A report by the Market Research Engine has predicted that the AI chipset market would exceed $59bn by the year 2024, sporting a CAGR of 36% during this forecast period.
The report broke down the AI chipset market into four segments: Component type, technology type, end-user type and regional analysis. Components type is divided by basis of hardware, software and service, while technology type is further segmented into machine learning (ML), deep learning, supervised learning, unsupervised learning, reinforcement learning, natural language processing, context-aware computing and computer vision.
The increased demand for hardware capable of handling the computing power required to run these subsets of AI and ML applications across industries has been cited to be driving force behind the expansion of the AI chipset market in coming years. The computing requirements to run modern AI systems is growing in complexity, with the report quoting specialized hardware startups such as Cerebra's Systems as having "emerged within past years to be behind many vital technological advancements".
The adoption of AI technology in all industries has greatly reduced the operational costs of integrating it into the ever-growing repertoire of AI-powered technologies. However, the lack of a skilled work force along with no uniform, global standards or protocols when it comes to AI have been cited as restraining factors on the industries growth.