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Artificial Intelligence (AI) In Chip Design Market Size, Insights, Outlook, Overview And Report To 2024-2033
Artificial Intelligence (AI) In Chip Design Market Size
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According to The Business Research Company's, The artificial intelligence (AI) in chip design market size has grown exponentially in recent years. It will grow from $1.91 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 34.1%. The growth in the historic period can be attributed to the surge in edge computing, growing adoption of cloud computing and edge computing, the emergence of neuromorphic computing, increasing demand for advanced Artificial Intelligence (AI) applications, increasing data traffic, and the growing trend towards autonomous vehicles.
The Artificial Intelligence (AI) in chip design market size is expected to see exponential growth in the next few years. It will grow to $8.47 billion in 2028 at a compound annual growth rate (CAGR) of 34.8%. The growth in the forecast period can be attributed to increasing adoption of Artificial Intelligence (AI) in consumer electronics, expansion of Artificial Intelligence (AI) applications in healthcare, increasing investment in Artificial Intelligence (AI) research and development, government initiatives and funding, and increasing demand for Artificial Intelligence (AI)-optimized chips. Major trends in the forecast period include advancements in machine learning and deep learning models, integration of Artificial Intelligence (AI) chips in the internet of things (IoT) devices, quantum computing integration, customizable Artificial Intelligence (AI) chips, and development of advanced computer vision.
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Market Drivers and Trends:
The increasing demand for consumer electronics is expected to propel the growth of artificial intelligence in the chip design market going forward. Consumer electronics refers to electronic devices intended for everyday use by individuals, including smartphones, televisions, laptops, cameras, and home appliances. The demand for consumer electronics is due to continuous innovation, growing reliance on digital devices for communication, work, entertainment, and education, and the proliferation of the internet and the expansion of wireless networks. Artificial intelligence-based chip design enhances the performance and efficiency of consumer electronics by optimizing hardware for artificial intelligence applications, leading to faster, more intelligent devices. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, Japan's electronic equipment output in May 2023 amounted to 771,457 units, with consumer electronics production reaching 32,099 units, marking an increase from 25,268 units in May 2022. Therefore, the increasing adoption of artificial intelligence chips in consumer electronics has driven the growth of artificial intelligence in the chip design market.
Major companies operating in the artificial intelligence (AI) in chip design market are focusing on advanced solutions such as, AI chips to compete and dominance in the AI semiconductor market. AI chips, or artificial intelligence chips, are specialized processors designed to accelerate AI-related tasks, such as machine learning, neural network processing, and deep learning. For instance, in June 2024, Advanced Micro Devices Inc., a US-based company that manufactures semiconductors, launched MI325X accelerator, an AI chip. The MI325X is designed to meet the increasing demand for sophisticated chips that support complex AI applications in data centers. This new chip is designed to significantly enhance performance in AI applications, with expectations to outperform the existing MI300 series by 35 times in inference tasks, which is crucial for generative AI applications. The new processors feature advanced architectures optimized for AI and machine learning tasks, focusing on high throughput and parallel processing capabilities.
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Major Key Players of the Market:
Amazon Inc., Apple Inc., Alphabet Inc., Intel Corporation, IBM Corporation, Qualcomm Inc., NVIDIA Corporation, Advanced Micro Devices Inc. (AMD), HCL Technologies Limited, Microchip Technology Inc., Synopsys Inc., Cadence Design Systems Inc., Xilinx Inc., Arm Holdings PLC, Tessolve, SambaNova Systems Inc., Cerebras Systems Inc., Groq Inc., Mythic Inc., Rebellions Inc.
Artificial Intelligence (AI) In Chip Design Market 2024 Key Insights:
• The Artificial Intelligence (AI) in chip design market size is expected to see exponential growth in the next few years. It will grow to $8.47 billion in 2028 at a compound annual growth rate (CAGR) of 34.8%.
• Rising Consumer Electronics Demand Fuels Growth In AI-Driven Chip Design Market
• Advancements In Artificial Intelligence Chips With Major Players And Their Contributions To Enhanced Processing Power And Efficiency
• North America was the largest region in the artificial intelligence (AI) in chip design market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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