Global GPU Market Size to Expand by 320% Over the Next 5 Years

GPUs have become invaluable in training AI models and enhancing VR and metaverse applications, resulting in an exploding growth and demand for these chips. According to Stocklytics.com, the global GPU market will hit $65.3 billion in 2024 and grow to over $272 billion in 2029, representing a 320% increase.

The site’s financial analyst, Edith Reads, comments:

The GPU market will rise in the upcoming years due to expanding AI initiatives and the need for high-performance chips in the gaming and healthcare sectors.

Stocklytics financial analyst, Edith Reads

GPU Market In 2023

The GPU market saw a surge in data centers, gaming, and discrete GPUs, closing with over $43.6 billion in 2023. Nvidia sold over 3.78 million data center GPUs, up over 1 million units from the previous year, accounting for 98% market share in data center shipments. On the other hand, AMD and Intel supplied more than 3.85 million GPUs for data centers, up from over 2.67 million in 2022. 

In terms of discrete GPUs, total shipments surged by nearly 7% in Q4 compared to the previous quarter, and in yearly gains, over 9.5 million units were shipped. 

By Q4’23, Intel was the biggest vendor worldwide in the PC GPU market, controlling a 67% share. AMD held only 15%, while Nvidia took an 18% share.  

GPU Players in 2024

Currently, Nvidia holds a near-monopoly in the GPU market. In Q1‘24, its market share jumped 8%, pushing its total market share to 88%. 

Nvidia’s winnings, however, resulted in consequential losses for its counterparts. AMD’s market share dropped to 19%, while Intel lost 1% following the impressive sale of Nvidia’s RTX 4000 series.

Moreover, with the release of the next RTX 5000 ‘Blackwell’ gaming graphics cards, including the GeForce RTX 5090 and 5080, in late 2024, Nvidia will likely maintain its lead in the market. However, AMD also plans to launch the MI325X GPU by the end of 2024, hinting at an impending brawl between the two at the year’s end.

Additionally, AMD aims to release the 3-nanometer MI350 in 2025 and the MI400 GPUs in 2026 to further challenge Nvidia’s monopoly.