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The generative artificial intelligence AI chipset market has experienced mammoth growth in recent years. It is anticipated to burgeon from $25.19 billion in 2023 to $32.30 billion in 2024, revealing a compound annual growth rate CAGR of 27.8%. This compelling growth can be accredited to an exponential surge in computational power needs, booming deep learning, skyrocketing investments in AI research, increasing demand for real-time AI processing, and burgeoning consumer interest in AI-powered devices.
What Is the Forecasted Growth Rate and Market Size of the Generative Artificial Intelligence AI Chipset Global Market?
The generative artificial intelligence AI chipset market is projected to witness substantial growth in the foreseeable future. It is forecasted to surge to a staggering $86.24 billion by 2028 with an impressive compound annual growth rate CAGR of 27.9%. This anticipated growth in the forecast period can be ascribed to the explosion of big data, development of Graphics Processing Units GPUs, tremendous growth in cloud computing, support for mixed precision computing, and various government initiatives and funding. Crucial trends in the forecast period include the integration of edge computing, integration with Field Programmable Gate Array FPGA and Application-Specific Integrated Circuit ASIC technologies, advanced cooling solutions, cross-platform compatibility, and advanced interconnect technology.
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What Are the Key Drivers for the Growth of the Artificial Intelligence AI Chipset Market?
The escalating adoption of cloud-based solutions is expected to fuel the growth of the generative artificial intelligence AI chipset market. Cloud-based solutions, services and resources delivered over the internet, are swiftly gaining popularity due to their scalable resources, cost efficiency, flexible access to data and applications from anywhere, enhancing operational agility and reducing infrastructure costs for businesses. These Generative AI chipsets augment the efficacy of cloud-based solutions by accelerating complex AI model processing, improving data handling efficiency, and facilitating real-time, high-performance computations. This, in turn, supports more advanced and responsive cloud services and applications.
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Which Companies Are Leading the AI Chipset Market?
Heralding the AI chipset market landscape, major companies are constantly striving to develop advanced solutions like premium mobile platforms to augment on-device generative AI capabilities. One such notable instance happened in October 2023, when Qualcomm Technologies Inc., a leading US-based semiconductor company, launched its latest premium chipset, the Snapdragon 8 Gen 3. This flagship chipset aims to enhance generative AI capabilities in top-tier smartphones, enabling real-time voice translation, automatic content creation, and improved photo editing directly on the device, thereby reducing dependence on cloud services.
The global generative AI chipset market has segments based on type, application, and end-use:
1 By Type: Central Processing Unit CPU, Graphics Processing Unit GPU, Field-Programmable Gate Array FPGA, Application-Specific Integrated Circuit ASIC, Other Types
2 By Application: Information Cognition, Traffic Prediction And Classification, Resource Management And Network Adoption, Performance Prediction And Configuration Extrapolation
3 By End-Use: Automotive, Banking, Financial Services, And Insurance BFSI, Consumer Electronics, Healthcare, Manufacturing, Retail, Telecommunication, Other End Users
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