The Global Graphic Processing Unit Market is estimated to be valued at US$ 47.77 Bn in 2024.
Graphic Processing Units or GPUs are specialized electronic circuits designed to process computer graphics rapidly. They are designed to handle workload related to graphic rendering required for applications such as gaming, computer-aided design, and data visualization. GPUs have greatly enhanced graphic capabilities as compared to traditional Central Processing Units (CPUs). They provide high graphical performance required to develop vivid imagery for applications like realistic video games and virtual reality environments. With advancements in virtual and augmented reality technology, demand for high-quality graphics is increasing significantly. This is expected to drive demand for high-performance GPUs exponentially over the forecast period.
The Global Graphic Processing Unit Market is estimated to be valued at US$ 47.77 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Graphic Processing Unit are Salesforce.com, Inc., LogicBay Corporation, Oracle Corporation, Allbound Inc., International Business Machines Corp, Impartner Software, ZINFI Technologies, Inc., Zyme Solutions, PartnerPath, Blackhawk Engagement Solutions, Inc., The Planet Group, Allbound Inc., and Channeltivity, LLC. With rising demand for virtual reality and augmented reality applications, key players are investing significantly in the development of high-performance GPUs to deliver enhanced graphic capabilities. For instance, in 2021, NVIDIA launched RTX 30 series GPUs to offer lifelike ray-traced graphics and AI-powered features for advanced gaming and creative applications.
Growing demand for gaming and visual computing applications is another key factor boosting demand for GPU Market Growth. The gaming industry has witnessed significant growth over the past few years with increased availability of realistic open-world games. This has augmented the demand for high-performance GPUs capable of handling advanced graphics required for immersive gaming experiences. Rapid adoption of AI and machine learning technologies has also fueled the adoption of GPUs for compute-intensive deep learning and data analytics applications.
Technological innovations are further expected to support the growth of the graphics processing unit market during the forecast timeframe. Key players operating in the market are focusing on developing innovative chip architectures and manufacturing technologies. For instance, in 2021, AMD launched RDNA 2 architecture based Radeon RX 6000 series GPUs offering double the performance per watt compared to previous generations. Such innovations have accelerated graphics performance and fueled demand for graphic cards in desktops and gaming laptops.
Market Trends
1. Increased Demand for Miniaturization: Manufacturers are developing compact and portable GPU models to allow high-performance graphics processing on thin and light notebooks, laptops, and tablets. This is expected to drive the adoption of GPUs in applications such as cloud gaming.
2. Use of AI and ML: GPU manufacturers are integrating AI and ML capabilities into graphic cards to support data-intensive deep learning workloads. This has accelerated GPU adoption for AI model training and development across industries.
Market Opportunities
1. Growth of Gaming Industry: Rising popularity of online multiplayer games, esports, and cloud gaming is expected to fuel demand for high-powered GPUs. This offers lucrative growth opportunities for GPU market players.
2. Adoption in Automotive Industry: Increasing use of GPUs to power interactive digital cockpits, advanced driver-assistance systems, and autonomous driving functionalities offers promising growth prospects.
Impact of COVID-19 on Graphic Processing Unit Market Growth
The COVID-19 pandemic has significantly impacted the growth of the graphic processing unit market. During the initial lockdown phases in early 2020, manufacturing facilities and production units were shut down. This led to disruptions in the supply chain and shortage of raw materials. With people confined to their homes, demand from the gaming sector declined sharply. Projects under development were also temporarily halted, negatively impacting the professional solutions segment.
However, as lockdowns started easing from mid-2020, production and supply chain activities resumed gradually. The work from home culture also boosted demand for desktops, laptops and gaming PCs equipped with advanced graphic cards. This provided some respite to market players. Rising consumption of over-the-top media services and online gaming amid pandemic-induced restrictions further aided recovery. The education industry’s transition to remote/hybrid learning models also increased requirements for graphic intensive applications.
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