Artificial Intelligence (chipsets) Market worth $64.5 billion by 2028 – Exclusive Report by MarketsandMarkets™

Press Releases

May 22, 2023

CHICAGO, May 22, 2023 /PRNewswire/ — The global Artificial Intelligence (chipsets) Market is expected to be valued at USD 18.6 billion in 2023 and is projected to reach USD 64.5 billion by 2028; it is expected to grow at a CAGR of 28.1% from 2023 to 2028 according to a new report by MarketsandMarkets™. With the proliferation of connected devices, the Internet of Things (IoT), and the digitization of various industries, a massive influx of data is being generated. AI chipsets are crucial in processing and analyzing this vast amount of data in real-time, enabling businesses to extract valuable insights and make data-driven decisions. However, the high costs associated with developing advanced AI (chipsets) pose a barrier to the growth of this market.

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Artificial Intelligence (chipsets) Market Report Scope:

Report Coverage	Details
Market Revenue in 2023	$18.6 billion
Estimated Value by 2028	$64.5 billion
Growth Rate	Poised to grow at a CAGR of 28.1%
Market Size Available for	2019–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Technology, Function, Hardware, End-user Industry and Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge	Data privacy concerns in AI platforms
Key Market Opportunities	Surging demand for AI-based FPGA
Key Market Drivers	The emerging trend of autonomous vehicles

Computer Vision is expected to hold the highest CAGR for the technology segment during the forecast period.

Computer vision applications often require real-time or near-real-time processing capabilities, mainly when immediate decisions or actions must be based on visual data. The demand for computer vision applications is growing across various industries, including healthcare, automotive, retail, surveillance, robotics, and augmented reality. These applications include object detection, image recognition, facial recognition, autonomous vehicles, and quality control systems. AI chipsets are essential for powering the advanced algorithms and processing capabilities required for real-time, high-performance computer vision tasks.

Inference function to hold the highest market share during the forecast period.

AI chipsets explicitly designed for inference functions are optimized for power efficiency and cost-effectiveness. Many AI applications, such as autonomous driving, industrial automation, natural language processing, and video analytics, require real-time or near-real-time data processing. AI chipsets optimized for inference function enable quick decision-making and response by processing data on the device without relying on cloud or remote servers. This low-latency processing capability is crucial for time-sensitive applications and is driving the growth of the artificial intelligence (chipsets) market for inference.

Artificial Intelligence (chipsets) market for memory hardware segment to hold the highest CAGR during the forecast period.

AI chipsets with advanced memory hardware are essential for storing and retrieving large datasets and model parameters, enabling efficient and high-performance AI processing. AI workloads, particularly those involving large-scale neural networks, demand high memory bandwidth to efficiently feed the vast amount of data to the processing units. Memory hardware that offers higher bandwidth, such as advanced memory interfaces like GDDR (Graphics Double Data Rate) and HBM, enables faster data transfers and improves overall system performance. The growing need for enhanced memory bandwidth drives the adoption of advanced memory solutions in AI chipsets.

Artificial Intelligence (chipsets) market for the healthcare industry to hold the highest market share during the forecast period.

The healthcare industry has seen a surge in investments in AI healthcare startups and collaborations between technology companies, healthcare providers, and research institutions. These investments drive innovation in AI chipsets, accelerate product development, and facilitate the integration of AI technologies into existing healthcare systems. Collaborations between AI chipset manufacturers and healthcare providers enable the customization and deployment of AI chipsets for specific healthcare needs. AI chipsets are crucial for powering the high-performance computing required to process complex medical data and run AI algorithms in real-time. These factors are driving the adoption of AI chipsets in the healthcare sector.

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Artificial Intelligence (chipsets) market in Canada for North America to hold the highest market share during the forecast period.

The Canadian government has recognized AI’s potential and taken proactive measures to support its development. Initiatives such as the Pan-Canadian AI Strategy and the Vector Institute for Artificial Intelligence have been established to foster AI research, talent development, and commercialization. The government provides funding and grants to startups and companies involved in AI research and development, including those in the AI chipset sector. Canada has a robust AI research and development ecosystem, with renowned academic institutions, research centers, and AI-focused companies. Institutions like the University of Toronto, McGill University, and the University of Waterloo have significantly contributed to AI. This research expertise fosters innovation and drives advancements in AI chipsets, leading to market growth.

The Artificial Intelligence (chipsets) companies includes significant Tier I and II players like Intel Corporation (US), Nvidia Corporation (US), Qualcomm Technologies Inc. (US), Micron Technology, Inc. (US), Advanced Micro Devices, Inc. (US), and others. These players have a strong market presence for Artificial Intelligence (chipsets) across various North America, Europe, Asia Pacific, and RoW countries.

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