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LONDON, Feb. 12, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Microprocessor and GPU Global Market Report 2024, the global microprocessor and GPU market has witnessed robust growth in recent years, showcasing significant potential for expansion in the forecast period. According to the latest market report, the industry is poised to escalate from $106.77 billion in 2023 to $115.94 billion in 2024, representing a notable Compound Annual Growth Rate (CAGR) of 8.6%.
Forecasted Growth Trajectory: The forecast for the microprocessor and GPU market indicates a strong upward trend, with expectations to reach $167.29 billion by 2028, boasting a CAGR of 9.6%. Key drivers fueling this growth include the escalating demand for autonomous and electric vehicles (EVs), necessitating advanced computational power and real-time processing capabilities.
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Key Drivers: The integration of microprocessors and GPUs in autonomous and electric vehicles plays a pivotal role in meeting the evolving technological demands of the automotive industry. As per Virta Global’s projections, electric cars could capture 18% of total car sales by 2023, while McKinsey forecasts suggest up to 15% of passenger vehicles sold worldwide in 2030 will be fully autonomous. Such projections underscore the crucial role of high-performance processors in driving innovation within the automotive sector.
Industry Innovations: Major players in the microprocessor and GPU market are prioritizing the development of high-performance processors with advanced features to gain a competitive edge. Innovations such as cutting-edge computing capabilities, innovative architectures, enhanced multi-core processing, and efficient power management are reshaping the industry landscape. For instance, Nvidia’s launch of the GeForce RTX 3060 desktop GPU showcases significant advancements in ray tracing technology, providing users with unparalleled realism and immersion in gaming and production environments.
Market Segmentation: The microprocessor and GPU market is segmented based on architecture, GPU type, and application. The report delves into key segments, including X86, ARM, MIPS, Power, and SPARC architectures, as well as discrete and integrated GPU types across various applications such as consumer electronics, server, automotive, BFSI, industrial, aerospace & defense, medical, and other sectors.
Regional Insights: Asia Pacific emerged as the largest region in the microprocessor and GPU market, accounting for 42.3% of the total market share in 2023, closely followed by North America and Western Europe. The microprocessor and GPU market report predicts accelerated growth in North America and Western Europe, with CAGRs of 9.2% and 8.4%, respectively, highlighting the dynamic nature of these regions in driving market expansion.
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The Microprocessor and GPU Global Market Report 2024 offers invaluable insights and projections for industry players looking to capitalize on emerging opportunities. By leveraging the forecasted growth trajectory, businesses can strategically align their offerings to meet evolving market demands, foster innovation, and gain a competitive advantage in the dynamic microprocessor and GPU market.
Microprocessor And GPU Global Market Report 2024 by The Business Research Company provides insights on the microprocessor and GPU market size, microprocessor and GPU market segments, microprocessor and GPU market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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