Overview and Scope
Hardware artificial intelligence refers to specialized hardware components, architectures, and systems designed to accelerate and optimize the execution of artificial intelligence (AI) tasks. These hardware solutions are customized to enhance the speed, energy efficiency, and scalability of AI algorithms and applications, surpassing the capabilities of conventional computing hardware.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The hardware artificial intelligence market report table of contents includes:
1. Executive Summary
2. Hardware Artificial Intelligence Market Characteristics
3. Hardware Artificial Intelligence Market Trends And Strategies
4. Hardware Artificial Intelligence Market – Macro Economic Scenario
5. Global Hardware Artificial Intelligence Market Size and Growth
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32. Global Hardware Artificial Intelligence Market Competitive Benchmarking
33. Global Hardware Artificial Intelligence Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hardware Artificial Intelligence Market
35. Hardware Artificial Intelligence Market Future Outlook and Potential Analysis
36. Appendix
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