Global Artificial Intelligence Chip Market to Reach US$ 150.4 Billion by 2032, Propelled by Significant Growth in BFSI Sector

According to the latest report by IMARC Group, titled "Artificial Intelligence Chip Market Report by Chip Type (GPU, ASIC, FPGA, CPU, and Others), Technology (System-on-Chip (SoC), System-In-Package (SIP), Multi-Chip Module, and Others), Processing Type (Edge, Cloud), Application Insights (Natural Language Processing (NLP), Robotics, Computer Vision, Network Security, and Others), Industry Vertical (Media and Advertising, BFSI, IT and Telecom, Retail, Healthcare, Automotive and Transportation, and Others), and Region 2024-2032," the global artificial intelligence chip market size reached US$ 18.8 Billion in 2023. Artificial intelligence (AI) chip, also known as AI accelerator, is an integrated circuit designed to perform the complex calculations needed for machine learning (ML) and AI tasks, such as image and speech recognition and natural language processing (NLP). It is designed to handle the massive amount of data and process data much faster and more efficiently as compared to the traditional central processing unit (CPU). AI chip is widely integrated with smartphones as it offers usability, data privacy, and security.

Global Artificial Intelligence Chip Market Trends:

The increasing volume of information generated by businesses, consumers, and connected devices represents one of the major factors driving the demand for AI chips around the world. Moreover, the rising use of AI chips in the banking, financial services and insurance (BFSI) industry to identify and prevent fraudulent activities, such as credit card fraud, money laundering, and identify potential risks, is augmenting the market growth. In addition, there is an increase in the utilization of AI chips in the automotive industry to enable autonomous driving in vehicles and power driver assistance features, including lane departure warnings, adaptive cruise control, and automatic emergency braking. This, coupled with the growing sales of autonomous vehicles (AVs) due to rapid urbanization and inflating income levels, is influencing the market positively. Apart from this, AI chip is employed in the e-commerce industry to extract specific insights and improve customer engagement. This, along with the increasing reliance on online shopping, is strengthening the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 150.4 Billion by 2032, exhibiting a CAGR of 25.8% during 2024-2032.

Market Summary:

• On the basis of the chip type, the market has been segmented into GPU, ASIC, FPGA, CPU, and others. Presently, GPU holds the largest market share.
• Based on the technology, the market has been categorized into system-on-chip (SoC), system-in-package (SIP), multi-chip module, and others. System-on-chip (SoC) currently accounts for the biggest market share.
• On the basis of the processing type, the market has been bifurcated into edge and cloud. At present, cloud dominates the market.
• Based on the application, the market has been segregated into natural language processing (NLP), robotics, computer vision, network security, and others. Natural language processing (NLP) exhibits a clear dominance in the market.
• On the basis of the industry vertical, the market has been classified into media and advertising, BFSI, IT and telecom, retail, healthcare, automotive and transportation, and others. BFSI currently represents the biggest market segment.
• Based on the region, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico and others); and the Middle East and Africa. Amongst these, North America (the United States and Canada) enjoys the leading position in the market.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Advanced Micro Devices Inc., Huawei Technologies Co. Ltd., Intel Corporation, LG Electronics Inc. (LG Corporation), Mediatek Inc., Micron Technology Inc., Mythic Inc., Nvidia Corporation, NXP Semiconductors N.V., Qualcomm Technologies Inc, SK hynix Inc., and Toshiba Corporation.  

Report Scope:

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