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.
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
- In August 2020, Kneron, a leading full-stack edge AI solutions provider, launched its advanced AI chipset – ‘Kneron KL 720 SoC’. The aim is to provide a comprehensive and cost-effective AI chipsets suite for devices worldwide.
- In May 2020, Nvidia Corporation, a global corporation that manufactures graphics processors, mobile technologies, and desktop computers, expanded its EGX Edge AI platform by launching the new EGX Jetson Xavier NX and EGX A100. The aim is to offer secured AI processing and high-performance at the edge.
- In September 2019, Alibaba Group Holding Limited launched an AI-based chipset – ‘Hanguang 800’ that offers advanced computing capability on the cloud. This chip can accelerate machine learning tasks and improves the customer experience.
- In September 2019, Apple Inc. built its A11, A12, and A13 Bionic Chips for the high-performance processors that consist of core CPUs integrated with GPUs as accelerators.
The major players in the market are NVIDIA Corporation, Qualcomm Technologies Inc, Advanced Micro Devices Inc, Alphabet Inc., Intel Corporation, Apple Inc., Mythic Ltd., Baidu, Samsung Electronics Co. Ltd., and MediaTek Inc.
