Global AI Accelerator Chip Market Expected to Grow Substantially Owing to Increased Use of AI Accelerator Chips in Healthcare Industry.
The global AI accelerator chip market is expected to grow primarily due to its growing use in the healthcare industry. The cloud sub-segment is expected to flourish immensely. The market in the North American region is predicted to grow with a high CAGR by 2031.
NEW YORK, March 17, 2023 – As per the report published by Research Dive, the global AI accelerator chip market is expected to register a revenue of $332,142.7 million by 2031 with a CAGR of 39.3% during the 2022-2031 period.
Dynamics of the Global AI Accelerator Chip Market
Growing use of AI accelerator chips across the global healthcare industry is expected to become the primary growth driver of the AI accelerator chip market in the forecast period. Additionally, the rise of the cyber safety business is predicted to propel the market forward. However, according to market analysts, lack of skilled AI accelerator chip workforce might become a restraint in the growth of the market.
The growing use of AI accelerator chip semiconductors is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the increased use of AI accelerator chips to execute AI workloads such as neural networks is expected to propel the AI accelerator chip market forward in the coming period.
COVID-19 Impact on the Global AI Accelerator Chip Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The AI accelerator chip market, too, was negatively impacted due to the pandemic. The disruptions in global supply chains due to the pandemic resulted in a decline in the semiconductor manufacturing industry. Also, the travel restrictions put in place by various governments reduced the availability of skilled workforce. These factors brought down the growth rate of the market.
Key Players of the Global AI Accelerator Chip Market
The major players in the market include:
- NVIDIA Corporation
- Micron Technology Inc.
- NXP Semiconductors N.V.
- Intel Corporation
- Microsoft Corporation
- Advanced Micro Devices Inc. (AMD)
- Qualcomm Technologies Inc.
- Alphabet Inc. (Google Inc.)
- Graphcore Limited.
- International Business Machines Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in May 2022, Intel Habana, a subsidiary of Intel, announced the launch of 2nd generation AI chips which according to the company, will provide a 2X performance advantage over the previous generation NVIDIA A100. This product launch will help Intel Habana to capitalize on this rather nascent market and will consolidate its lead over the competitors further.
What the Report Covers:
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
Segments of the AI Accelerator Chip Market
The report has divided the AI accelerator chip market into the following segments:
Chip Type: Graphics Processing Unit (GPU), Application-Specific Integrated Circuit (ASIC), Field Programmable Gate Arrays (FPGA), Central Processing Unit (CPU), and others
Processing Type: edge and cloud
Application: Natural Language Processing (NLP), computer vision, robotics, and network security
Industry Vertical: financial services, automotive and transportation, healthcare, retail, telecom, and others
Region: North America, Europe, Asia-Pacific, and LAMEA
|Chip Type||Central Processing Unit (CPU)|
– Most dominant market share in 2021
– The use of CPU for improving the performance of a computer while running graphics and video editors are expected to push the growth of this sub-segment further.
|Processing Type||Cloud – Significant revenue growth in 2021|
Cloud acceleration chip helps content creators, publishers, and other entities to offer material to end users promptly which is predicted to propel the growth rate of the market higher.
|Application||Natural Language Processing (NLP) – Highest market share in 2021|
Increased use of Natural Language Processing (NLP) due to its ability to make computer-human interactions more natural is expected to propel the sub-segment forward.
|Industry Vertical||Healthcare– Huge market revenue in 2021|
The growing use of AI by major healthcare companies to complement medical imaging is anticipated to offer numerous growth opportunities to the sub-segment in the forecast period.
|Region||North America – Most profitable by 2031|
The development of new technologies in artificial intelligence (AI) accelerators in this region is predicted to propel the market in the forecast period.