Artificial Intelligence Chip Market size worth $ 109.83 Billion, Globally, by 2028 at 40.17% CAGR: Verified Market Research®
The increasing need for more efficient systems to solve mathematical & computational problems, the emergence of quantum computing, and the growing implementation of AI chips in robotics are expected to drive the growth
JERSEY CITY, N.J., Oct. 11, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Artificial Intelligence Chip Market" By End-user (Healthcare, Manufacturing, Automotive, Retail), By Technology (Machine Learning, Predictive Analysis, Natural Language Processing), and By Geography. According to Verified Market Research, the Global Artificial Intelligence Chip Market size was valued at USD 7.37 Billion in 2020 and is projected to reach USD 109.83 Billion by 2028, growing at a CAGR of 40.17% from 2021 to 2028.
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Global Artificial Intelligence Chip Market Overview
The AI investment landscape witnessed another year of solid growth in 2019, with the US taking the lead, reaching a record US$22.7 billion. Despite many headwinds and realignment of interest and priorities that can breed uncertainty, the market did not suffer any fatigue. Enterprises are increasingly warming up to the AI value. Not only are enterprises actively adopting automation to automate repetitive processes, ensure compliance, and enhance customer experience, but also they are partnering with machine learning platforms and acquiring AI startups and talent to build data pipelines, create proprietary AI models, and manage their machine learning development and operation lifecycle.
Different key players have been innovating to develop a dedicated platform; for instance, Mythic's platform has the advantage of processing digital/analog calculations in memory, resulting in enhanced performance, accuracy, and power life. Furthermore, the surge in need to integrate video surveillance & AI and the rise in government spending for cybersecurity solutions integrated with real-time analytics & AI are anticipated to boost the growth of the artificial intelligence chip. Hence, the increase in investments in AI startups drives the global AI Chips Market growth.
However, there are relatively higher prices of AI chips and the scarcity of skilled workforce with the knowledge of AI-based systems, especially in developing economies. These may adversely impact the global AI Chips Market growth.
Key Developments in Artificial Intelligence Chip Market
Verified Market Research has segmented the Global Artificial Intelligence Chip Market On the basis of End-user, Technology, and Geography.
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