The rising number of AI applications to improve the computing power and decrease hardware cost, the increasing number of large and complex datasets, and the growing adoption of AI for enhancing consumer services are the major factors that are contributing to the growth of the — artificial intelligence chip market. In the era of digital transformation, AI based technologies are being widely used to improve the overall customer service. It has become necessary for every organization to offer reliable customer experience to retain their existing customers and sustain in the competitive business landscape. The increasing implementation of AI is helping in overcoming and supporting the human shortcomings and offers a higher level of reliability.
The deployment of AI technology in the business process helps in improving workflow efficiency, decreasing the need to outsource work, minimizes the need for hardware deployment, and allows to reduce human resources. Thus, the increasing adoption of AI technology for customer service and reduction in operational cost are the significant factors that are responsible for the expansion of the artificial intelligence chip market size in the coming years.
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AI is being increasingly used by businesses for brand management, software testing, customer service, human resource management, and development, and fraud detection. An AI-based system also helps in preventing cyber-attacks by identifying abnormal requests or behavior from the user. Therefore, the growing number of AI applications across multiple businesses is encouraging the adoption of AI chips. On the other edge, the lack of skilled AI professionals and the absence of protocols and standards are certain factors that will hamper the growth of the global artificial intelligence chip market.
On the basis of technology, the NLP segment is anticipated to emerge as the maximum revenue generating segment during the forecast period. This is due to the numerous exceptional features offered by this technology, such as the conversion of a large amount of unstructured data to the structured form, and voice assistance technology, which helps in improving customer experience.
Based on the hardware, the processor segment is expected to witness considerable growth in the next six years. The processor segment involves microprocessor units (CPUs), field-programmable gate arrays (FPGAs), graphics processing units (GPUs), and application specific integrated circuits (ASICs). The GPUs are considered as a core component of AI, as it is integrated with neural network hardware and is used for inference and training in devices. The increasing usage of processors in self-driving cars and other technologies will further accelerate the growth of the segment.
On the basis of the industry, the automotive segment is anticipated to maintain its dominance during the forecast period. AI-powered chips allow the cars to think, see, learn, and navigate. It also helps in providing an autonomous, human level performance and perception, which leads to a safer and smarter driving experience. Therefore, the combination of all these factors is boosting the growth of AI chips in the automotive industry.
On the basis of the region, the North American region is expected to be the fastest growing region during the forecast period. This is due to the presence of a large number of leading players of the market, especially in the U.S. Furthermore, governments in this region are largely emphasizing on the utilization of AI technology, which will further enhance the demand of the market in this region.
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The key players of the artificial intelligence chip market include Qualcomm Technologies Inc, IBM Corporation, Samsung Electronics Co. Ltd, Intel Corporation, NVIDIA Corporation, Microsoft Corporation, Micron Technology Inc, Google LLC, Xilinx Inc, and Amazon Web Services (AWS), among others.
The research report on the artificial intelligence chip market provides an in-depth analysis of the market revenue based on technology, hardware, industry, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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