Artificial Intelligence (AI) Chip Market Outlook
According to a new report by Expert Market Research titled, “Global Artificial Intelligence (AI) Chip Market Share, Size, Analysis, Report and Forecast 2024-2032″, the artificial intelligence (AI) chip market reached a value of USD 19.60 billion in 2023. Aided by rising implementation of artificial intelligence chips in robots and rising demand for smart homes, the market is projected to further grow at a CAGR of 31.8% between 2024 and 2032 to reach a value of USD 230.13 billion by 2032.
The AI chip, an intrinsic component of modern tech, is specifically engineered to execute tasks related to artificial intelligence, machine learning, and deep learning. As industries progressively pivot towards automation and intelligence-driven operations, AI chips have become fundamental in driving efficiency, reducing latency, and ensuring faster data processing. This is particularly evident in applications like autonomous vehicles, smart homes, and next-generation smartphones, to name a few.
A salient factor elevating the global artificial intelligence (AI) chip market growth is the burgeoning demand for smart and connected devices. As consumers globally lean towards devices that offer enhanced user experience, seamless multitasking, and real-time data analysis, the integration of AI chips has become indispensable. The ever-evolving realm of smartphones, wearable devices, and smart speakers, all of which increasingly harness the power of AI, underscore this trend.
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With tech titans like NVIDIA, AMD, and Intel investing heavily in R&D, we can anticipate breakthroughs that can redefine the AI chip landscape. Furthermore, with regions like Asia-Pacific rapidly advancing in tech adoption, bolstered by countries like China and India, the artificial intelligence (AI) chip market outlook looks strong.
Further, industries are witnessing a paradigm shift towards automation and data-driven decision-making processes. AI chips play a pivotal role in this transformation, making them invaluable in sectors such as healthcare for diagnostics and treatment suggestions, finance for fraud detection, and e-commerce for personalised shopping experiences.
Another critical aspect is the accelerating research in the field of autonomous vehicles. As automotive giants race to perfect self-driving cars, AI chips stand at the forefront, processing vast amounts of data in real-time, ensuring safety, and enabling these vehicles to ‘think’ and ‘decide’. This burgeoning domain promises a substantial surge in artificial intelligence (AI) chip market demand.
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However, the canvas is broader. With the Internet of Things (IoT) ecosystem proliferating, devices interconnectivity hinges on swift data processing, making AI chips indispensable. Likewise, in the cloud computing space, AI chips ensure data centres operate efficiently, managing colossal data volumes and offering speedy services to clients.
The global artificial intelligence (AI) chip market is driven by a gamut of applications across diverse sectors, coupled with technological advancements and heavy investments, the market promises substantial growth in the coming years.
Artificial Intelligence (AI) Chip Market Segmentation
The market can be divided based on chip type, technology, processing type, application, end use, and region.
Market Breakup by Chip Type
- GPU
- ASIC
- FPGA
- CPU
- Others
Market Breakup by Technology
- System On Chip
- System In Package
- Multi Chip Module
- Others
Market Breakup by Processing Type
- EDGE
- Cloud
Market Breakup by Application
- Nature Language Processing
- Robotics
- Computer Vision
- Network Security
- Others
Market Breakup by End Use
- Automotive and Transportation
- BFSI
- Healthcare
- IT and Telecom
- Media and Advertising
- Retail
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global artificial intelligence (AI) chip market. Some of the major players explored in the report by Expert Market Research are as follows:
- Nvidia Corporation
- Intel Corporation
- Alphabet Inc.
- IBM Corporation
- Qualcomm Technologies, Inc
- Graphcore Limited
- Advanced Micro Devices, Inc.
- Micron Technology, Inc
- MediaTek Inc,
- SambaNova Systems
- Others
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