Worldwide semiconductor revenue dropped 11% in 2023

“While the cyclicality in the semiconductor industry was present again in 2023, the market suffered a difficult year with memory revenue recording one of its worst declines in history,” says Alan Priestley, VP Analyst at Gartner, in a press release. “The underperforming market also negatively impacted several semiconductor vendors. Only 9 of the top 25 semiconductor vendors posted revenue growth in 2023, with 10 experiencing double-digit declines.”

The top 25 semiconductor vendors saw their combined semiconductor revenue decline 14.1% in 2023, accounting for 74.4% of the market, down from 77.2% in 2022.

Last year also meant that the ranking of the top 10 semiconductor vendors changed YoY, especially due to the underperformance of memory vendors in 2023.

As Gartner points out, Intel reclaimed its throne as the top dog from Samsung, after two years as the runner-up. Intel’s 2023 revenue totaled USD 48.7 billion while Samsung’s revenue reached USD 39.9 billion.

Nvidia’s 2023 semiconductor revenue grew 56.4% to a total of USD 24 billion, which brought the company into the top five for the first time. As previously reported by Evertiq, Nvidia's rise in the market is due to its dominating position in the AI silicon market.

STMicroelectronics also made a climb in the rankings, jumping three positions to secure an eighth place – a position it held back in 2019. The company's revenue increased 7.7% in 2023, which was largely driven by its position in the automotive segment.