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Artificial Intelligence (Chipsets) Market Report 2024 - AI Chipsets Market Trends, Size And Growth
Artificial Intelligence (Chipsets) Market
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According to The Business Research Company's, The artificial intelligence (chipsets) market size has grown exponentially in recent years. It will grow from $18.25 billion in 2023 to $24.26 billion in 2024 at a compound annual growth rate (CAGR) of 32.9%. The growth in the historic period can be attributed to early developments in machine learning algorithms, growth of big data analytics, increasing demand for computational power, advances in neural network research, rise in cloud computing infrastructure.
The artificial intelligence (chipsets) market size is expected to see exponential growth in the next few years. It will grow to $70.24 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to accelerated adoption of ai in various industries, expansion of edge computing capabilities, growing demand for specialized ai chipsets, increased investment in ai research and development. Major trends in the forecast period include evolution of ai chip architectures, integration of ai in new application domains, advancements in natural language processing, rise of explainable ai for transparency, integration of ai in robotics and automation.
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Market Drivers and Trends:
The rising demand for autonomous vehicles is expected to propel the growth of the artificial intelligence (chipsets) market going forward. Autonomous vehicles, also known as self-driving cars or driverless cars, can navigate and operate on the road without direct human input. Artificial intelligence chipsets are used in autonomous vehicles to process sensor data, analyze the surrounding environment, make real-time decisions, and enable safe and efficient navigation without human intervention. For instance, in December 2022, according to the National Highway Traffic Safety Administration (NHTSA), a US-based government agency, there are expected to be approximately 3.5 million autonomous vehicles on U.S. roads by 2025, reaching 5.5 million by 2030. Therefore, the rising demand for autonomous vehicles drives the artificial intelligence (chipsets) market.
Product innovation is a key trend gaining popularity in the artificial intelligence (chipsets) market. Major companies operating in the artificial intelligence (chipsets) market are concentrating their efforts towards developing innovative solutions to provide reliable services to customers. For instance, in December 2023, Advanced Micro Devices, Inc., a US-based semiconductor company, announced the launch of AMD Instinct MI300X. It is an AI-based accelerator chip has 192 gigabytes of memory capacity and delivers roughly 1.9x times the performance-per-watt. It can achieve a peak theoretical memory bandwidth of 5.3 terabytes per second, surpassing the capabilities of the previous flagship AI chipset, the MI250X, by 1.5 times and 1.7 times.
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Major Key Players of the Market:
Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Microsoft Corporation, Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation, Qualcomm Technologies Inc., Micron Technology Inc., NVIDIA Corporation, AMD, MediaTek Inc., Baidu Inc., Xilinx Inc., Ampere Computing LLC, Cambricon Technologies Corporation, Horizon Robotics Inc., VeriSilicon Holdings Co., Cerebras Systems Inc., Greenwave Technology Solutions, Hailo, Graphcore Limited, SambaNova Systems Inc., Mythic Inc., Wave Computing Inc., Esperanto Technologies Inc., CogniTensor Inc., Syntiant Corporation, Tenstorrent Inc., BrainChip Holdings Ltd.
Artificial Intelligence (Chipsets) Market 2024 Key Insights:
• The artificial intelligence (chipsets) market size is expected to see exponential growth in the next few years. It will grow to $70.24 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%.
• Increasing Demand For Autonomous Vehicles Boosts The Artificial Intelligence (Chipsets) Market Growth
• Major Players Transform AI Landscape With Cutting-Edge Chipset Development
• North America was the largest region in the artificial intelligence (chipsets) 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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