The North America AI chip market accounted for US$ 2.50 Bn in 2018 and is expected to grow at a CAGR of 32.0% over the forecast period 2019-2027, to account for US$ 30.62 Bn in 2027
NEW YORK, Nov. 12, 2019 /PRNewswire/ -- The North America AI chip market accounted for US$ 2.50 Bn in 2018 and is expected to grow at a CAGR of 32.0% over the forecast period 2019–2027, to account for US$ 30.62 Bn in 2027. The increase in data generation due to the increasing proliferation of digital services is the key driver that is driving the growth of the AI chip market. Moreover, the adoption of cloud-based AI solutions is expected to boost the AI chip market growth in the forecast period. Artificial intelligence and its applications such as machine learning and deep learning have been growing tremendously over the last few years. AI is being utilized extensively in numerous areas ranging from cloud computing applications to digital assistants and self-driving/autonomous vehicles. With ever increasing use cases of AI and the evolving market landscape, the advancements in present chips have become a necessity. AI is majorly used in data center training market where NVIDIA is a market leader. However, the inference on edge and data center are the fast-growing segments in AI chip market, and many new start-ups are coming up to tap this market. The innovative technologies and solutions offered by these start-ups are going to intensify the competition in the AI chip market and challenge the market leaders like NVIDIA and Intel. The funding scenario is looking good for these start-ups majorly due to the huge interest of global industries in artificial intelligence and its capabilities to transform business processes.
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The AI chip market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years.In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the AI chip market further.
For instance, the North American countries are developing various policies and outlining best practices to implement artificial intelligence for promoting innovation in various industry sectors.Further, the political agendas for North American countries are aligned with the development of Machine Learning (ML) and Artificial Intelligence (AI).
Artificial intelligence technologies such as self-adapting machine learning, deep learning, or Natural language processing are expected to transform the way businesses work.However, there are many challenges related to data privacy and other concerns that are in the way of mass penetration of AI in various industries.
Governments of various North American countries are working on drafting a robust and comprehensive set of regulations and policies for the holistic development of artificial intelligence in this region.
Based on the industry vertical segment, the BFSI industry segment of the AI chip market led the North America market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period.Banking, financial services, and insurance (BFSI) industries have great potential for AI applications due to the presence of huge financial and personal data of customers.
In this sector, a high amount of sensitive data is generated and exchanged every day.There are a growing volume and creation of endpoints and mobile devices in banks, credit card companies, and credit reporting institutions.
Thus, it becomes important for these industry verticals to harness this data to gain insights about various business aspects. Other factors such as credit risk modeling, detection of credit card fraud and money laundering, and surveillance of conduct breaches are fueling the demand for machine learning solution in BFSI vertical.
The overall AI chip market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the AI chip market.
It also provides an overview and forecast for the AI chip market based on all the segmentation provided with respect to the North America region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the AI chip market. Some of the players present in AI chip market are Advanced Micro Devices, Inc., Alphabet Inc. (Google), Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Micron Technology, Inc., NVIDIA Corporation, Qualcomm Incorporated, Samsung Electronics Co., Ltd., and Xilinx, Inc. among others.
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