The global graphic processing unit market is estimated to be valued at US$ 41.46 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The Graphic Processing Unit Market has seen a strong growth in recent times due to the increased demand for high performance computing across various industries such as gaming, automotive and healthcare. GPUs offer immense processing power and enable massive parallelism which is highly useful for applications involving artificial intelligence, machine learning and data science. They have displaced traditional CPUs for these advanced data driven workloads. With technological advancement, GPUs have become more programmable and flexible which has further augmented their adoption base.
Weakness: The high costs associated with GPUs make them unsuitable for smaller businesses and individual consumers. Also, GPUs have a steeper learning curve and require specialized programming knowledge to fully leverage their capabilities. This constrains their applicability only to domains requiring high compute power. Furthermore, GPUs rely on the latest software drivers which need to be constantly updated as new versions are released. These additional overheads dampen enthusiasm among certain user groups.
Opportunity: With growing emphasis on emerging technologies like augmented/virtual reality, self-driving cars and cloud gaming, the demand for real-time 3D graphics rendering is set to boom significantly over the coming decade. This offers a massive opportunity to GPU manufacturers to develop specialized accelerators targeting these new domains. Further, cryptocurrency mining necessitates powerful hardware and GPUs can exploit this lucrative market segment. With increasing affordability, consumer-level GPU adoption is projected to rise sharply creating new profit pools.
Threats: Growth of specialized AI hardware like Tensor Processing Units (TPUs) from competitors like Google poses a challenge to GPU dominance in artificial intelligence and machine learning workloads. Alternatives like FPGAs and ASICs also encroach into the traditional GPU territory based on specific application needs. Rising geopolitical tensions among key semiconductor manufacturing nations increase risks of global supply chain disruptions impacting GPU availability and costs. Frequent process node transitions also require huge capital investments threatening smaller players.
Key Takeaways
The Global Graphic Processing Unit Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising demand for specialized computing from various industries. With a projected CAGR of 18 %, the market size is estimated to reach US$ 41.46 Billion by 2023.
North America currently dominates the GPU market driven by strong technology adoption across sectors like automotive, enterprise and consumer electronics in countries such as the US and Canada. However Asia Pacific is emerging as the fastest growing regional market led by government initiatives to develop indigenous semiconductor industries coupled with huge domestic demand centers such as gaming, cryptocurrency in China and India.
Key players operating in the Graphic Processing Unit market are NVIDIA Corporation, Advanced Micro Devices Inc, Intel Corporation and Samsung Electronics. NVIDIA holds the largest market share owing to its pioneering work and product dominance across gaming, data centers and automotive GPU segments. However, competitive pressure
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