Global Artificial Intelligence (AI) Hardware Market is valued at approximately USD 9.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 37.5% over the forecast period. Artificial intelligence (AI) has been one of the most appealing technology in recent years. Artificial intelligence, is the simulation of human intelligence processes by machines, especially computer systems. This form of technology can be implemented in distinct hardware as well as software. Usually, artificial intelligence (AI) hardware reduces the need for developing ideal hardware to stimulate the demand for artificial intelligence applications. The AI hardware has three major parts, including computer, storage, and networking. Since the last few years, the computer has made the most substantial progress. The other two areas (i.e. storage and networking) are not as advanced yet to see the breakthrough concerning AI applications. Furthermore, the rise in demand for big data and analytics, technological development in AI hardware, along with the high adoption of AI hardware in banking and IT & Telecom are the few factors responsible for the CAGR of the market during the forecast period. For instance, as per the New Vantage Partners, the number of firms investing more than USD 500 million annually in big data has grown from 12.7% in 2018 to 21.1% in 2019. Also, , according to the Worldwide Semiannual Big Data and Analytics Spending Guide released by International Data Corporation (IDC), businesses are spending USD 187 billion on big data and analytics in 2019.. This, in turn, is expected to strengthen the market growth all over the world. Although, the recent outbreak of the COVID-19 crisis has led to rise in utility & adoption for Artificial Intelligence (AI) Hardware, as they help in screening, tracking, and predicting the current and future patients with novel coronavirus infections. Therefore, this factor can create lucrative opportunities for the global AI hardware market in the forthcoming years. However, the limited availability of expertise and R&D activities are the major factors restraining the market growth over the forecast period.
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The regional analysis of the global Artificial Intelligence (AI) Hardware market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the early adoption of artificial intelligence technology, and the large presence of a new technology-based solution vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period. Factors such as the rising investment for deploying AI technology in different end-use industries, coupled with a growing demand for big data and analytics would create lucrative growth prospects for the Artificial Intelligence (AI) Hardware market across the Asia-Pacific region.
Artificial Intelligence (AI) Hardware Market
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