With 28.1% CAGR, Artificial Intelligence (chipsets) Market Growth to Surpass USD 64.5 billion

The global AI (chipsets) market is expected to be valued at USD 18.6 billion in 2023 and is projected to reach USD 64.5 billion by 2028; it is expected to grow at a CAGR of 28.1% from 2023 to 2028. The market growth is driven by the increasing utilization of AI in various industries, including healthcare, finance, automotive, retail, and more. The demand for AI-powered applications such as natural language processing, computer vision, autonomous vehicles, and intelligent assistants is proliferating. AI chipsets are essential components for enabling high-performance computing and efficient processing of AI algorithms, driving market growth.

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In terms of hardware, the processor market is projected to account for the largest share of the AI (chipsets) market in 2028. AI chipsets are specifically designed to accelerate AI workloads, such as deep learning and neural networks. These chips incorporate specialized hardware components, such as tensor processing units (TPUs), which can perform matrix computations required by AI algorithms much faster than general-purpose processors. The performance gain achieved with AI chipsets is crucial for real-time AI applications and large-scale data processing. The demand for AI-powered applications and technologies has rapidly increased across various industries, including healthcare, finance, autonomous vehicles, and intelligent devices. AI chipsets are designed to handle the complex computational requirements of these applications more efficiently than traditional processors, leading to their increased adoption.

Manufacturing market for AI (chipsets) to account for the highest CAGR during the forecast period. The manufacturing industry has witnessed a significant rise in the adoption of AI technology. AI-powered systems and robotics are used for various applications, including predictive maintenance, quality control, process optimization, and automation. AI chipsets are essential components of these systems, driving their performance and efficiency. Additionally, AI chipsets can be tailored to specific manufacturing requirements, allowing companies to optimize their plans for their unique applications. Manufacturers can develop customized AI models and algorithms designed to enhance their production processes and address industry-specific challenges. This flexibility and customization potential contribute to the higher adoption of AI chipsets in manufacturing.

The AI (chipsets) market in Asia Pacific to account for the highest share in 2023. The Asia Pacific region, including countries like China, India, Japan, and South Korea, has a large population and a rapidly growing economy. This creates a significant market for AI applications, leading to increased demand for AI chipsets. Various industries in Asia Pacific, such as manufacturing, healthcare, finance, and retail, are embracing AI technologies to improve efficiency, productivity, and customer experiences. These industries require AI chipsets to power their AI applications, thereby contributing to this region's AI (chipsets) market growth.

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Major players operating in the AI (chipsets) market are Intel Corporation (US), Nvidia Corporation (US), Qualcomm Technologies Inc. (US), Micron Technology, Inc. (US), Advanced Micro Devices, Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Apple Inc. (US), IBM (US), Alphabet, Inc. (US), Huawei Technologies (China). These companies have reliable manufacturing facilities and strong distribution networks across critical regions like North America, Europe, and Asia Pacific. They have an established portfolio of reputable products, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with more comprehensive applications, broader geographical use cases, and a more extensive product footprint.

News also Covered: https://www.prnewswire.com/news-releases/artificial-intelligence-chipsets-market-worth-64-5-billion-by-2028---exclusive-report-by-marketsandmarkets-301830507.html

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