RISC-V Tech Market Size (2024 - 2029)

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 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.