Artificial Intelligence (AI) Hardware Market to Reach USD 84.9 Billion by 2031, Growing at 15.5% CAGR | SkyQuest Technology

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Global Artificial Intelligence (AI) in Hardware Market size was valued at USD 13.3 Billion in 2022 and is poised to grow from USD 23.5 Billion in 2023 to USD 84.9 Billion by 2031, growing at a CAGR of 15.5% in the forecast period (2024-2031).

Hardware designed specially to support artificial intelligence solutions and algorithms is known as artificial intelligence (AI) hardware. A massive surge in the uptake of AI across multiple industry verticals and high demand for advanced hardware with better processing capabilities are estimated to drive artificial intelligence hardware market growth.

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There probably won’t be a better time to invest in the artificial intelligence business than now. The ongoing AI boom is offering many opportunities for artificial intelligence (AI) hardware companies as application scope increases across industry verticals. AI robots can revolutionize the manufacturing and agriculture industries by automating repeated tasks that are still done by humans. Emphasis on resource utilization will be a key factor in creating new opportunities for artificial intelligence hardware providers in the future. Advancements in AI technology over the coming years will also uplift the demand for AI robots.

NVIDIA – A Masterclass in Artificial Intelligence

NVIDIA emerged as a leader in AI hardware as the artificial intelligence boom was created through ChatGPT. NVIDIA is known for making advanced graphic processing units that power most AI solutions around the world. When Stanford University researchers discovered that GPUs (graphic processing units) could perform multiple complex mathematical operations, NVIDIA bet big on the development of programmable GPUs. The robust neural network processing capabilities offered by NVIDIA’s GPUs also helped the company come out on top of the artificial intelligence hardware market. The company then invested in the development of new GPUs and other hardware specifically suited for AI applications. While the innovation competition for AI hardware is fierce out in the market there are still new companies striving to innovate and get a slice of NVIDIA’s pie. However, the leap that NVIDIA has in AI hardware is hard to overtake and therefore its dominance could remain uncontested for at least a few years in the future.

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Innovation Race Fueling New Launches to Get Ahead of NVIDIA

Artificial intelligence hardware manufacturers across the world are launching new offerings to support the surging application scope of AI. Innovations in silicon technology and the adoption of novel semiconductor manufacturing techniques are also slated to help AI hardware companies maximize their business scope in the future. NVIDIA is still a major player in the global artificial intelligence (AI) hardware market and other companies are trying to develop products

• AMD, a renowned semiconductor manufacturer, launched a new AI hardware called MI300 in December 2023. The MI300A is the world’s first 2 Exaflop supercomputers and has 10% to 20% better performance on GROMACS and HPCG than H100.
• In December 2023, an AI-focused start-up trying to improve human-machine interface, announced that it had raised USD 10 million in a Series A funding round. The company intended to use the freshly raised capital to develop its first standalone hardware and expand its staff.
• Intel, a leading American semiconductor manufacturer, announced the launch of a new line of AI products at its AI Everywhere event in December 2023 in New York. 5th Gen Intel Xeon and Intel Core Ultra were added to the company’s expansive AI hardware portfolio.

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The AI hardware market is currently dominated by NVIDIA but an increasing number of start-ups coming up with innovative AI chips will pose a threat to this dominance in the long run.  The growing application scope of artificial intelligence and high investments in hardware R&D are forecasted to offer multiple money-making opportunities for AI hardware providers over the coming years.

Related Report:

Global Artificial Intelligence Market

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