The artificial intelligence (AI) market accounted approximate USD 13690.6 million in 2020 and is expected to reach USD 486122.1022 million by 2030 with a CAGR of 42.90% during the forecast period. In the digital era, information technology and communications are two of the most essential issues.
New services, businesses, and start-ups emerge, disrupting the market's existing order. ICT has a disruptive effect on company models and day-to-day work.Markets, businesses, and the government all need to adjust to these developments. Governments are putting in a lot of effort to adapt and embrace new technology in order to digitalize the globe in this way.The Information and Communications Technology (ICT) industry is a key facilitator of economic growth and a key driver of the global digital economy's future development. It brings together the digital ecosystem, which is a worldwide network of commercial and social activities that includes the Internet, mobile devices, and sensor networks.
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Market Dynamics and Factors:
As expenditure on old technology systems falls, essential platforms such as cloud, mobile, social and big data, and analytics will drive growth. Cloud-based technology and automation will drive a greater percentage of technology expenditure towards emerging capabilities like AI, robots, and augmented reality, fuelled in part by cost reductions.
Continuous modernisation and increased access to cloud-based services have fuelled the business industry's shift towards innovation and growth rather than cost reduction.The cloud has reached the mainstream market thanks to a surge in consumer demand for flexible pay-as-you-go models and major IT businesses integrating expensive cloud-based technologies with corporate systems.
As a result, high-end technologies like AI and IoT, which were previously only available to a select few major enterprises and creative startups, are now available to a wide spectrum of small, medium, and large businesses.The future of the IT sector will certainly be shaped by automation. By integrating robots and artificial intelligence (AI) into the workplace, automation has the potential to boost productivity. Employees will actually want to perform more positions and take utilization of human abilities with the guide of these innovations. Computerized methods and advanced partners might conceivably support laborer usefulness, bringing about huge macroeconomic benefits.
On the basis of chip type, market it is segmented into graphical processing unit (GPU), Application specific integrated circuit (ASIC), field programmable gate array (FPGA), central processing unit (CPU), and others. GPU chips segment hold the largest share and it contributing nearly about one-third of the market. ASIC segment is anticipated to acquire fastest growth with CAGR of 50.8% during the forecast period. On the basis of application, market it classified into natural language processing (NLP), robotic, computer vision, network security and others. According to research study NLP segment is dominated the market and is expected to maintain same trend during the forecast period. Robotics segment is anticipated to register fastest growth with CAGR of 49.2% during the forecast period. Based on technology, market is segmented into system-on chip, system-in package, multi-chip module and others. Based on processing type it is bifurcated into two types that is edge and cloud. Based on industry, it is segmented into media & advertising, BFSI, IT & telecom, automotive, healthcare and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Top players profiled in Artificial Intelligence (AI) Chip Market research report are:
• Micro Devices Inc.
• IBM Corporation
• Micron technology Inc.
• Qualcomm Incorporated
• Samsung electronics Co. ltd.
• NVIDIA Corporation
• Intel Corporation
• Huawei technologies Co. ltd
• Baidu Inc.
• Mythic Inc.
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In North America, In terms of technological innovation, the United States leads the world. According to the World Economic Forum's 2018 Global Competitive Index, the country's competitive advantage is attributed to its economic dynamism, solid institutional foundations, finance systems, and active innovation environment. Since the post-World War II industrial revolution, innovation has been a hallmark of American competitiveness, fueling the country's worldwide supremacy.
Countries who are in the forefront of developing breakthrough technologies and utilising their digital economy' full productive capability might acquire a strategic competitive edge.With the aid of digital apps, digital services and produced data, as well as the underlying digital infrastructure, the Asia-Pacific area has the chance to demonstrate alternative methods to pandemic management and disaster recovery.
During the COVID-19 crisis, for example, the governments of the Republic of Korea and Singapore successfully used digital technology in novel ways to restrict the virus's transmission, aided by lessons learned from past crises and a well-designed enabling policy and regulatory framework.This can aid in the creation and execution of policies in the event of future crises.Global rivalry has risen as Eastern Europe's economy has opened up and Asian newly industrialising nations have advanced in the international market, particularly in the sector of labor-intensive items and medium-intensive technology. It is also critical for European Union nations and areas experiencing increased import competition and manufacturing relocation as a result of foreign direct investment inflows to strengthen their positions in sophisticated technology industries.
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