Growth Outlook, Trends, and Strategic Insights for the Hardware Artificial Intelligence Market

The Business Research Company recently released a comprehensive report on the Global Hardware Artificial Intelligence Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The hardware artificial intelligence market size has grown exponentially in recent years. It will grow from $6.91 billion in 2023 to $8.44 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to rapid growth in data volume, performance improvement, demand for low latency, demand for energy-efficient solutions, regulatory compliance and standards, global competition and market dynamics.

The hardware artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $18.50 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The growth in the forecast period can be attributed to advancements in ai algorithms, security and privacy concerns, scalability and flexibility, industry-specific applications. Major trends in the forecast period include ai hardware-as-a-service, hardware for autonomous systems, on-chip memory hierarchies, ethical ai hardware design.

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Market Drivers and Trends:

An increasing number of internet consumers across the globe is expected to propel the growth of the hardware artificial intelligence market going forward. Internet consumers use the internet to access information, communicate with others, and engage in various online activities. The growing interconnectedness of the global economy and society has fueled greater reliance on the internet for cross-border communication, collaboration, and commerce, resulting in a rising number of Internet users worldwide, especially in emerging markets. The utilization of hardware AI enhances user experiences, enabling faster data processing and facilitating the expansion of internet access through advancements in devices such as smartphones, smart speakers, and IoT devices. For instance, according to the International Telecommunication Union, a Switzerland-based specialized agency, the number of people using the internet globally is approximately 5.3 billion individuals, constituting 66% of the global population in 2022, an increase of 6.1% compared to 2021. Therefore, an increasing number of internet consumers across the globe is driving the growth of the hardware artificial intelligence market.

Major companies operating in the hardware artificial intelligence market are developing technologically advanced products, such as new AI chips, to capitalize on the growing demand for specialized hardware optimized for AI workloads. These are specialized computing hardware used in developing and deploying artificial intelligence systems designed to handle the uniquely complex computational requirements of AI algorithms quickly and efficiently. For instance, in December 2023, Advanced Micro Devices, Inc., a US-based IT corporation, launched two new AI chips, the Instinct MI300X accelerator and the Instinct M1300A accelerated processing unit (APU), which are designed to train and run large language models (LLMs) and are more energy-efficient than their predecessors. The MI300X has 1.5 times more memory capacity than the previous M1250X version and is comparable to Nvidia's H100 chips in training LLMs but performs better on the inference side. Both chips aim to power advancements in generative AI and are designed to handle the complex computational requirements of AI algorithms quickly and efficiently.

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Major Key Players of the Market:

Google Plc, Samsung Electronics Co. Ltd., Microsoft Corporation, Dell Technologies Inc., Bosch GmbH, Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation, Xilinx Inc., Oracle Corporation, Honeywell International Inc., Micron Technology, NVIDIA Corporation, Hewlett Packard Enterprise, Toyota Industries Corporation, Safran S.A., Thales Group, Leidos Holdings Inc., Rockwell Automation Inc., The Smiths Group plc, Arm Limited, Axis Communication AB, Inspur Information Technology Co. Ltd., OSI Systems Inc., Graphcore Limited

Hardware Artificial Intelligence Market 2024 Key Insights:

• The hardware artificial intelligence market size is expected to grow to $18.50 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%.
• Internet Consumer Growth Fueling Hardware Artificial Intelligence Market Expansion
• Hardware Artificial Intelligence Market Drive Innovation With New AI Chip Developments
• North America was the largest region in the hardware artificial intelligence market in 2023

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