With the latest industry boom in AI, the demand for more compute power is greater than ever, and the recent industry forecast predicts that the global GPU market will exceed $98.5 billion in value by the year 2024. This staggering projection, outlined in the 2024 supply-side GPU market summary report by Jon Peddie Research (JPR), shows how far the GPU market has come. Once primarily associated with powering consumer gaming rigs with AMD or NVIDIA inside, GPUs have become a key part of our modern tech stack, worth almost $100 billion in 2024 alone. Nowadays, GPUs are found in many products, from smartphones and vehicles to internet-connected devices and data centers.

"Graphics processor units (GPUs) have become ubiquitous and can be found in almost every industrial, scientific, commercial, and consumer product made today," said Dr. Jon Peddie, founder of JPR. "Some market segments, like AI, have grabbed headlines because of their rapid growth and high average selling price (ASP), but they are low-volume compared to other market segments." The report also shows the wide range of companies that are actively participating in the GPU marketplace, including industry giants like AMD, NVIDIA, and Intel, as well as smaller players from China like Loongson Zhongke, Siroyw, and Lingjiu Micro. Besides the discrete GPU solutions, the GPU IP market is very competitive, and millions of chips are shipped with GPU IP every year. Some revenue estimates of Chinese companies are not public, but JPR is measuring it from the supply chain side, so these estimates are pretty plausible.