Blog: ARTIFICIAL INTELLIGENCE CHIP MARKET IS EXPECTED TO REACH US$ 83,252.7
Artificial intelligence and its applications such as machine learning and deep learning have been growing tremendously over the last few years. AI is being utilized extensively in numerous areas ranging from cloud computing applications to digital assistants and self-driving/autonomous vehicles. With ever increasing use cases of AI and the evolving market landscape, the advancements in present chips have become a necessity. AI is majorly used in data center training market where NVIDIA is the market leader. However, the demand for application-specific custom AI chips and inference on edge and data center are the fast-growing segments in Artificial intelligence chip market, and many new startups are coming up to tap this market.
The availability of massive amount of data originating from different data sources is one of the key factors driving the growth of artificial intelligence technology across the globe. The proliferation of smart devices, easy availability of internet, advancement of IoT, and the advent of smart homes and smart cities are some of the major reasons for the exponential increase in data generation. The connected devices are also increasing exponentially. These connected devices communicate and continuously generating enormous amount of data.
This digital revolution presents a massive opportunity for businesses to utilize the huge volumes of user/process data to gain useful insights. The paradigm shift due to companies embracing digitalization has reaped greater benefits for the enterprises and resulted in more revenue generation opportunities. Also, with the advancement in computing and storage technology, computing power has increased multi-fold during the last decade. This has created new opportunities for managing and computing the big sets of data, and when coupled with artificial intelligence technology this computing power can deliver useful business and customer insights. With artificial intelligence applications like machine learning and deep learning, companies have a tremendous opportunity to harness the data available for useful insights and thus increasing their revenue.
The most prominent market players in artificial intelligence chip market are Advanced Micro Devices, Inc., Alphabet Inc. (Google), Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Micron Technology, Inc., NVIDIA Corporation, Qualcomm Incorporated, Samsung Electronics Co., Ltd, and Xilinx, Inc. among others. Companies have taken several market initiatives to expand their footprint across the world and to fulfill the growing demand for artificial intelligence chips.