The global AI Chips Market is expected to grow at a CAGR of 44.6% during the forecast period. An Artificial Intelligence (AI) chip is a chip designed to perform AI tasks using the technologies related to AI. With the rise in quantum computation and the need for solving mathematical and computational problems in organizations, the use of AI chips is increasing. There are large volumes of data generated due to digitization and the integration of technologies. Monitoring and analysis of such huge data is difficult and can be simplified by making the use of AI chips. Moreover, data centres have multiple central processing units that consume high energy and do not provide the accuracy and efficiency. The use of AI chips in data centres helps in improving efficiency and accuracy, and it also reduces energy consumption.
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The market for AI chips is witnessing significant growth due to its use in decision-making processes, information and technology, automotive and transportation, and others. There is a rise in investment and development in smart homes, smart cities, smart TVs, smart robots, and others that make the use of AI chips. The AI chip market is segmented on the basis of deployment type, chip type, application, technology, and end-use industry. On the basis of applications, the machine learning segment is holding the largest market share due to its ability to help a machine in imitating human behaviour. The automotive sector is using AI chips in self-driving cars that will further boost the market for AI chips.
The market for AI chips is segmented on the basis of regions as North America, Europe, Asia Pacific, Latin America and Middle East Africa. The North America region has the highest share in the AI chip market due to the presence of highly advanced technologies and developed infrastructure. The Asia-Pacific region is expected to witness significant growth during the forecast period due to an increase in R&D initiatives and developments in the automotive and transportation, healthcare, retail, finance, and other sectors. Developments in the automotive sector such as self-driving cars require safety and reliability that can be fulfilled by the use of AI chips.
There are many players in the market that are into manufacturing AI chips, such as AMD, Adapteva, Alphabet, Baidu, Google, Inc., Graphcore, Huawei Technologies, Intel Corporation, Mythic, NVIDIA, Qualcomm, UC-Davis, and others. Companies are using strategies such as partnerships, mergers and acquisitions, and joint ventures, in order to expand their product portfolio and gain larger market share. For instance, Intel Corporation, an American company that is into manufacturing of processors, chipsets and others, acquired Mobileye, an Israeli company that develops driver-assistance systems in an attempt to provide safer solutions to autonomous vehicles.