December 18, 2020
According to the research report titled ‘Global Artificial Intelligence (AI) Hardware Market Size study, by Technology (Machine Learning, Computer Vision, Natural Language Processing, Expert Systems), by Computation Type (Central Processing Unit, Graphics Processing Unit, Application-Specific Integrated Circuits, Others), by End-User (Banking, Financial Services and Insurance (BFSI), IT and Telecom, Healthcare, Automotive, Aerospace and defense, Retail, Others) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global artificial intelligence (AI) hardware market accounted for USD 9.8 billion in 2019 and is expected to grow with a CAGR of 37.5% during 2020-2027.
Technological developments, increase in demand for Big Data and analytics, and rising utilization of the product in IT & telecom and banking sectors are the factors fueling the growth of global artificial intelligence (AI) hardware market. Notably, artificial intelligence is the simulation of human intelligence by machines, and the AI hardware is ideal for simulation of AI applications.
According to the NewVantage Partners, the number of companies that invest over USD 500 million annually in big data increased to 21.1% in 2019 from 12.7% in 2018, indicating the importance of AI and Big Data across organizations, hence propelling industry growth.
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Moreover, rising prevalence of COVID-19 has fueled utility & adoption of artificial intelligence (AI) hardware, due to its major support in screening, tracking, and predicting the present and future patients affected by coronavirus infection. However, scarcity of expertise and lack of R&D activities are the major factors restraining the global artificial intelligence (AI) hardware market outlook during the forecast period.
Based on end-user spectrum, global artificial intelligence (AI) hardware market is segmented into aerospace & defense, IT & telecom, banking, financial services & insurance (BFSI), automotive, retail, healthcare, and others. Speaking of computation type, the industry is divided into central processing unit (CPU), application-specific integrated circuits (ASICS), graphics processing unit (GPU), and others. In terms of technology, the industry is divided into natural language processing, machine learning, computer vision, and expert systems.
From a regional frame of reference, worldwide artificial intelligence (AI) hardware industry share is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to the early adoption of artificial intelligence technology, and abundance of new technology-based solution vendors in the region.
Meanwhile, Asia Pacific market is anticipated to experience robust growth over 2020-2027, owing to increasing investment in AI technology by different end-use industries, and rising demand for big data and analytics in the region.
Major players operating in worldwide artificial intelligence (AI) hardware market sphere include International Business Machines (IBM) Corp., Rockwell Automation, Inc., Qualcomm Technologies, Inc., Huawei Technologies Co. Ltd., MediaTek, Inc., Samsung Electronics Co. Ltd., Advanced Micro Devices, Inc., Intel Corp., Xilinx, Inc., and Nvidia Corporation.