Artificial Intelligence (AI) Hardware Market to Exceed USD 84.9 Billion by 2031 | Skyquest Technology

WESTFORD, Mass., June 25, 2024 /PRNewswire/ -- As per Skyquest, the global Artificial Intelligence (AI) 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).

Artificial intelligence (AI) hardware is hardware designed specifically for AI-based applications. AL algorithms are highly complex and require high computing and processing power, which is why the need for special AI hardware is increasing around the world. The global artificial intelligence (AI) hardware market is segmented into type, end-user, product type, technology, material, devices, deployment, application, and region.

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Artificial Intelligence (AI) Hardware Market Overview: 

Segments covered in Artificial Intelligence (AI) Hardware Market are as follows:

• Product
  • Sound processor, Vision processor, Embedded sound processing unit, Embedded vision processing unit
• Hardware Type
• • Processors (CPUs, GPUs, TPUs, FPGAs), Memory (DRAM, SRAM, NVM), Storage (HDDs, SSDs), Networking (Network interface cards, switches)
• Application
  • Machine Learning, Deep Learning, Computer Vision, Natural Language Processing, Others
• End-User
  • BFSI, IT & Telecommunication, Retail, Manufacturing, Healthcare, Others

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AI Systems Powerless Without the Power of Processors

Processors play a crucial role in AI operations as they are the prime hardware required to run and process complex AI algorithms. CPUs, GPUs, ASICs, and TPUs are key processors that are used for all kinds of AI operations and algorithms. High investments in the research and development of new processors will help this sub-segment hold a high market share. Meanwhile, the demand for AI network hardware is forecasted to increase at a robust pace over the coming years. The growing need for communication and data exchange between different AI models is projected to promote the sales of network hardware in the future. The generation of high volumes of data from multiple AI models will also bolster the demand for AI storage hardware.

Rising Use of Artificial Intelligence Across Multiple End User Verticals to Boost Sales of AI Hardware

The IT and telecommunications industry is projected to be the key end-user of AI hardware owing to the rapid deployment of artificial intelligence solutions and services in this sub-segment. From cybersecurity to software development almost all aspects of the IT industry are projected to be teeming with artificial intelligence adoption thereby driving the demand for artificial intelligence (AI) hardware over the coming years. The banking, financial services, and insurance (BFSI) end user is another highly lucrative segment for artificial intelligence (AI) hardware providers. The rapid adoption of AI solutions and tools to improve security in the BFSI sector and the increasing digitization of this industry are also slated to augment the global artificial intelligence (AI) hardware market growth going forward.

Agriculture, robotics, and healthcare are other key end-user sub-segments where the demand for AI hardware is estimated to be bright in the future. Rapid digitization of the healthcare industry and the growing use of advanced robotics technology are creating new opportunities for AI hardware providers around the world.

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Machine Learning to Spearhead AI Hardware Demand Outlook

Majority of AI hardware is projected to be utilized for machine learning technology as it is being used to train and power multiple AI models and solutions. The development of advanced machine learning algorithms and rising demand for faster training for AI models will also push the demand for advanced AI hardware across the forecast period. The use of highly complex machine learning algorithms and the need for more processing power will create new opportunities for artificial intelligence (AI) hardware companies going forward. Machine vision is another technology that will augment the demand for artificial intelligence (AI) hardware over the coming years as its use in robotics increases.

The opportunities for artificial intelligence (AI) hardware businesses are endless as AI adoption is still in its nascent stages. Growing investments in the development of novel hardware technology with better processing power will help artificial intelligence (AI) hardware companies generate revenue from all sub-segments of the market.

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