PORTLAND, Oregon and PUNE, India, December 14, 2017 /PRNewswire/ --
According to a recent report published by Allied Market Research, titled, "Artificial Intelligence Chip Market by Technology and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global artificial intelligence chip market was valued at $661 million in 2016, and is projected to reach at $11,173 million by 2023, growing at a CAGR of 49.5% from 2017 to 2023.
AI is one of the fastest growing technologies over the years. Continuous efforts and developments to manufacture more human-like robots and increase in rate of deployments in developing regions have transformed the overall market.
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At present, North America dominates this market, followed by Europe. In 2016, the U.S. dominated the North American market. Increase in penetration of head-up display screens in luxury cars, smart wearables, and growth in venture capital investments have propelled the adoption of AI solutions.
The market for AI chip is driven by surge in implementation of AI chips in robotics and emergence of quantum computing. However, lack of skilled labor & other threats are some of the restraints of the artificial intelligence chip market. Nonetheless, the impact of these factors would be minimal due to the introduction of new technologies in the market.
GPU dominated the market in 2016, in terms of revenue. However, the FPGA sub-segment is projected to grow at the highest pace during the forecast period.
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Among the industry verticals segment, BFSI dominated the market in terms of spending in 2016 and is projected to continue its dominance during the forecast period.
KEY FINDINGS OF THE STUDY
- In 2016, the GPU sub-segment generated the highest revenue in the global market.
- In 2016, the BFSI industry generated the highest revenue among the other applications in the artificial intelligence chip market.
- Asia-Pacific is anticipated to witness the highest CAGR during the forecast period.
The key players profiled in the report include AMD (Advanced Micro Devices), Google Inc., Intel Corporation, NVIDIA, Baidu, Graphcore, Qualcomm, Adapteva, UC-Davis, and Mythic.
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SOURCE Allied Market Research