Global Top 10 IC Design Houses See 49% YoY Growth in 2024, NVIDIA Commands Half the Market

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TrendForce reveals that the combined revenue of the world’s top 10 IC design houses reached approximately US$249.8 billion in 2024, marking a 49% YoY increase. The booming AI industry has fueled growth across the semiconductor sector, with NVIDIA leading the charge, posting an astonishing 125% revenue growth, widening its lead over competitors, and solidifying its dominance in the IC industry.

Looking ahead to 2025, advancements in semiconductor manufacturing will further enhance AI computing power, with LLMs continuing to emerge. Open-source models like DeepSeek could lower AI adoption costs, accelerating AI penetration from servers to personal devices. This shift positions edge AI devices as the next major growth driver for the semiconductor industry.

AI boom fuels market consolidation in the IC sector

TrendForce highlights that AI-driven high-end chips require massive capital investment and cutting-edge technology, creating high barriers to entry and reinforcing market consolidation. In 2024, the top five IC design companies accounted for over 90% of total revenue among the top ten.

Demand for NVIDIA’s H100/H200 GPUs has surged as CSPs continue expanding AI server deployments, pushing the company’s IC design revenue past $124.3 billion and securing its position as the clear market leader with a 50% market share among the top ten. Future launches of the GB200 and GB300 series are expected to further boost NVIDIA’s AI-related revenue in 2025.

Broadcom also benefited from AI-driven demand, with its semiconductor division generating $30.64 billion in revenue, an 8% YoY increase, ranking third. AI chip revenue now accounts for over 30% of Broadcom’s semiconductor solutions. After facing a mid-year downturn in 2024, the company is expected to see strong rebounds in wireless communications, broadband, and server storage in 2025.

AMD secured fourth place with a 14% YoY revenue growth, reaching $25.79 billion. The company saw significant expansion in both its server and client CPU businesses, particularly a 94% surge in server-related revenue. In 2025, AMD will continue focusing on AI PCs, servers, and HPC/AI accelerators, leveraging collaborations with Dell, Microsoft, and Google to sustain its growth momentum.

Qualcomm and MediaTek rebounded from previous slowdowns in the smartphone market. Driven by growth in handheld and automotive segments, Qualcomm’s QCT division generated $34.86 billion in 2024, a 13% YoY increase, securing second place. Qualcomm is expected to shift its focus toward AI PCs and edge computing as its legal disputes over ARM licensing are now temporarily concluded, expanding its high-end consumer market presence in 2025.

MediaTek ranked fifth with $16.52 billion in revenue, up 19% YoY, driven by strong performance across smartphones, power management ICs, and Smart Edge solutions. MediaTek’s 5G smartphone penetration is projected to exceed 65% in 2025, with an increasing share in the high-end market bolstering revenue. Additionally, its partnership with NVIDIA on Project DIGITS is expected to sustain growth momentum.

Realtek and Novatek saw shifts in their rankings. Realtek’s revenue climbed 16% YoY to $3.53 billion, reclaiming the seventh spot. Following a period of inventory correction in 2023, the company experienced a recovery in PC and automotive-related shipments in 2024. In 2025, networking and automotive businesses will be Realtek’s key growth drivers, with its Wi-Fi 7 market penetration expected to reach double digits.

Will Semiconductor is projected to achieve revenue of $3.048 billion in 2024, representing a 21% year-over-year increase. Over the recent years, the company has continued to expand its market share in CIS (CMOS Image Sensor). This growth is particularly driven by the increasing proportion of high-end CIS shipments in Android phones and the ongoing penetration of electric vehicles globally, especially in the Chinese region, into autonomous driving applications, which has led to sustained revenue growth.

MPS rounded out the top ten with $2.2 billion in revenue, up 21% YoY. The company’s PMICs have successfully entered the AI server supply chain, driving exponential growth in its Enterprise Data division.