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Pune, Jan. 18, 2021 (GLOBE NEWSWIRE) -- The global artificial intelligence (AI) chipsets market size is expected to reach USD 108.85 billion by 2027, exhibiting a CAGR of 38.9% during the forecast period. The increasing implementation of 3D technology along with neural networks & deep learning technologies will promote the healthy growth of the market during the forecast period, states Fortune Business Insights, in a report, titled Artificial Intelligence (AI) Chipsets Market Size, Share & COVID-19 Impact Analysis, By Chipset Type (Graphics Processing Unit (GPU), Field Programmable Gate Arrays (FPGAs), Application-specific Integrated Circuit (ASIC) and Others), By Application (Natural Language Processing (NLP), Robotic Process Automation (RPA), Machine Learning, Computer Vision and Others), By Computing Technology (Cloud Computing and Edge Computing), By Function (Training and Inference), By Industry (Consumer Electronics, Healthcare, BFSI, IT & Telecom, Manufacturing, Automotive, Retail, and Others), and Regional Forecast, 2020-2027. The market size stood at USD 8.14 billion in 2019.

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The report on artificial intelligence (AI) chipsets market accentuates:

All-inclusive analysis of the marketDynamic insights into the segmentsExtensive data about dominant regionsKey information about prominent players Latest developments Market drivers and restraintsCOVID-19 Influence

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Market Driver:

Increasing Cognizance about Quantum Computing to Promote Growth

The growing adoption of quantum computing technology to solve complex problems and perform analytical calculations will spur opportunities for the market. For instance, Google LLC's Sycamore quantum computer is currently the fastest computer that can perform a specific task in around 200 seconds. Quantum computers are enabled with technologies such as artificial intelligence, machine learning, computer vision, big data, AR/VR, and others. The growing knowledge about quantum computing will spur demand for AI chipsets, in turn, aiding the market growth. Quantum computing is used in various functions such as fraud detection, risk management, portfolio optimization, and applications where instant data response is required. The growing adoption of risk management solutions among organizations will contribute positively to market growth in the near future.

Popularity of AI-based Solutions to Boost Market During Coronavirus

The production of AI chipsets has been greatly affected by the coronavirus. According to the index of industrial production (IIP) data, in 2020, the manufacturing sector production registered a decline of 11.1% in July, as covid-19 lockdown slows down the manufacturing process. However, the demand for such chipsets has improved immensely during the pandemic because of the adoption of AI among various industries. Various industries such as automotive, manufacturing, and others have implemented AI solutions to ease up processes. Besides, the focus on advanced AI-based solutions by prominent players will aid the market amid coronavirus. For instance, in May 2020, Nvidia Corporation expanded its EGX Edge AI platform by introducing new products called the EGX Jetson Xavier NX and EGX A100.

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Regional Analysis:

Emergence of Startup Companies to Propel Market in Asia Pacific

Asia Pacific is expected to dominate the global market owing to the developing economies such as South Korea, India, China. The growing acceptance of AI-based solutions will foster healthy growth of the market in the region. The government of Singapore has created an AI Ethics Advisory Council as a part of its AI Strategy to deploy AI applications across various industries in 2018. The strong startup ecosystem is expected to further drive the market in Asia Pacific. Europe is expected to hold the largest share in the global market owing to the presence of AI solution providers in the European countries. The growing focus on R&D investments coupled with the adoption of AI technologies will consequently bolster the growth of the market in Europe. The Middle East and Africa is expected to grow rapidly during the forecast period owing to the smart city initiatives in the region.

Key Development:

July 2019: MediaTek Inc. announced the launch of its new AI chipset - "MTK i700" that is featured with high-speed edge AI computation for rapid image recognition, AR applications, smart homes, stores, and factories, etc.

The Report Lists the Key Companies in the Artificial Intelligence (AI) Chipsets Market:

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Major Table of Content:

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Artificial Intelligence (AI) Chipsets Market to Reach USD 108.85 Billion by 2027; Rising Adoption of Deep Learning Technologies to Aid Expansion,...