Artificial Intelligence Market by Technology, Hardware, End-user Industry, and Region – Global Forecast to 2026
The “Artificial Intelligence (Chipsets) Market by Technology (Machine learning, Natural Language Processing, Context Aware Computing, Computer Vision), Hardware (Processor, Memory, Network), End-User Industry, and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The AI (chipsets) market is expected to be valued at USD 7.3 billion in 2020 and is likely to reach USD 57.8 billion by 2026, at a CAGR of 40.1% during the forecast period.
Major drivers for the market are increasingly large and complex datasets driving the need for AI, the adoption of AI for improving consumer services & reducing operational costs, the growing number of AI applications, the improving computing power, and growing adoption of deep learning and neural networks.
The major restraint for the market is the lack of a skilled workforce. Critical challenges facing the AI (chipsets) market include low return on investment, creating models & mechanisms for AI, and the availability of limited structured training data. Underlying opportunities in the AI (chipsets) market include increasing focus on developing human-aware AI systems and bringing AI to edge devices.
The machine learning technology is expected to account for the largest size of the AI (chipsets) market during the forecast period.
Machine learning’s ability to collect & handle big data & its applications in real-time speech translation, autonomous robots, and facial analysis are fuelling its growth. AI constitutes various technologies that play a vital role in developing its ecosystem. As AI enables machines to perform activities similar to those performed by human beings, enormous market opportunities have opened up.
The predictive maintenance and machinery inspection application in the manufacturing industry of the AI (chipsets) market is projected to hold the largest share during the forecast period.
The predictive maintenance and machinery inspection application held the largest share among the manufacturing applications of the AI (chipsets) market in 2019. Extensive use of computer vision cameras in machinery inspection, adoption of the Industrial Internet of Things (IIoT), and use of big data in the manufacturing industry are the factors driving the growth of the predictive maintenance and machinery inspection application. The increasing demand for reducing the operational costs and machine downtime is also supplementing the growth of predictive maintenance and machinery inspection application in industries.
The cybersecurity industry held the largest size of the AI (chipsets) market in 2019.
AI is significantly used in antivirus and anti-malware solutions owing to the rise in cybersecurity attacks across the world. Increasing use of mobile devices for a wide range of applications, such as social networking, e-mails, remote monitoring, phone banking, and data storage, opens doors for hackers to attack, thereby making networks more vulnerable to risks. The rapid adoption of cloud-based services, along with the user-friendly approach of antivirus/anti-malware solutions, is contributing to the growth of this end-user industry of the AI (chipsets) market.
Impact of COVID-19 on the AI (chipsets) market
The market is likely to witness a slight plunge in terms of year-on-year growth in 2020. This is largely attributed to the affected supply chains and limited adoption of AI in various end-user industries in 2020 due to the lockdowns and shifting priorities of different industries. The ongoing COVID-19 pandemic has caused disruptions in economies. It is likely to cause supply chain mayhem and eventually force companies and entire industries to rethink and adapt to the global supply chain model. Many manufacturing companies have halted their production, which has collaterally damaged the supply chain and the industry.
This disruption has caused a delay in the adoption of AI-based software and hardware products. The industries have started to restructure their business model for 2020, and many SMEs and large manufacturing plants have halted/postponed any new technology upgrade in their factories to recover from the losses caused by the lockdown and economic slowdown. COVID-19 has impacted the educational industries rather positively, with ed-tech companies adopting AI technology to impart education during the lockdown. Ed-tech firms have deployed AI tools to enhance online learning and virtual classroom experience for students.
Increasingly Large and Complex Dataset Driving the Need for Ai
Adoption of AI for Improving Consumer Services and Reducing Operational Cost
Growing Number of AI Applications
Improving Computing Power
Growing Adoption of Deep Learning and Neural Networks
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201014005630/en/
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