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The Artificial Intelligence (AI) Chipets Market is set for higher growth over the forecast period. In terms of revenue, the global AI Chipets market reached USD 7.9 Billion in 2019 and is projected to touch USD 66.8 Billion by 2026, exhibiting a CAGR of 35.4%. Smart devices incorporated with AI Chipets have tremendous potential to gather data from IoT sensors and devices, fuelling the market growth.
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Introduction of the Artificial Intelligence Chip (AI Chip) Market
Artificial Intelligence (AI) Chip are silicon Chip incorporated with AI technology. The Chipets are specially designed to handle data to work like the human brain and have several applications extending from voice recognition to self-driving cars. These Chip help to solve mathematical and computational problems, thereby enhancing the proficiency of businesses all over the world.
• Intel Corporation
• IBM Corporation
• NVIDIA Corporation
• Samsung Electronics Co. Ltd
• Micron Technology Inc
• Microsoft Corporation
• Qualcomm Technologies Inc
• Google LLC
• Amazon Web Services (AWS)
• Xilinx Inc
Artifical Intelligence (A) Chipets Market Dynamics
AI Chip improve the operational performance of the device with sophisticated analytical functions, augmented reality (AR), and virtual reality (VR), and enhance the user experience. The major components of AI include machine vision, machine learning, and natural language processing. These components help enhance efficiency by reducing the cost and offering a machine-to-human combination. Factors such as a surge in demand for smart cities and smart homes, intensified investment in AI startups, and the evolution of quantum computing are anticipated to bolster the market growth. In the period of digital transformation, artificial intelligence is increasingly used to improve customer experience. The implementation of AI helps to overpower and support human infirmities with a higher level of authenticity. Thus, several leading players in the market are emphasizing developing AI Chip. In addition, the emergence of autonomous robotics will pave the way for market growth.
Besides this, the surge in the number of AI applications to improve computing power and the rise in the number of large and complicated data sets are other factors propelling the market growth. Deploying AI technology in businesses reduces the need for hardware and human resources. Thus, the accelerating espousal of AI technology to enhance customer service and reduce operational costs will significantly boost the Artificial Intelligence Chip (AI Chip) market size.
Though, in terms of yearly growth, the market is likely to fall slightly in 2020. This is because of the confined AI adoption in several end-user industries as a result of the lockdown enforced. The ongoing pandemic is likely to disturb the supply chain and the industry. Thus, this may delay the adoption of AI-powered hardware and software products, which will act as a barrier to the market. Also, the shortage of trained AI professionals and the insufficient protocols and standards are other factors that may restrain the Artificial Intelligence Chip (AI Chip) market growth.
Industry Segment Analysis
Based on industry, the AI Chipets market can be segmented into manufacturing, healthcare, agriculture, automotive, fintech, security, human resources, retail, marketing, and law. Amongst these, the automotive industry is expected to expand at the fastest rate over the forecast period. AI-powered Chip allow cars to surmise, discern, learn, and direct. It also helps to provide an autonomous, human level of interpretation, resulting in a safer and smarter driving experience. Thus, all these factors together will steer the growth of AI Chipets in the automotive industry.
Regional Market Drivers
The North American region is projected to dominate the market with the highest share over the forecast period. In North America, the increasing agitation about the protection of sensitive data has led to an increase in government involvement, leading to extensive usage of AI Chipets in safety applications. Moreover, governments in this region are increasingly investing in AI technology, which will further catalyze market growth. The existence of leading market players in North America, especially in the U.S, has bolstered the Artificial Intelligence Chip (AI Chip) market share.
Segmentation by Technology
• Machine Learning
• Natural Language Processing
• Context–Aware Computing
• Computer Vision
Segmentation by Hardware
Segmentation by Industry
• Human Resources
Segmentation by Region:
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major verticals helping our clients in making effective investment and business decisions.
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