Artificial Intelligence Chip Global Market 2024: Growth Prospects, Leading Nations, Future Trends, Revenue Forecast Through 2033

The artificial intelligence chip market size has grown exponentially in recent years. It will grow from $21.71 billion in 2023 to $30.04 billion in 2024 at a compound annual growth rate (CAGR) of 38.4%. The growth in the historic period can be attributed to increased data generation, rise in healthcare sector, investment in ai research, rise in retail and e-commerce, rise in economic growth.

The artificial intelligence chip market size is expected to see exponential growth in the next few years. It will grow to $117.07 billion in 2028 at a compound annual growth rate (CAGR) of 40.5%. The growth in the forecast period can be attributed to growing demand for data-intensive applications, advancements in machine learning algorithms, growing automotive sector, rising financial services, rising urbanization. Major trends in the forecast period include customized ai hardware, edge ai acceleration, quantum computing integration, neuromorphic computing, energy-efficient ai chips:.

Market Overview -
Artificial intelligence chips are specific computer chips designed to achieve high efficiency and speed for computations related to AI at the expense of low efficiency and speed for other calculations and that is used for assisting clients in obtaining business insights at scale across banking, finance, trading, insurance applications, and client engagements.

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Rising Demand For Smart Homes And Cities Fuels The Growth Of Artificial Intelligence Chips
An increase in demand for smart homes and smart cities is expected to propel the growth of the artificial intelligence chips market going forward. A ""smart city"" refers to a city that uses digital or information-communication technology to improve the comfort and efficiency of human life. One strategy for urbanisation that aims to achieve sustainable growth is making cities equipped with cutting-edge features for residents to live, walk, shop, and enjoy a safer and more convenient existence. For instance, in March 2022, according to an article shared by Arab News, a Middle East English-language daily newspaper, Saudi Arabia launched a new smart city project in Jeddah for light industries and auto repair, opening the first two stages of the city, the second of which is a 500,000 square metre labour city. A total of 5 million square metres is covered by the Smart City initiative. Further, According to Saudi Vision 2030, a Saudi Arabia-based strategic framework, the city is distinguished by an interconnected infrastructure and the application of digital and smart technology to offer automated services to customers. Therefore, the increase in demand for smart homes and smart cities is driving the growth of artificial intelligence chips.

Competitive Landscape -
Major companies operating in the artificial intelligence chip market include Intel Corporation, Mediatek Inc, NVIDIA Corporation, Qualcomm Technologies Inc., Advanced Micro Devices Inc, Alphabet Inc, NXP Semiconductors N.V, Micron Technology Inc, IBM Corporation, Apple Inc, Huawei Technologies Co Ltd, Mythic Inc, Samsung Electronics Co ltd., LG Corporation, Google LLC, Advanced Micro Devices Inc, Baidu, Mellanox Technologies, Xilinx Inc., Graphcore, Cerebras Systems, Habana Labs, Vinova Pte Ltd., MemryX Inc., BrainChip Holdings Ltd., NeuReality Ltd.

Atom Ai Chip And Technological Advancements In The Ai Chip Market
Major companies in the artificial intelligence chips market are advancing in their new technologies and research and developments in the artificial intelligence chips market, such as the Atom AI chip to excel at running computer vision and chatbot AI applications. For instance, in February 2023, Rebellions Inc., a South Korea-based company that specializes in the development of generative AI chips, launched Atom. Atom uses unique decentralized programming model and technology that will enable customers to arm themselves with the most powerful yet energy efficient AI hardware as well as seamless software integration. This new chip is designed to consume only about 20% of the power of other powerful chips in the market and is expected to provide a domain-specific AI processor along with optimized software.

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Key Segments -
The artificial intelligence chip market covered in this report is segmented -
1) By Chip Type: GPU, ASIC, FPGA, CPU, Other Chip Types
2) By Processing Type: Edge, Cloud
3) By Technology: System-On-Chip (SoC), System-In-Package (SIP), Multi-Chip Module, Other Technologies
4) By Application: Natural Language Processing (NLP), Robotics, Computer Vision, Network Security, Other Applications
5) By Industry: Media and Advertising, BFSI, IT and Telecom, Retail, Healthcare, Automotive and Transportation, Other Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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