The global semiconductor industry witnessed a strong rebound in 2024, with total revenue reaching $626 billion, an 18.1 per cent increase from the previous year, a report said on Monday.

This positive momentum is expected to continue, with projections indicating semiconductor revenue will climb to $705 billion in 2025, according to the report from Gartner.

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While memory dominated the market, non-memory semiconductor revenue also saw an increase of 6.9 per cent in 2024, accounting for 74.8 per cent of total industry revenue.

The report added that among the top 25 semiconductor companies, 11 posted double-digit revenue increases, while only eight experienced a decline.

Samsung Electronics reclaimed its position as the world’s top semiconductor vendor, overtaking Intel.

The South Korean tech giant benefited from a sharp recovery in memory prices, pushing its revenue to $66.5 billion in 2024.

Meanwhile, Intel slipped to the Number 2 spot, as its AI PCs and Core Ultra chipset failed to make a significant impact.

Intel’s semiconductor revenue remained almost flat with a growth of 0.1 per cent in 2024.

Nvidia continued its remarkable rise, securing the Number 3 position after increasing its semiconductor revenue by 84 per cent to reach $46 billion.

The company’s strong foothold in artificial intelligence (AI) technologies fuelled its growth, allowing it to climb two spots in the global rankings.

The memory segment played a key role in the semiconductor industry’s expansion, with revenue soaring by 71.8 per cent in 2024.

DRAM revenue surged by 75.4 per cent, while NAND revenue also climbed 75.7 per cent year-over-year.

A major factor behind this growth was the increasing demand for high-bandwidth memory (HBM), which contributed significantly to DRAM sales.

HBM accounted for 13.6 per cent of total DRAM revenue in 2024, and its share is expected to rise to 19.2 per cent in 2025.