The global artificial intelligence chip market was valued at US$ 5,658.1 Mn in 2018 and is expected to reach US$ 83,252.7 Mn by 2027 with a CAGR growth rate of 35.0% in the forecast period from 2019 to 2027.
In last few years, Artificial intelligence and its applications such as Machine Learning (ML), Natural Language Processing (NLP), Expert Systems, Automated Speech Recognition, AI Planning, and Computer Vision have gained considerable traction in terms of both R&D and use cases across the globe. Various industry verticals have implemented AI technology for numerous use cases to utilize real-time analytics with self-learning technology in order to gain useful business insights. The Artificial Intelligence chip market has enormous potential in industries such as Retail, BFSI, Automotive, IT and Telecom among many others.
North America is the leading region in the global Artificial Intelligence chip market followed by Europe. Due to the willingness to spend and adopt artificial intelligence powered solutions and services by all the verticals, the artificial intelligence chip market in North America contributes the largest market share during the forecast period. The growing need for digitalization and smart technological solutions to implement intelligent business decisions have contributed substantially towards the growth of artificial intelligence chip market in North America. Other factors such as surge in demand for smartphones, industrial automation, internet of things (IoT), smart cities, smart homes, robotic process automation are also boosting the growth of artificial intelligence chip market in this region.
The global artificial intelligence chip market is bifurcated on the basis of segment into Data Centre and Edge. Based on type, the AI chip market is segmented into CPU, GPU, ASIC, FPGA and others. The others section include SoC Accelerators and other application specific custom & hybrid chips. Based on industry vertical, the artificial intelligence chip market is further segmented into BFSI, Retail, IT & Telecom, Automotive & Transportation, Healthcare, Media & Entertainment, and others. The others section in industry vertical includes education, utilities, oil & gas, mining, etc. (this section will vary with various geographic regions). Geographically, the market is divided into five regions including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The overall artificial intelligence chip market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the artificial intelligence chip market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the artificial intelligence technology.