The hardware artificial intelligence global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Hardware Artificial Intelligence Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
hardware artificial intelligence market size has grown exponentially in
recent years. It will grow from $6.91 billion in 2023 to $8.44 billion
in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in
the historic period can be attributed to rapid growth in data volume,
performance improvement, demand for low latency, demand for
energy-efficient solutions, regulatory compliance and standards, global
competition and market dynamics.
The hardware artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $18.50 billion in 2028 at a compound annual growth rate (CAGR) of 21.7%. The growth in the forecast period can be attributed to advancements in ai algorithms, security and privacy concerns, scalability and flexibility, industry-specific applications. Major trends in the forecast period include ai hardware-as-a-service, hardware for autonomous systems, on-chip memory hierarchies, ethical ai hardware design.
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Scope Of Hardware Artificial Intelligence Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hardware Artificial Intelligence Market Overview
Market Drivers -
An
increasing number of internet consumers across the globe is expected to
propel the growth of the hardware artificial intelligence market going
forward. Internet consumers use the internet to access information,
communicate with others, and engage in various online activities. The
growing interconnectedness of the global economy and society has fueled
greater reliance on the internet for cross-border communication,
collaboration, and commerce, resulting in a rising number of Internet
users worldwide, especially in emerging markets. The utilization of
hardware AI enhances user experiences, enabling faster data processing
and facilitating the expansion of internet access through advancements
in devices such as smartphones, smart speakers, and IoT devices. For
instance, according to the International Telecommunication Union, a
Switzerland-based specialized agency, the number of people using the
internet globally is approximately 5.3 billion individuals, constituting
66% of the global population in 2022, an increase of 6.1% compared to
2021. Therefore, an increasing number of internet consumers across the
globe is driving the growth of the hardware artificial intelligence
market.
Market Trends -
Major companies operating in the
hardware artificial intelligence market are developing technologically
advanced products, such as new AI chips, to capitalize on the growing
demand for specialized hardware optimized for AI workloads. These are
specialized computing hardware used in developing and deploying
artificial intelligence systems designed to handle the uniquely complex
computational requirements of AI algorithms quickly and efficiently. For
instance, in December 2023, Advanced Micro Devices, Inc., a US-based IT
corporation, launched two new AI chips, the Instinct MI300X accelerator
and the Instinct M1300A accelerated processing unit (APU), which are
designed to train and run large language models (LLMs) and are more
energy-efficient than their predecessors. The MI300X has 1.5 times more
memory capacity than the previous M1250X version and is comparable to
Nvidia’s H100 chips in training LLMs but performs better on the
inference side. Both chips aim to power advancements in generative AI
and are designed to handle the complex computational requirements of AI
algorithms quickly and efficiently.
The hardware artificial intelligence market covered in this report is segmented –
1) By Type: Processor, Network, Storage
2)
By Product: Central Processing Unit (CPU), Graphics Processing Unit
(GPU), Application-Specific Integrated Circuit (ASIC),
Field-Programmable Gate Array (FPGA), Memory, Modules
3) By Technology: Machine Learning, Computer Vision, Other Technologies
4)
By End Use Industry: Banking, Financial Services And Insurance (BFSI),
Information Technology (IT) And Telecommunication, Healthcare, Media And
Entertainment, Aerospace And Defense, Manufacturing, Automotive,
Agriculture, Retail, Other End Users
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Regional Insights -
North
America was the largest region in the hardware artificial intelligence
market in 2023. The regions covered in the hardware artificial
intelligence market report are Asia-Pacific, Western Europe, Eastern
Europe, North America, South America, Middle East, Africa.
Key Companies -
Major
companies operating in the hardware artificial intelligence market are
Google Plc, Samsung Electronics Co. Ltd., Microsoft Corporation, Dell
Technologies Inc., Bosch GmbH, Huawei Technologies Co. Ltd., Intel
Corporation, International Business Machines Corporation, Xilinx Inc.,
Oracle Corporation, Honeywell International Inc., Micron Technology,
NVIDIA Corporation, Hewlett Packard Enterprise, Toyota Industries
Corporation, Safran S.A., Thales Group, Leidos Holdings Inc., Rockwell
Automation Inc., The Smiths Group plc, Arm Limited, Axis Communication
AB, Inspur Information Technology Co. Ltd., OSI Systems Inc., Graphcore
Limited
Table of Contents
1. Executive Summary
2. Hardware Artificial Intelligence Market Report Structure
3. Hardware Artificial Intelligence Market Trends And Strategies
4. Hardware Artificial Intelligence Market – Macro Economic Scenario
5. Hardware Artificial Intelligence Market Size And Growth
…..
27. Hardware Artificial Intelligence Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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