Global Artificial Intelligence AI in chip design Market Set For 34.8% Growth, Reaching $8.47 Billion By 2028
Artificial Intelligence (AI) In Chip Design Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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How Has the Market Landscape for Artificial Intelligence AI in Chip Design Changed in Recent Times?
Artificial Intelligence AI in chip design market size has seen extraordinary expansion in the past few years. Its growth is anticipated to raise from $1.91 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate CAGR of 34.1%. This remarkable growth in the historic period resulted from surging edge and cloud computing adoption, the emergence of neuromorphic computing, increased demand for sophisticated Artificial Intelligence AI applications, swelling data traffic, and a rising inclination towards autonomous vehicles.
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What Lies in the Future for the Artificial Intelligence AI in Chip Design Market?
The Artificial Intelligence AI in chip design market size is projected to see robust growth in the upcoming years. By 2028, the market size is expected to burgeon to $8.47 billion, growing at a compound annual growth rate CAGR of 34.8%. This prosperity in the forecast period can be accredited to the mounting adoption of Artificial Intelligence AI in consumer electronics, proliferation of Artificial Intelligence AI applications in healthcare, burgeoning investments in Artificial Intelligence AI research and development, government initiatives and funding inflows, and rising demand for Artificial Intelligence AI-optimized chips. Major trends witnessed during this period include advancements in machine learning and deep learning models, incorporation of Artificial Intelligence AI chips in internet of things IoT devices, integration with quantum computing, customizable Artificial Intelligence AI chips, and the launch of advanced computer vision capabilities.
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What will drive the Market Growth in the Coming Years?
The burgeoning demand for consumer electronics is forecasted to fuel the growth of the artificial intelligence in chip design market. Consumer electronics—an umbrella term referring to everyday use electronic devices by individuals including smartphones, televisions, laptops, cameras, and home appliances—will play a pivotal role in the market expansion due to continuous innovation, growing reliance on digital devices for communication, work, entertainment, and education, and the proliferation of the internet and wireless networks. Artificial intelligence-based chip design enhances the performance and efficiency of consumer electronics by optimizing hardware for artificial intelligence applications, leading to faster, more intelligent devices.
Who are the Industry’s Key Players?
Leading companies in the artificial intelligence AI in chip design market include Amazon Inc., Apple Inc., Alphabet Inc., Intel Corporation, IBM Corporation, Qualcomm Inc., NVIDIA Corporation, Advanced Micro Devices Inc. AMD, HCL Technologies Limited, Microchip Technology Inc., Synopsys Inc., Cadence Design Systems Inc., Xilinx Inc., Arm Holdings PLC, Tessolve, SambaNova Systems Inc., Cerebras Systems Inc., Groq Inc., Mythic Inc., and Rebellions Inc.
What Emerging Trends are Influencing the Market?
Most prominent players in the artificial intelligence AI in chip design market are zeroing in on advanced solutions such as AI chips to remain competitive in the AI semiconductor market and establish dominance. AI chips are specialized processors designed to expedite AI tasks like machine learning, neural network processing, and deep learning. For example, in June 2024, Advanced Micro Devices Inc., a US-based semiconductor manufacturer, launched the MI325X accelerator—an AI chip. This chip is crafted to cater to the escalating demand for complex AI application-supporting chips in data centers. The MI325X aims to significantly enhance performance in AI applications, aspiring to outdo the existing MI300 series by 35 times in inference tasks, which are crucial for generative AI applications. The newly launched processors embrace advanced architectures optimized for AI and machine learning tasks, emphasizing high throughput and parallel processing abilities.
How is the Market Showcased Regionally?
The artificial intelligence AI in chip design market, as per this report, is segmented based on:
1 By Type: Hardware, Software
2 By Technology: Central Processing Units, Graphics Processing Units, Field Programmable Gate Arrays
3 By Application: Data Centers, Automotive, Consumer Electronics, Healthcare, Industrial Automation, Other Applications.
Regionally, North America bagged the title of the largest market player in the artificial intelligence AI in chip design landscape in 2023. The markets covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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