Artificial Intelligence Hardware Market to See 30.6% Annual Growth Through 2024
WELLESLEY, Mass., December 17, 2019 (Newswire.com) - Increasing computer power and the increasing availability of big data for learning are two factors which drive the growth of the global artificial intelligence hardware market, according to a report by BCC Research, “Artificial Intelligence (AI) Hardware: Global Markets.”
The market expects to see a compound annual growth rate (CAGR) of 30.6% through 2024, when it could be worth $54.9 billion.
Major players in the market include: Intel Corporation, MediaTek Inc., Nvidia and Samsung.
Research Highlights
- Natural language processing as a segment of the overall global AI hardware market was worth $1.2 billion in 2018 and is expected to reach a value of $10.9 billion in 2024 at a CAGR of 43.3%.
- Computer vision as a segment of the overall global AI hardware market was worth $2.6 billion in 2018 and is expected to reach a value of $14.0 billion in 2024 at a CAGR of 31.9%
- North America held the highest revenue share in the market in 2018 at $4.4 billion, and it is expected to continue to dominate the revenue share with a value of $20.5 billion in 2024.
Read the full report here: https://www.bccresearch.com/market-research/instrumentation-and-sensors/artificial-intelligence-hardware-market-report.html
“The current trend of advancements in artificial intelligence is due largely to advances in specific areas of AI such as machine learning methods, which are also called neural networks,” write the BCC analysts. “Neural networks can be trained from massive data sets to recognize objects in images or to understand spoken words. Another promising effort is integrative AI, which brings together competencies including vision, speech, natural language, machine learning and planning to create more capable systems, such as ones that can see, understand and converse with people. Consumers are also playing a key role in the advancement of artificial intelligence technology. As the demand for intelligent systems and devices surges, manufacturers are forced to innovate and offer more advanced products to beat the competition.”
New Entrants in AI Hardware
The report adds that the AI hardware market is at a highly nascent stage, although there are already established semiconductor manufacturing giants such as Nvidia and Intel operating in a significant portion of the market. There has been an influx of high-end AI chip startups with innovative products and specific product lines. Moreover, some of the big players from the software and e-commerce industries such as Amazon, Facebook and Google, among others, are entering into semiconductor manufacturing in order to come up with product-oriented solutions that can offer high-end functionality and better user experiences. In some other cases, big players from the consumer electronics industry are, in order to withstand the competition, acquiring or funding startups to enhance their product lines to deliver better user experiences and thus be more in line with the market where AI integration is the next big thing.
Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.
Source: BCC Research
