Portland, OR -- (SBWire) -- 06/08/2018 --According to a recent report published by Allied Market Research, titled, Artificial Intelligence Chip Market by Technology and Application: Global Opportunity Analysis and Industry Forecast, 20172023, the global artificial intelligence chip market was valued at $661 million in 2016, and is projected to reach at $11,167 million by 2023, growing at a CAGR of 49.6% from 2017 to 2023.
The market is currently witnessing growth in the number of start-ups. For instance, multiple countries, especially the U.S., witness a considerable growth in tech start-ups every year that are backed by various venture capitalists and venture capitals. This has resulted in wider scope and lucrative growth of the market.
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As the amount of data is increasing, the need for more efficient systems to solve mathematical and computational problems becomes crucial. Further, the emergence of quantum computing and increase in implementation of AI chips in robotics drive the market growth to a considerable extent. The emergence of autonomous robotics—robots that develop and control themselves autonomously—presents a promising picture of the AI chip market.
The BFSI segment registers the highest growth, in terms of revenue generation, owing to increase in adoption in personalized financial services and fraud detection mechanisms. However, the others sector is expected to grow at the fastest pace during the forecast period.
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GPU dominated the market in 2016, in terms of revenue. However, the FPGA sub-segment is projected to grow at the highest pace during the forecast period.
Among the industry verticals segment, BFSI dominated the market in terms of spending in 2016.
Key Findings of the Artificial Intelligence Chip Market :
- In 2016, the GPU sub-segment generated the highest revenue in the global market.
- In 2016, the BFSI industry generated the highest revenue among the other applications in the artificial intelligence chip market.
- Asia-Pacific is anticipated to witness the highest CAGR during the forecast period.
The key players profiled in the report include AMD (Advanced Micro Devices), Google Inc., Intel Corporation, NVIDIA, Baidu, Graphcore, Qualcomm, Adapteva, UC-Davis, Mythic, and others.
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Global Artificial Intelligence Chip Market to Reach $11,167 Million,Globally, by 2023
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.