Artificial Intelligence driven Marketing Communications
Availability of massive amount of data, demand for superior customer service, efficient operations and better sales revenue are some of the key factors driving the growth of Artificial intelligence market. With the advancement in computing and storage technology, computing power has increased multi-fold during the last decade. This computing power has created new opportunities for managing and computing the big sets of data, and when coupled with artificial intelligence technology, it can deliver useful insights to the businesses. Major artificial intelligence applications for which AI chips are being used include Machine Learning (ML), Natural Language Processing (NLP), Expert Systems, Automated Speech Recognition, AI Planning, and Computer Vision. Machine Learning is a branch of artificial intelligence that enables machines to develop the ability of self-learning and adaption through experience without being explicitly programmed. It is a method of data analysis that automates analytical model building. Machine Learning is one of the most use cases application of artificial intelligence chips.
The key companies operating in the field of artificial intelligence chip market that are profiled in the report include Advanced Micro Devices, Inc., Alphabet Inc. (Google), Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Micron Technology, Inc., NVIDIA Corporation, Qualcomm Incorporated, Samsung Electronics Co., Ltd, and Xilinx, Inc. Several other start-ups are emerging in the market such as Graphcore, Cambricon, Thinkforce, Barefoot Networks, Unisound, Horizon Robotics, WestWell Labs, and Brain Corp. among many others.
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Artificial Intelligence Chip Market – Region Breakdown, 2018
The global market for artificial intelligence chips is anticipated to exhibit very high growth in the near future. Some of the major driving factors contributing to the market growth include increasing investments in AI chip start-ups, and availability of massive amount of data due to the proliferation of digital services across the globe. Real-time consumer behavior insights, increased operational efficiency, and improved sales revenue are some of the factors responsible for rising adoption of AI chips across major industry verticals. Also, growing spending on enhanced IT security is expected to drive the growth of AI Chip market. However, there are few factors which are expected to restrain the market growth such as data privacy & security concerns and lack of infrastructure and technology know-how in third world countries. During the forecast period, rising adoption of cloud-based computing across industries and the adoption of artificial intelligence chips in edge devices will present significant opportunities for market players operating in the AI chip market.
With the availability of enormous amount of data and vast scalability of cloud-based compute power, artificial intelligence has become a huge trend across industries in these past few years. In today’s digital world, information is the key for enterprises to be successful and to maintain sustainable growth. Most industries especially service sector rely deeply on analytics to provide them with useful business insights and enable them to remain competitive in the market. Enterprises have been continuously automating their business processes that were earlier conducted either programmatically or manually. With advancements in AI chips and introduction of application-specific custom chips, enterprises now have the capability to collect real-time analytics and to transform their data into actionable insights. There are numerous use cases available in the market of AI being successfully implemented across industry verticals. The rising adoption of artificial intelligence among North American countries is set to nurture the artificial intelligence chip market in this region during the forecast period.
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Market initiatives by the players propelling the growth of Artificial Intelligence Chip market
In the global artificial intelligence chip market, new market initiative is a strategy adopted by various companies to expand their footprint across the world and meet the growing demand of customers. The market players present in the artificial intelligence chip market are mainly focusing towards product enhancements by implementing advanced technologies. By signing partnership, contracts, joint ventures, and funding, companies are expanding their footprint in the artificial intelligence chip market. Most of the artificial intelligence chip market initiatives were observed in Asia Pacific, North America, and Europe regions, which have high density of AI implementations.
Segment by End-User Insights
On the basis of industry vertical, the global artificial intelligence chip market is categorized into BFSI, Retail, IT & Telecom, Automotive & Transportation, Healthcare, Media & Entertainment and Others. The others segment include public utilities, government, education, oil & power, and manufacturing among others. Artificial intelligence allows businesses to prioritize and automate decision making, analyze big complex structured and unstructured data to provide deeper insights, and improve efficiency by accurate planning. Industry verticals such as banking and retail generate huge amount of data ranging from operations data to customer feedbacks. Availability of huge data is a perfect opportunity for application of artificial intelligence in various business processes. AI applications such as machine learning, computer vision and, anomaly detection algorithms can be applied for quality control in various industries.
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