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Generative AI in Chip Design Market Forecast 2024: Emerging Trends, Market Size, and Key Players
Generative AI in Chip Design Market Forecast
According to The Business Research Company's, The generative AI In chip design market size has grown exponentially in recent years. It will grow from $0.15 billion in 2023 to $0.20 billion in 2024 at a compound annual growth rate (CAGR) of 31.7%. The growth in the historic period can be attributed to the demand for faster and more efficient chips, the complexity of semiconductor designs, rapid technological advancements in AI, and growing data availability and computational power.
The generative AI In chip design market size is expected to see exponential growth in the next few years. It will grow to $0.59 billion in 2028 at a compound annual growth rate (CAGR) of 32.0%. The growth in the forecast period can be attributed to continued demand for high-performance chips, focus on design efficiency and productivity, and rising demand for customized and specialized chips. Major trends in the forecast period include advancements in model efficiency, domain-specific model development, integration with design automation tools, multi-objective optimization, and regulatory and ethical considerations.
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Market Drivers and Trends:
Growing demand for automotive applications is expected to propel the growth of the generative AI in chip design market going forward. Automotive pertains to anything related to motor vehicles or automobiles. This includes designing, developing, manufacturing, marketing, and selling motor vehicles. Generative AI application in automotive refers to the various ways technologies are utilized within the automotive industry to improve vehicles, enhance driving experiences, increase safety, and optimize operations. Automobiles sales are increasing due to consumer expectations for advanced safety features, connectivity, sustainability, and convenience in vehicles driving. Generative AI in chip design enhances automotive applications by optimizing semiconductor architectures for advanced driver-assistance systems (ADAS), autonomous driving, and energy-efficient vehicle electronics. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based standard group, global motor vehicle production reached 85.4 million units in 2022, marking a 5.7% rise from 2021. Therefore, growing demand for automotive applications is driving the growth of the generative AI in chip design market.
Major companies operating in the generative AI in chip design market are focusing on developing technologically advanced solutions, such as generative AI-based copilot, to meet the increasing demand for high-performance, energy-efficient computing solutions. A generative AI-based copilot is an artificial intelligence system that assists users by generating content, suggestions, or solutions based on context and user input. For instance, in November 2023, Synopsys Inc., a US-based electronic design automation company, launched Synopsys.ai Copilot. This tool provides a breakthrough generative artificial intelligence (GenAI) capability for accelerating chip design. The innovative tool integrates the Microsoft Azure OpenAI Service, providing access to OpenAI's large language models (LLMs) within the capabilities of Microsoft Azure. It enhances the chip design process with conversational intelligence and generative capabilities in natural language across design teams.
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Major Key Players of the Market:
Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, Qualcomm Incorporated, NVIDIA Corporation, Advanced Micro Devices, Texas Instruments Incorporated, MediaTek Inc., Renesas Electronics Corporation, Synopsys Inc., Marvell Technology Inc., Cadence Design Systems Inc., Altair Engineering, Tenstorrent Inc., Silvaco Group Inc., Cerebras Systems Inc., Graphcore Limited, SambaNova Systems, Mythic AI, Syntiant Corp., Esperanto Technologies, Efinix Inc.
Generative AI In Chip Design Market 2024 Key Insights:
• The generative AI In chip design market size is expected to see exponential growth in the next few years. It will grow to $0.59 billion in 2028 at a compound annual growth rate (CAGR) of 32.0%.
• Surging Demand For Automotive Applications Fuels Growth Of Generative AI In The Chip Design Market
• Advancements In Chip Design With Genai Capabilities
• North America was the largest region in the generative AI in chip design market in 2023
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