The robotics process automation segment is projected to register the fastest CAGR of 49.9 percent in the next six years
According to a recent Allied Market Research report, the global Artificial Intelligence (AI) chip market is projected to attain $91.18 billion by 2025, registering a colossal CAGR of 45.2 percent during the forecast period. The market was pegged at $6.64 billion in 2018.
Rise in demand for smart homes & smart cities, surge in investments in AI startups and advent of quantum computing have boosted the growth of the global AI chip market, it said.
Based on chip type, the GPU chips segment held the largest share in 2018, accounting for around one-third of the market. This is due to the extensive use of these chips in both commercial & scientific applications and increased demand for non-graphic applications such as general-purpose computing and programming languages & tools.
The robotics process automation segment is projected to register the fastest CAGR of 49.9 percent through 2025, owing to attractive features of AI robots such as enhanced accuracy, low technical barriers, improved productivity & reliability and consistency.
North America holds largest share
Based on geography, the market across North America held the largest share in 2018, accounting for more than one-third of the total revenue. However, the market across the Asia-Pacific region is expected to manifest the fastest CAGR of 49.7 percent through 2025.
As per the report, major market players – including Advanced Micro Devices (AMD), Intel Corporation and Google – adopted various strategies such as partnerships, collaborations, new product launch and mergers & acquisitions to maintain their foothold in the market.
However, the report noted that dearth of skilled workforce is posing a challenge to the growth of this market.
On the contrary, rapid adoption of AI chips in the emerging countries and development of smart robots are expected to create numerous opportunities in the near future.