Published Date : 15 Dec 2022
The global artificial intelligence in hardware market size accounted for USD 13.22 billion in 2022 and it is projected to hit around USD 89.22 billion by 2030, poised to grow at a projected CAGR of 26.96% during the forecast period from 2022 to 2030.
On the basis of type the of artificial intelligence we'll show tremendous growth in the processor sector which becomes the key product in most of electronic gadgets. The use of processors in these devices helps to manage the entire functioning of the system. On the basis of end users, the IT sector becomes the largest consumer of artificial intelligence which requires a huge amount of data and information to be managed and analyzed with accuracy. On the basis of region, North America proves to be the largest market for artificial intelligence owing to the massive number of information technology companies operating in this region.
Artificial Intelligence In Hardware Market Report Scope
|Market Size In 2022||USD 13.22 Billion|
|Market Size By 2030||USD 89.22 Billion|
|Growth Rate from 2022 to 2030||CAGR of 26.96%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Type, By End User, By Product Type, By Application, By Technology, By Material, By Devices, By Deployment|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
The North American region is expected to dominate the market of Artificial Intelligence in Hardware in the coming years. This region happens to be a major hub for the manufacturing of these devices. Increased use of Artificial Intelligence in Hardware due to a demand for artificial intelligence and robotics in various industries in the North American region will drive the market. Followed by the North American region the European region is also expected to see growth in the coming years. There's a growth in the adoption of Artificial Intelligence in Hardware in the banking and financial sectors, retail sectors, and travel and hospitality sectors in the North American region and the European region. Globally US is considered to be the largest tech market as the technological sector in this nation has a very important position when it comes to the economic growth of this region. Apart from the United States of America Canada is also expected to drive market growth. Growing demand for global sensors in this region will drive the market growth period increasing demand for data modeling and real-time data streaming applications which is inspired by advanced developments and innovations in this nation will drive the market growth. many governments across the globe or considering artificial intelligence
Many businesses all over the world have adopted the system of artificial intelligence into their core technology which helps to make the work easier and faster as compared to the manual handling of the task. The chances of human error are hence reduced and at the same time, the accuracy of the task is enhanced. The adoption of artificial intelligence by these businesses was the smartest move made by them in order to reduce the cost of operation. Edge computing is the sector that includes artificial intelligence coprocessors which help in increasing its efficiency. Various sectors such as the automobile sector and the consumer electronics sector help to propel the market size during the forecast. Multiple businesses across the world are making use of artificial intelligence devices which makes the total cost of production extremely feasible or the manufacturer which helps the market to grow. Artificial Intelligence in Hardware is made use of in tasks including artificial interference. In this process, there is no need to transfer the data in order to expand the market. Moreover, the recent changes in lifestyle and the investment techniques used by consumers have helped to increase their disposable income as a result of the urbanization taking place which in turn mix a considerable impact over the hardware market of artificial intelligence.
The entire process of artificial intelligence and the method by which it operates is extremely complex when it is handled manually. Hence the requirement of a skilled workforce becomes the most important factor in order to adopt these technologies into the market system. Since skilled labor force is not available in the market at a large scale the growth of the market for artificial intelligence is hampered to a great extent. Errors in certain areas where only manual intervention can help become a problem while using artificial intelligence. During such times the minutest error leads to a complete failure of the entire task. The output hints obtained is not as per requirement.
For the purpose of image analysis performed on device, the use of artificial intelligence processors has been considered as the best. With the introduction of the 5G technology, the telecom industry has been merged with the IT sector in order to make it more profitable. It gives better opportunities to the competitors during the market phase. The Internet of Things also involves the use of artificial intelligence to a great extent which helps the market to grow to a great extent. The chances of human error are reduced to a great extent by enhancing work performance and accuracy. The task given is completed at a faster rate without errors when it is handled by artificial intelligence. All these multiple factors together help the market to show considerable growth during the forecast period.
The market for Artificial Intelligence in Hardware it's complex when it comes to management. It requires trained technicians and a trained workforce for managing the operations. Lack of trained personnel for this work could hamper the growth. Integration of the new systems with the already existing systems can be challenging. Even the smallest of errors can result in malfunctioning or the failure of the system. The output associated with the use of Artificial Intelligence in Hardware in any industry would be affected drastically in case of mirror errors. The workforce needs to have great knowledge of this technology or else the market shall suffer.
As there's a limited number of experts available which would provide training related to Artificial Intelligence in Hardware installation it will restrain the growth of the market. The amount of power consumption is extremely high which would also prove to be a restraining factor for the growth of the market.
The collaboration between Samsung and green tea which took place in 2001 will help to boost the sales of the devices in the hypermarkets/supermarket. It will help to attract customers and make them appealing. This will help to expand the market and increase the sales of the products to a great extent.
Key Players in the Report
By End User
By Product Type
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