Artificial Intelligence Chip Market to Reach $383.7 Billion, Globally, by 2032 at 38.2% CAGR: Allied Market Research
The growth of the global artificial intelligence chip market is driven by factors such as increase in demand for smart homes, development of smart cities, and emergence of quantum computing.
New Castle, Delaware, Sept. 06, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Artificial Intelligence Chip Market By Chip Type (GPU, ASIC, FPGA, CPU, Others), By Processing Type (Edge, Cloud), By Technology (System On Chip, System In Package, Multi Chip Module, Others), By Application (Nature Language Processing, Robotics, Computer Vision, Network Security, Others), By Industry Vertical (Media And Advertising, BFSI, IT And Telecom, Retail, Healthcare, Automotive And Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global artificial intelligence chip market was valued at $14.9 billion in 2022, and is projected to reach $383.7 billion by 2032, registering a CAGR of 38.2% from 2023 to 2032.
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Artificial intelligence chips are used across a broad spectrum of industries and applications. Artificial intelligence chips consist of AI specialized graphics processing units (GPUs), application-specific integrated circuits (ASICs), and field-programmable gate arrays (FPGAs). These are way more faster and more efficient than general purpose CPUs
Prime determinants of growth
Rise in demand for smart homes and smart cities, increase in investment in AI startups, and emergence in quantum computing are expected to drive the growth of artificial intelligence chip market during the forecast period. In addition, the market opportunity is anticipated to be driven by increase in adoption of AI chips in developing economies. The market expansion is, however, hampered by lack of skilled workforce. Increase in development of smarter robots based on 5G and widespread use of AI chips in smart homes are anticipated to present prospective growth opportunities for the global artificial intelligence chip market during the forecast period.
Report coverage & details:
|Market Size in 2022||$14.9 billion|
|Market Size in 2032||$383.7 billion|
|No. of Pages in Report||381|
|Segments covered||Chip Type, Processing Type, Technology, Application, Industry Vertical, and Region.|
|Drivers||Increase in demand for smart homes and smart cities Rise in investments in AI startups Emergence of quantum computing|
|Opportunities||Increase in adoption of AI chips in the developing regions Development of smarter robots|
|Restraints||Dearth of skilled workforce|
- The impact of COVID-19 on the manufacturing industry significantly affected the global economy. Electronic components such as sensors, ICs, and other semiconductor devices are mostly imported from China. Owing to the temporary shutdown of manufacturing units during the pandemic, the prices of semiconductor components increased by 2-3%, due to shortage of supplies.
- Major players that operate in the AI chip market made a few moderate R&D cuts, which allowed them to sustain a rich and evolving product portfolio. In addition, companies were projected to strive to fund innovation, rather than setting the bare minimum budget needed to keep R&D running.
The CPU segment to maintain its leadership status throughout the forecast period.
Based on chip type, the CPU segment held the highest market share in 2022, accounting for more than one-third of the global artificial intelligence chip market revenue, and is estimated to maintain its leadership status throughout the forecast period, as the CPU’s have the capacity to handle sequential code, and it is expected to propel market growth, and the fusion of CPU with FPGA presents attractive prospects for major market players. However, the ASIC segment is projected to manifest the highest CAGR of 39.8% from 2023 to 2032, as it is expected to rise significantly in emerging markets during the forecast period.
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The edge segment to maintain its leadership status throughout the forecast period.
Based on processing type, the edge segment held the highest market share in 2022, accounting for more than three-fifths of the global artificial intelligence chip market revenue, owing to the advancements in technology, and increase in demand for state-of-the art artificial intelligent systems for healthcare and BFSI industry verticals. Moreover, the edge segment is projected to manifest the highest CAGR of 40.3% from 2023 to 2032, and is estimated to maintain its leadership status throughout the forecast period.
The healthcare segment to maintain its leadership status throughout the forecast period.
Based on industry vertical, the healthcare segment held the highest market share in 2022, accounting for nearly one-fifth of the global artificial intelligence chip market revenue, as it serve the purpose of diagnosis & treatment, disease management, clinical trials, wellness, and reimbursement. Moreover, others segment is projected to manifest the highest CAGR of 44.2% from 2023 to 2032 and is estimated to maintain its leadership status throughout the forecast period, as it find its expanding implementation in industry verticals such as agriculture, law, educational institutions.
North America to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global artificial intelligence chip market revenue. The Asia-Pacific region is expected to witness the fastest CAGR of 42.1% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the advancements in algorithmic software systems have revolutionized the market in Asia-Pacific with Google’s AlphaGo program that defeated Korea’s Lee Sedol, world’s top third player of a complex game Go. Many large and mid-size markets in the region have extensively adopted AI technologies, specifically in the finance and healthcare sectors.
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Leading Market Players: –
- Qualcomm Technologies Inc.
- MediaTek Inc
- NVIDIA Corporation (Mellanox Technologies)
- Alphabet Inc.
- NXP Semiconductors
- Intel Corporation
- Samsung Electronics Co Ltd
- Advanced Micro Devices Inc.(Xilinx Inc.)
- SoftBank Corp.
The report provides a detailed analysis of these key players of the global artificial intelligence chip market. These players have adopted different strategies such as acquisition, branding, new product launches, collaborations, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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