Global Artificial Intelligence (AI) Chipset Market is on Rise Due to Rapid Developments in Big Data Analytics

/EIN News/ -- PUNE, India, Jan. 07, 2020 (GLOBE NEWSWIRE) --

Market Highlights

The latest report published by Market Research Future (MRFR) asserts that the global artificial intelligence (AI) chipsets market is slated to acquire a significant market valuation of more than USD 16.65 billion by 2023, expanding at a substantial CAGR of 31.03% over the review period (2018-2023).

Drivers and Restraints

The global market for artificial intelligence (AI) chipsets is driven majorly due to the rising need for AI technology to manage the growing volume of multifaceted datasets. The increasing application of artificial intelligence for improving consumer services and reducing operational and hardware costs, along with the improving power of computing, is also contributing to the global artificial intelligence market over the review period. Whereas, the lack of a skilled labor force and the absence of appropriate norms and protocols may hinder the market growth over the assessment period. The growing focus of corporations on developing human-aware artificial intelligence systems and integrating artificial intelligence to edge strategies may also limit the growth of the market in the coming years. Besides these, the decreasing return on investments and restricted structured training data is also estimated to act as hampering factors for the market’s growth in the forecast period.

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Segmentation:

The segmentation of the global market for artificial intelligence (AI) chipsets has been done on the basis of components, technology, application, and vertical. Based on the components, the market has been bifurcated into hardware and software. The hardware segment consists of processors, ASIC, CPU, FPGA, GPU, and memory and network. The hardware segment dominated the market in 2017, with a value of USD 2.92 billion. This trend is anticipated to continue over the review period, influenced by the growing demand for hardware components such as memory chips and processors. On the basis of the technology, the market has been segmented into machine learning, natural language processing (NLP), and others (including deep learning and computer vision). The machine learning segment acquired up to 60% of the market share in 2017 and is predicted to record a significant CAGR of 30.95% over the forecast period. This is attributed to the growing deployment of AI chipsets to develop machine learning tools. The applications of AI chipsets are found in smartphones, robotics, smart wearables, automobiles, security systems, and medical imaging. The smartphone segment dominated the market with near 30% of the market share in 2017 and is expected to sustain its lead with a 29.33% CAGR over the review period. Artificial intelligence chipsets are adopted in various industrial verticals such as automotive, consumer electronics, retail, IT & Telecommunication, medical & entertainment, media & telecommunication, healthcare, and banking, financial services and insurance (BFSI). The consumer electronics segment is estimated to remain highly lucrative over the foreseeable future. The segment was acquired USD 901.80 million in 2017 and is likely to expand at a robust CAGR 28.36% over the review period.

Regional Analysis

The geographic analysis of the global artificial intelligence (AI) chipsets market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America, and the Middle East and Africa). North America is the leading regional market for artificial intelligence chipsets and acquired 40% of the market share in 2017. The augmented deployment of artificial intelligence (AI) chipsets in the established end-use industries such as automotive, healthcare, retail, manufacturing, and BFSI, coupled with the high concentration of industry giants and emerging AI companies primarily in the US are the significant factors driving the growth of the AI chip market in North America. Moreover, the presence of proper infrastructure for the research and development projects based on AI-centric technologies, including 5G, automation, quantum computing, robotics, and others, is also expected to fuel the market growth in the foreseeable future. The Asia Pacific market for artificial intelligence (AI) chipsets is expected to witness lucrative growth over the review period, at a notable CAGR. The regional market generated substantial revenue worth USD 1.18 billion in 2017 and is poised to record a significant value by 2023. Factors such as improving IT infrastructure and favorable government policies in countries such as Japan, China, India, Australia, South Korea, and Singapore are contributing to this substantial growth.

Competitive Analysis

The key market players acknowledged by MRFR in the global market are Xilinx, NVIDIA, Intel Corporation, Samsung Electronics, IBM Corporation, Micron Technology, Advanced Micro Devices, Qualcomm Technologies, Fujitsu Ltd, and Huawei Technologies Co Ltd., among others. Industry News December 2019: Samsung, a leading South Korean global technology conglomerate, joined hands with Chinese-language Internet search corporation Baidu, to develop its new Cloud-to-edge artificial intelligence (AI) chipset -- Kunlun. It is pertinent to observe that this was the first such partnership between the South Korean tech giant and the Chinese search giant. The chipset provided 512 gigabytes per second (GBps) memory bandwidth and offered up to 260 Tera operations per second (TOPS) at 150 watts.

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Global Artificial Intelligence (AI) Chipset Market Research Report: By Component (Hardware {Processors [CPU, GPU, ASIC, FPGA], Memory and Network} and Software), By Technology (Machine Learning, Natural Language Processing, and others), Application (Smartphones, Smart Wearable, Robotics, Automobile, Security Systems, and Medical Imaging), By Vertical (Consumer Electronics, Automotive, Retail, IT & Telecommunication, Media & Entertainment, Healthcare, and BFSI) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2025

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