Artificial Intelligence (AI) Chipsets Market Forecast to Grow at 37.1%% CAGR from 2024 to 2031 | SkyQuest Technology

June 19 08:55 2024
Artificial Intelligence (AI) Chipsets Market Forecast to Grow at 37.1%% CAGR from 2024 to 2031 | SkyQuest Technology
SkyQuest Technology
Artificial Intelligence (AI) Chipsets Market Size, Share, Growth Analysis, By Hardware(Processor (Graphic Processing Unit (GPU), Application-Specific Integrated Circuit (ASIC), Field Programmable Array (FPGA), Central Processing Unit (CPU)), By Computing Technology(Edge AI Computing, Cloud AI Computing), By End User(Consumer Electronics, Automotive and Transportation, Manufacturing, Agriculture)

Artificial Intelligence (AI) Chipset Market size was valued at USD 15.36 billion in 2022 and is poised to grow from USD 21.05 billion in 2023 to USD 262.78 billion by 2031, growing at a CAGR of 37.1% during the forecast period (2024-2031).

The growing use of automation and the rising use of AI in different industry verticals are also estimated to help artificial intelligence (AI) chipsets market development over the coming years. The rising adoption of artificial intelligence and the growing need for specialized hardware to run complex AI algorithms are projected to bolster the demand for AI chipsets in the future. 

Rising demand for autonomy in multiple applications and high investments in the development of novel AI hardware solutions are also estimated to bolster artificial intelligence (AI) chipsets market growth. Integration of other advanced technologies with artificial intelligence will also provide new opportunities for artificial intelligence chipset manufacturers in the long run. Healthcare, automotive, and manufacturing are forecasted to be the leading industries where sales of AI chipsets are projected to increase at a robust pace across the forecast period and beyond. Nvidia is estimated to remain the most important player in the AI chipset space to watch out for across the forecast period and beyond.

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Every AI Chipset Company is Racing to Innovate and Make the Most of the Artificial Intelligence Boom Going Forward 

The rising adoption of cloud technologies, deep learning, machine learning, and Internet of Things (IoT) is also estimated to present artificial intelligence (AI) chipset companies with new opportunities going forward. New companies are focusing on raising new capital to fund their R&D and expansion efforts. High investments in the research and development of new AI hardware and chipsets around the world are also slated to bolster market growth. Leading technology companies and semiconductor manufacturers are focusing on launching new products to dethrone Nvidia as the leading name in the AI hardware and chipset business.  

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  • In an effort to overtake Nvidia in terms of AI innovation, Advanced Micro Devices, a leading semiconductor manufacturer, announced the launch of a new line of AI processors in June 2024. With the launch of MI325X accelerator AMD also revealed its plans to launch more AI chips over the coming years to compete with Nvidia.  
  • MediaTek, a renowned semiconductor manufacturer from Taiwan, announced the launch of a new chipset for AI-powered laptops in June 2024. The Kompanio 838 chipset with 8 cores was estimated to be used in Chromebooks developed by Lenovo and Google.  
  • Apple, the trillion-dollar company behind iPhone is also reportedly working on developing its own AI chips. However, there is no clear timeline for when the company will come out with these products it is sure to emerge as a direct competitor for Nvidia when it succeeds in launching new AI chips.  
  • Plans to launch AI-focused chips by 2025 were revealed by Arm Holdings back in May 2024. The company had plans of developing a separate AI division to develop the prototype AI chip and launch its mass production by the end of 2025.  

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Growing demand for on-device AI capabilities and the rising use of artificial intelligence in applications are also estimated to augment the global artificial intelligence (AI) chipsets market development. Advancements in hardware technologies are also forecasted to augment the global artificial intelligence (AI) chipsets market development potential in the future. All companies, whether new or established, are forecasted to focus on breaking the dominance of Nvida in the AI chipset space. 

Related Report:

Artificial Intelligence Market

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