Global AI Accelerator Chip Market Expected to Grow Substantially Owing to Increased Use of AI Accelerator Chips in Healthcare Industry [270-Pages] | Clarified by Research Dive

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Mar 17, 2023, 06:59 ET

The global AI accelerator chip market is expected to grow primarily due to the growing use in healthcare industry. Cloud sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow with a high CAGR by 2031.

NEW YORK, March 17, 2023 /PRNewswire/ --

Global AI Accelerator Chip Market Forecast Analysis:

As per the report published by Research Dive, the global AI accelerator chip market is expected to register a revenue of $332,142.7 million by 2031 with at a CAGR of 39.3% during the 2022-2031 period.

Segments of the AI Accelerator Chip Market

The report has divided the AI accelerator chip market into the following segments:

Chip Type: Graphics Processing Unit (GPU), Application-Specific Integrated Circuit (ASIC), Field Programmable Gate Arrays (FPGA), Central Processing Unit (CPU), and others

Processing Type: edge and cloud

Application: Natural Language Processing (NLP), computer vision, robotics, and network security

Industry Vertical: financial services, automotive and transportation, healthcare, retail, telecom, and others

Region: North America, Europe, Asia-Pacific, and LAMEA

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Segment	Sub-Segment
Chip Type	Central Processing Unit (CPU) – Most dominant market share in 2021
Chip Type	Use of CPU for improving performance of a computer while running graphics and video editors is expected to push the growth of this sub-segment further.
Processing Type	Cloud – Significant revenue growth in 2021
Processing Type	Cloud acceleration chip helps content creators, publishers, and other entities to offer material to end users promptly which is predicted to propel the growth rate of the market higher.
Application	Natural Language Processing (NLP) – Highest market share in 2021
Application	Increased use of Natural Language Processing (NLP) due to its ability to make computer-human interactions more natural is expected to propel the sub-segment forward.
Industry Vertical	Heathcare– Huge market revenue in 2021
Industry Vertical	Growing use of AI by major healthcare companies to complement medical imaging is anticipated to offer numerous growth opportunities to the sub-segment in the forecast period.
Region	North America – Most profitable by 2031
Region	Development of new technologies in artificial intelligence (AI) accelerators in this region is predicted to propel the market in the forecast period.

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Dynamics of the Global AI Accelerator Chip Market

Growing use of AI accelerator chips across the global healthcare industry is expected to become the primary growth driver of the AI accelerator chip market in the forecast period. Additionally, the rise of the cyber safety business is predicted to propel the market forward. However, according to market analysts, lack of skilled AI accelerator chip workforce might become a restraint in the growth of the market.

Growing use of AI accelerator chip semiconductors is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increased use of AI accelerator chips to execute AI workloads such as neural networks is expected to propel the AI accelerator chip market forward in the coming period.

COVID-19 Impact on the Global AI Accelerator Chip Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The AI accelerator chip market, too, was negatively impacted due to the pandemic. The disruptions in global supply chains due to the pandemic resulted in decline in the semiconductor manufacturing industry. Also, the travel restrictions put in place by various governments reduced the availability of skilled workforce. These factors brought down the growth rate of the market.

Key Players of the Global AI Accelerator Chip Market

The major players of the market include

NVIDIA Corporation
Micron Technology Inc.
NXP Semiconductors N.V.
Intel Corporation
Microsoft Corporation
Advanced Micro Devices Inc. (AMD)
Qualcomm Technologies Inc.
Alphabet Inc. (Google Inc.)
Graphcore Limited.
International Business Machines Corporation

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For instance, in May 2022, Intel Habana, a subsidiary of Intel, announced the launch of 2^nd generation AI chips which according to the company, will provide 2X performance advantage over previous generation NVIDIA A100. This product launch will help Intel Habana to capitalize on this rather nascent market and will consolidate its lead over the competitors further.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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