WESTFORD, Mass., June 25, 2024 /PRNewswire/ -- As
per Skyquest, the global Artificial Intelligence (AI) Hardware
Market size was valued at USD 13.3
Billion in 2022 and is poised to grow from USD 23.5 Billion in 2023 to USD 84.9 Billion by 2031, growing at a CAGR of
15.5% in the forecast period (2024-2031).
Artificial intelligence (AI) hardware is hardware designed
specifically for AI-based applications. AL algorithms are highly
complex and require high computing and processing power, which is
why the need for special AI hardware is increasing around the
world. The global artificial intelligence (AI) hardware market is
segmented into type, end-user, product type, technology, material,
devices, deployment, application, and region.
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Artificial Intelligence (AI) Hardware Market
Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 23.5
billion
|
Estimated Value by
2031
|
$ 84.9
billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 15.5%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Product, Hardware Type,
Application and End User
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Expansion of AI
applications in different industry verticals
|
Key Market
Drivers
|
Advancements in
hardware technology
|
Segments covered in Artificial Intelligence (AI)
Hardware Market are as follows:
- Product
- Sound processor, Vision processor, Embedded sound processing
unit, Embedded vision processing unit
- Hardware Type
-
- Processors (CPUs, GPUs, TPUs, FPGAs), Memory (DRAM, SRAM,
NVM), Storage (HDDs, SSDs), Networking (Network interface cards,
switches)
- Application
- Machine Learning, Deep Learning, Computer Vision, Natural
Language Processing, Others
- End-User
- BFSI, IT & Telecommunication, Retail, Manufacturing,
Healthcare, Others
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AI Systems Powerless Without the Power of Processors
Processors play a crucial role in AI operations as they are the
prime hardware required to run and process complex AI algorithms.
CPUs, GPUs, ASICs, and TPUs are key processors that are used for
all kinds of AI operations and algorithms. High investments in the
research and development of new processors will help this
sub-segment hold a high market share. Meanwhile, the demand for AI
network hardware is forecasted to increase at a robust pace over
the coming years. The growing need for communication and data
exchange between different AI models is projected to promote the
sales of network hardware in the future. The generation of high
volumes of data from multiple AI models will also bolster the
demand for AI storage hardware.
Rising Use of Artificial Intelligence Across Multiple End
User Verticals to Boost Sales of AI Hardware
The IT and telecommunications industry is projected to be the
key end-user of AI hardware owing to the rapid deployment of
artificial intelligence solutions and services in this sub-segment.
From cybersecurity to software development almost all aspects of
the IT industry are projected to be teeming with artificial
intelligence adoption thereby driving the demand for artificial
intelligence (AI) hardware over the coming years. The banking,
financial services, and insurance (BFSI) end user is another highly
lucrative segment for artificial intelligence (AI) hardware
providers. The rapid adoption of AI solutions and tools to improve
security in the BFSI sector and the increasing digitization of this
industry are also slated to augment the global artificial
intelligence (AI) hardware market growth going forward.
Agriculture, robotics, and healthcare are other key end-user
sub-segments where the demand for AI hardware is estimated to be
bright in the future. Rapid digitization of the healthcare industry
and the growing use of advanced robotics technology are creating
new opportunities for AI hardware providers around the world.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/artificial-intelligence-in-hardware-market
Machine Learning to Spearhead AI Hardware Demand
Outlook
Majority of AI hardware is projected to be utilized for machine
learning technology as it is being used to train and power multiple
AI models and solutions. The development of advanced machine
learning algorithms and rising demand for faster training for AI
models will also push the demand for advanced AI hardware across
the forecast period. The use of highly complex machine learning
algorithms and the need for more processing power will create new
opportunities for artificial intelligence (AI) hardware companies
going forward. Machine vision is another technology that will
augment the demand for artificial intelligence (AI) hardware over
the coming years as its use in robotics increases.
The opportunities for artificial intelligence (AI) hardware
businesses are endless as AI adoption is still in its nascent
stages. Growing investments in the development of novel hardware
technology with better processing power will help artificial
intelligence (AI) hardware companies generate revenue from all
sub-segments of the market.
Related Reports:
Artificial Intelligence (AI) Market
Artificial Intelligence of Things (AIoT) Market
Edge Artificial Intelligence (AI) Market
Mobile Artificial Intelligence (AI) Market
Artificial Intelligence (AI) Robots Market
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Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
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We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
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Skyquest Technology
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USA (+1) 351-333-4748
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