It’s not a chip off the ole’ block. It’s better!
Research and Markets just announced findings that the Global Artificial Intelligence (AI) Chip Market size will likely grow to $304 billion by 2030, with a CAGR of 29.9% from 2022-2030.
These are not just any chips. Artificial Intelligence Chips are special silicon chips, programmed for machine learning. AI Chips can process vast amounts of data, identify the underlying patterns, interpret the trends, and utilize the feed to achieve specific goals. AI Chips are multi-functioning and can proficiently manage multiple operations at a time.
It makes sense that demand for AI Chips is consistently raising due to the increasing adoption of artificial intelligence in almost every industry, such as voice recognition, object detection, medical or military simulation, intelligent routing, and autonomous driving among others. Adoption of artificial intelligence not only reduces the cost of operations but increases the efficiency or the response time and minimizes the risk to human life at various levels in specific industry verticals.
With the increase in smart devices, smart homes, autonomous robotics in various verticals, the AI chip market will continue to increase. However, high development costs and lack of skilled workforce could impede its growth over the forecast period.