Westford, USA, May 07, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the artificial intelligence (AI) in hardware market will attain a value of USD 113.30 billion by 2031, with a CAGR of 26.96% over the forecast period (2024-2031). Hardware designed specifically for artificial intelligence (AI) applications is known as AI hardware. The growing use of artificial intelligence in different industry verticals and advancements in hardware technology is projected to primarily drive artificial intelligence (AI) in hardware market growth over the coming years.
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Browse in-depth TOC on "Artificial Intelligence (AI) in Hardware Market"
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- Figures – 75
Artificial Intelligence (AI) in Hardware Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 16.78 billion |
| Estimated Value by 2031 | $ 113.30 billion |
| Growth Rate | Poised to grow at a CAGR of 26.98% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application, Product Type, Platform End-Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Expansion of AI applications in different industry verticals |
| Key Market Drivers | Advancements in hardware technology |
Pivotal Role of Processors in AI Algorithm Processing Helps Them Hold a Dominant Stance
Processors are projected to emerge as the most sought-after AI hardware in the global landscape. Advancements in processor technology and growing investments in the R&D of novel silicon technology to improve the performance and efficiency of processors will help this segment maintain its dominance in the global artificial intelligence (AI) in hardware market.
High Use of Machine Learning in Different AI-based Applications Makes it a Sought-after Technology
Artificial intelligence hardware designed specifically for machine learning technology will be high in demand over the coming years. Machine learning plays a pivotal role in different AI-based applications such as predictive analytics, image recognition, and natural language processing. This is why AI hardware for machine learning technology will be in demand going forward.
Robust IT Infrastructure Helps North America Maintain its Dominance in Global Landscape
The rapid adoption of novel technologies supported by the presence of a strong IT infrastructure is what makes North America a leading market for artificial intelligence (AI) in hardware companies. Continual innovations in AI technology and growing R&D activity for the creation of novel AI hardware in this region also helps North America maintain its dominance. Rising use of artificial intelligence in manufacturing and technology applications is what helps the United States lead the demand for artificial intelligence (AI) in hardware in this region.
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Artificial Intelligence (AI) in Hardware Market Insights:
Drivers
- Rising use of AI-enables devices and systems.
- Advancements in hardware technology.
- Rising use of artificial intelligence in different industry verticals.
Restraints
- High costs of development and procurement.
- Compatibility and interoperability issues.
Prominent Players in Artificial Intelligence (AI) in Hardware Market
- Apple
- Intel
- NVIDIA
- Qualcomm Technologies
- Huawei Technologies
- Samsung Electronics
- IBM
- Micron Technology
- Xilinx
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Key Questions Answered in Artificial Intelligence (AI) in Hardware Market Report
- What drives the global artificial intelligence (AI) in hardware market growth?
- Who are the leading artificial intelligence (AI) in hardware providers in the world?
- Where will artificial intelligence (AI) in hardware demand soar high?
This report provides the following insights:
- Analysis of key drivers (rising demand for AI-enables devices, growing application scope of AI, advancements in hardware technology), restraints (interoperability and compatibility issues, high costs of development and deployment), and opportunities (growing acceptance of AI in different industry verticals, increasing collaboration amongst AI contributors), influencing the growth of Artificial intelligence (AI) in hardware market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Artificial intelligence (AI) in hardware market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh
Skyquest Technology
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USA (+1) 617-230-0741
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