In the last few years, AI and its applications like ML, NLP, automated speech recognition and computer vision, have gained substantial traction
The global artificial intelligence (AI) chip market is estimated to reach US$ 83.25 billion by 2027. The market would witness a compound annual growth rate (CAGR) of 35 per cent in the during 2019 to 2027 period, according to a recent report by Research and Markets.
In 2018, the global AI chip market was valued at US$ 5.6 billion, the report mentions.
In the last few years, AI and its applications like machine learning (ML), natural language processing (NLP), automated speech recognition, expert systems, computer vision and AI planning, have gained substantial traction in terms of research and development (R&D) as well as use cases across the world.
In order to gain useful business insights, various industry segments have adopted AI technology for multiple use cases to utilise real-time analytics with self-learning technology. The AI chip market has huge potential in many industries such as automotive, retail, BFSI, IT and telecom, among others.
Growing adoption of AI-powered solutions
Region-wise, the AI chip market is segregated into five regions including North America, South America, Asia-Pacific, Europe and Middle East and Africa. North America is the leading market for global AI chip, due to the willingness to spend and adopt AI-powered solutions by all the verticals.
In addition, factors like the increasing demand for smartphones, internet of things (IoT) devices, industrial automation, smart homes, smart cities and robotic process automation (RPA) are boosting the growth of AI chip market in this region, the report states.
Based on industry segments, the global AI chip market is divided into retail, BFSI, IT & telecom, automotive & transportation, healthcare and media & entertainment. The other verticals include utilities, education, mining and oil & gas.