand.
- From 2019 to 2023, the graphics processing unit market was valued at a CAGR of 29.7%
- Based on type, the integrated GPUs segment is expected to account for a share of 35% in 2024.
- Global graphics processing unit demand in China is predicted to account for a CAGR of 32.8% in 2024.
- In the United States, the graphics processing unit industry is expected to account for a CAGR of 30.1% in 2024.
- Germany is projected to expand by a value CAGR of 31.7% between 2024 and 2034.
- Graphics processing unit market in Japan is anticipated to record a CAGR of 33.5% in 2024.
“The increasing growth of edge computing and IoT applications and strong gaming culture are anticipated to drive the market growth during the forecast period.” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
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Companies within the market are actively investing in research and development aimed at crafting cutting-edge graphic processing units (GPUs). They focus on creating more robust, efficient, cost-effective solutions to meet evolving demands. Leading players in the graphics processing unit market are
- Intel Corporation
- Advanced Micro Devices Inc.
- Nvidia Corporation
- Imagination Technologies Group
- Samsung Electronics Co. Ltd.
- Arm Limted (soft Bank Group)
- EVGA Corporation
- SAPPHIRE Technology Limited
- Qualcomm Technologies Inc.
Some of the developments in the graphics processing unit market are
- In November 2023, NVIDIA elevated its AI computing platform to unprecedented levels by unveiling the cutting-edge NVIDIA HGX H200. Harnessing the formidable power of the NVIDIA Hopper architecture, this innovation highlights the exceptional prowess of the NVIDIA H200 Tensor Core GPU. Tailored to efficiently process vast datasets, this GPU emerges as a vital resource for high-performance computing workloads, particularly those focused on generative AI assignments.
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Graphics Processing Unit Market Key Segments
- Gaming Console
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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