RISC-V Tech Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.92 Billion |
| Market Size (2029) | USD 3.59 Billion |
| CAGR (2024 - 2029) | 31.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
RISC-V Tech Market Analysis
The RISC-V Tech Market size is estimated at USD 0.92 billion in 2024, and is expected to reach USD 3.59 billion by 2029, growing at a CAGR of 31.20% during the forecast period (2024-2029).
- The RISC-V Tech market will witness high growth as the architecture provides the processor with simplified instructions to perform various tasks. Developers can create thousands of potential custom processors, reducing time to market. The standardization of IP processors also saves time in software development. The RISC-V architecture is easier to adapt to than traditional ISAs and allows a greater degree of flexibility. Furthermore, they are compatible with a wide variety of applications and thus contribute to market growth.
- RISC-V growth is supported by a global community working to develop technical standards, encourage innovation, and foster a diverse ecosystem. The global community contributed to public IP to create a common set of extensions that can be used with the base ISA. None of the extensions are proprietary; they are all open-source and publicly available.
- The Android ecosystem is moving quickly into the future with RISC-V. This shift was reinforced when Google announced official support for RISC-V in Android, aiming to use the architecture on par with the ARM chip. In 2024, Google plans to make a full-featured RISC-V emulator publicly available to allow users to test apps and games on different types of devices, including phones and tablets. Thus, with the growing production and sales of smartphones with better technologies, along with the surging incorporation of 5G and 6G, the ROISC-V Tech market is expected to gain a wide share of traction globally.
- Moreover, the market is also witnessing significant vendor activities such as new product development, mergers & acquisitions, and strategic partnerships, thereby driving the market. For instance, in March 2024, Tenstorrent announced a strategic partnership with MosChip Technologies on design for Tenstorrent's cutting-edge RISC-V solutions. Through this partnership, Tenstorrent will design the strongest RISC-V solution and aim to strengthen its position in the market.
- Similarly, in June 2023, Bluespec Inc. announced the release of its new MCUX RISC-V processor that assists developers in implementing custom instructions and adding accelerators to FPGAs and ASICs. Bluespec's MCUX embedded processor is designed for applications that require a small processor to configure and control custom modules, I/O devices, sensors, actuators, and accelerators and to replace fixed hardware state machines that are programmable. This makes MCUX ideal for image processing, video decoding, audio decoding, and radar alarm applications, as well as many other use cases in edge systems, industrial automation, defense, IoT, and beyond.
- Furthermore, the RISC-V architecture is used for high-performance applications such as HPC and mobile devices. PPA requirements are also high, requiring industry-leading design automation tools and methodologies, which can act as a challenge for the market.
RISC-V Tech Market Trends
The Automotive & Transportation Industry is Expected to Witness High Growth
- Growing automotive production and the addition of advanced features are some of the major factors driving the demand for RSIC-V technology in the automotive sector. The RISC-V ecosystem is a source of technology and expertise that can support and enable any development in automotive computing. In automobiles, RISC-V technology enables the development of customized, highly specialized extensions and addresses key industry challenges such as power consumption, functional safety, and security in highly specialized automotive SoCs.
- The demand for RISC-V in vehicles is increasing as it offers the perfect balance of processing, configurable at the core level, from simple, low-power sensors and actuators to zone controllers, domain controllers, and centralized high-performance computing in vehicles.
- The automotive industry has shown interest in RISC-V for applications including advanced driver assistance systems, infotainment systems, and powertrain control. RISC-V's open-source code and customizable instruction set enable automakers to optimize their processors for specific needs such as real-time processing, safety-critical operations, and low power consumption.
- With the trend of autonomous vehicles gaining prominence in recent years, the importance of vehicle safety becomes even more crucial as autonomous vehicles are anticipated to contain a large number of electronic/control units. Hence, further work in this area will create opportunities in the studied market. Moreover, Intel estimates that global car sales will reach approximately 101.4 million units by 2030, and autonomous cars are predicted to account for around 12% of car registrations by that year.
- Furthermore, governments around the globe are taking measures to speed up the deployment of autonomous vehicles, which will fuel demand for ADAS. The UK Government recently announced the launch of automated lane-keeping system (ALKS) technology, which will help expedite the deployment of self-driving cars in the region. Designed for use in slow traffic, ALKS allows a vehicle to drive itself in a single lane while retaining the ability to return control to the driver when necessary.
- Furthermore, the Indian government is also actively promoting the adoption of ADAS through various regulations and policies. Initiatives are expected to mandate certain ADAS features in new vehicles, reflecting global trends. This regulatory push is expected to accelerate the widespread adoption of RISC-V.
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Asia-Pacific is Expected to Witness Significant Growth
- The RISC-V Tech market in the region is expected to grow due to increasing sales of consumer electronics and automotive, government initiatives to promote electronics manufacturing and the presence of several companies and investments in other industries. Key players in the region's market include China, India, South Korea, and Japan, which have made significant strides in the semiconductor industry. The region commands substantial market share due to the widespread adoption of advanced electronic devices.
- According to the Indian Brand Equity Foundation (IBEF), India has aimed to achieve a target of USD 300 billion in electronics manufacturing and USD 120 billion in exports by 2025-26. Furthermore, the Union Budget 2023-24 has earmarked INR 16,549 crore (USD 2 billion) for the Ministry of Electronics and Information Technology, representing a substantial annual increase of approximately 40%. Numerous companies are consistently making significant investments in establishing manufacturing facilities, which will further support the market’s growth.
- Moreover, the government in the region is focusing on taking the initiative to increase the adoption of RISC-V technology, which will further support the market’s growth. For instance, in November 2023, the government of India announced the flag of the Nationwide Roadshow on Digital India’s RISC-V (DIR-V) Program. RISC-V (DIR-V) Program will offer opportunities to startups & entrepreneurs, and students to further catalyze the semiconductor ecosystem in India.
- Similarly, in November 2023, the Chinese government announced its comprehensive plan to develop domestic chips around RISC-V. The government has funded RISC-V chip development efforts, and many universities and science labs are also focusing on chip development around RISC-V.
- In addition, the Chinese Academy of Sciences (CAS) is also developing an advanced RISC-V chip called XiangShan-v3 in collaboration with top Chinese companies, including Alibaba, Tencent, and ZTE.
- Furthermore, the expansion of data centers in the region will drive the market’s growth. For instance, in March 2024, Colt Data Centre Services (Colt DCS) announced the expansion of its presence in Southern India with the acquisition of a new 10-acre plot in Chennai. It plans to deliver a hyperscale data center in the fast-growing digital hub of Ambattur, Chennai, by 2027.
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RISC-V Tech Industry Overview
The RISC-V Tech market is characterized as a semi-consolidated market featuring prominent players like Lattice Semiconductor, Microchip Technology, Andes Technology Corporation, SiFive Inc., and Huawei Technologies Co. Ltd. These key players in the market are actively pursuing various strategies, including partnerships and acquisitions, to enhance their product portfolios and establish sustainable competitive advantages.
- In April 2024, Imagination Technologies announced the introduction of a new RISC-V applications processor IP, the Imagination APXM-6200 CPU. The focus is on power density, commonly called the efficiency core. Target markets for the CPU include consumer and industrial devices, and eventually, an automotive version will also be included. The new processor is part of the Catapult CPU portfolio of IP processors.
- In March 2024, Renesas announced the release of general-purpose 32-bit RISC-V-based microcontrollers (MCUs) built with an internally developed CPU core. The new R9A02G021 microcontroller family offers embedded system designers a clear path to creating a wide range of energy-efficient and cost-effective applications based on the open-source instruction set architecture ISA.
RISC-V Tech Market Leaders
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Huawei Technologies Co. Ltd.
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SiFive, Inc.
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Microchip Technology
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Andes Technology Corp.
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Lattice Semiconductor
*Disclaimer: Major Players sorted in no particular order
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RISC-V Tech Market News
- October 2023 - Codasip announced a new highly configurable family of RISC-V baseline processors for unlimited innovation. The family, called the 700 family, includes applications and embedded cores. The 700 family complements Codasip's popular embedded cores and provides a different starting point to meet higher performance requirements.
- October 2023 - Qualcomm and Google announced a strategic partnership to make RISC-V chips for wearable devices like smartwatches. Qualcomm commercializes the RISC-V-based wearables solution globally, including in the United States, and it will help products within the Android ecosystem take advantage of custom processors that are low power and high performance.
RISC-V Tech Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
-
4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Threat of New Entrants
- 4.2.2 Bargaining Power of Buyers/Consumers
- 4.2.3 Bargaining Power of Suppliers
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Industry Value Chain Analysis
- 4.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Demand For High Performance Computing
- 5.1.2 The Surge of Connected Autonomous Vehicles
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5.2 Market Restraints
- 5.2.1 Lack of Implementation
- 5.2.2 High Switching Costs
6. MARKET SEGMENTATION
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6.1 By Application
- 6.1.1 Smartphones
- 6.1.2 5G Devices
- 6.1.3 Data Centers
- 6.1.4 Personal Computer and Game Consoles
- 6.1.5 Cellular Network Devices
- 6.1.6 IoT Devices
- 6.1.7 Other Applications
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6.2 By End-user Industry
- 6.2.1 Computing and Storage
- 6.2.2 Communication Infrastructure
- 6.2.3 Consumer Electronics
- 6.2.4 Automotive & Transportation
- 6.2.5 Medical
- 6.2.6 Aerospace & Military
- 6.2.7 Industrial
- 6.2.8 Other End-user Industries
-
6.3 By Geography***
- 6.3.1 North America
- 6.3.2 Europe
- 6.3.3 Asia
- 6.3.4 Australia and New Zealand
- 6.3.5 Middle East and Africa
- 6.3.6 Latin America
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles*
- 7.1.1 Codasip
- 7.1.2 Microchip Technology
- 7.1.3 Bluespec
- 7.1.4 Google Inc. (Alphabet Inc.)
- 7.1.5 Alibaba Group Holdings Ltd.
- 7.1.6 Andes Technology Corp.
- 7.1.7 Huawei Technologies Co. Ltd.
- 7.1.8 Starfive Technology Co. Ltd.
- 7.1.9 SiFive, Inc.
- 7.1.10 Lattice Semiconductor
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To Availablity**Subject to Availability
***In the final report, Asia, Australia, and New Zealand will be studied together as 'Asia-Pacific'
RISC-V Tech Industry Segmentation
RISC-V is a type of computer design that can be customized for different uses, from small devices to large computers. It delivers low-power usage and high performance across consumer and other electronic devices.
The RISC-V Tech market is segmented by Application (Smartphones, 5G Devices, Data Centers, Personal Computer and Game Consoles, Cellular Network Devices, IoT Devices, and Other Applications), End-user Industry (Computing and Storage, Communication Infrastructure, Consumer Electronics, Automotive & Transportation, Medical, Aerospace & Military, Industrial, and Other End-user industries), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America). The report offers market size and forecasts in value (USD) for all the above segments. It also covers the impact of COVID-19 aftereffects and other macroeconomic factors on the market.
| By Application | Smartphones |
| 5G Devices | |
| Data Centers | |
| Personal Computer and Game Consoles | |
| Cellular Network Devices | |
| IoT Devices | |
| Other Applications | |
| By End-user Industry | Computing and Storage |
| Communication Infrastructure | |
| Consumer Electronics | |
| Automotive & Transportation | |
| Medical | |
| Aerospace & Military | |
| Industrial | |
| Other End-user Industries | |
| By Geography*** | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Middle East and Africa | |
| Latin America |
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RISC-V Tech Market Research FAQs
How big is the RISC-V Tech Market?
The RISC-V Tech Market size is expected to reach USD 0.92 billion in 2024 and grow at a CAGR of 31.20% to reach USD 3.59 billion by 2029.
What is the current RISC-V Tech Market size?
In 2024, the RISC-V Tech Market size is expected to reach USD 0.92 billion.
Who are the key players in RISC-V Tech Market?
Huawei Technologies Co. Ltd., SiFive, Inc., Microchip Technology, Andes Technology Corp. and Lattice Semiconductor are the major companies operating in the RISC-V Tech Market.
Which is the fastest growing region in RISC-V Tech Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in RISC-V Tech Market?
In 2024, the North America accounts for the largest market share in RISC-V Tech Market.
What years does this RISC-V Tech Market cover, and what was the market size in 2023?
In 2023, the RISC-V Tech Market size was estimated at USD 0.63 billion. The report covers the RISC-V Tech Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the RISC-V Tech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
RISC-V Tech Industry Report
Statistics for the 2024 RISC-V Tech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. RISC-V Tech analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
RISC-V Tech Market Report Snapshots
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