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Generative Artificial Intelligence (AI) Chipset Market 2024 - Size, Overview And Upcoming Trends 2033
Generative Artificial Intelligence (AI) Chipset Market Demand
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According to The Business Research Company's, The generative artificial intelligence (AI) chipset market size has grown exponentially in recent years. It will grow from $25.19 billion in 2023 to $32.30 billion in 2024 at a compound annual growth rate (CAGR) of 27.8%. The growth in the historic period can be attributed to increasing computational power needs, increasing deep learning, increasing investments in AI research, increasing demand for real-time AI processing, and increasing consumer interest in AI-powered devices.
The generative artificial intelligence (AI) chipset market size is expected to see exponential growth in the next few years. It will grow to $86.24 billion in 2028 at a compound annual growth rate (CAGR) of 27.9%. The growth in the forecast period can be attributed to the explosion of big data, development of GPUs, cloud computing growth, support for mixed precision computing, and government initiatives and funding. Major trends in the forecast period include integration of edge computing, integration with FPGA and ASIC technologies, advanced cooling solutions, cross-platform compatibility, and advanced interconnect technology.
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Market Drivers and Trends:
The growing adoption of cloud-based solutions is expected to propel the growth of the generative artificial intelligence (AI) chipset market going forward. Cloud-based solutions refer to services and resources that are delivered over the internet rather than being hosted on local servers or physical hardware. The rising adoption of cloud-based solutions is due to offering scalable resources, cost efficiency, and flexible access to data and applications from anywhere, which enhances operational agility and reduces infrastructure costs for businesses. Generative AI chipsets enhance cloud-based solutions by accelerating the processing of complex AI models, improving the efficiency of data handling, and enabling real-time, high-performance computations, which in turn support more advanced and responsive cloud services and applications. For instance, in December 2023, according to a report published by Eurostat, a Luxembourg-based government agency, in 2023, 42.5% of EU enterprises utilized cloud computing services, primarily for email, file storage, and office software, reflecting a 4.2 percentage point increase from 2021. Therefore, the growing adoption of cloud-based solutions is driving the growth of the generative artificial intelligence (AI) chipset market.
Major companies operating in the generative artificial intelligence (AI) chipset market are focusing on developing advanced solutions, such as premium mobile platforms, to enhance on-device generative AI capabilities. A premium mobile platform with a generative AI chipset refers to a high-end mobile device that features advanced artificial intelligence hardware capable of creating and optimizing content and enhancing user experiences. For instance, in October 2023, Qualcomm Technologies Inc., a US-based semiconductor company, launched its latest premium chipset, the Snapdragon 8 Gen 3, which is designed to enhance generative AI capabilities in top-tier smartphones. The Snapdragon 8 Gen 3 is engineered to support advanced generative AI applications, enabling smartphones to carry out tasks such as real-time voice translation, automatic content creation, and improved photo editing directly on the device. This move towards on-device processing decreases reliance on cloud services, leading to faster speeds and enhanced privacy for users.
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Major Key Players of the Market:
Samsung Electronics Co Ltd., Microsoft Corporation, Huawei Technologies Co. Ltd., Amazon Web Services Inc., LG Electronics Inc., Intel Corporation, Cisco Systems Inc., Qualcomm Technologies Inc., Broadcom Inc., Micron Technology Inc., NVIDIA Corporation, Advanced Micro Devices Inc., MediaTek Inc., Synopsys Inc., Arm Holdings plc, Lattice Semiconductor Corporation., Rambus Inc., Cerebras Systems Inc., Hailo Technologies Ltd., SiMa.ai Inc
Generative Artificial Intelligence (AI) Chipset Market 2024 Key Insights:
• The generative artificial intelligence (AI) chipset market size is expected to see exponential growth in the next few years. It will grow to $86.24 billion in 2028 at a compound annual growth rate (CAGR) of 27.9%.
• Growing Adoption Of Cloud-Based Solutions Is Driving The Growth Of The Generative AI Chipset Market.
• Advancements In Generative AI Chipset Enhanced Market Growth
• North America was the largest region in the generative artificial intelligence (AI) chipset market in 2023
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