Growing Demand for AI Accelerator Chips in the Healthcare Industry Expected to Augment the Growth of the Global AI Accelerator Chip Market by 2031

AI accelerator chips, also known as AI hardware, are high-performance, widely parallel deep learning neural network computational chips that are specially designed for carrying artificial neural network (ANN) based applications. The hardware components of AI accelerator chips include three main parts: computing, storage, and networking, which are used for optimizing the power and performance of a chip with no human intervention. AI accelerator chips are used for a wide range of applications, such as the internet of things, algorithms for robotics, and various other data-intensive or sensor-driven tasks.

Forecast Analysis of the Global AI Accelerator Chip Market

The increasing use of AI accelerator chips with artificial neural networks (ANN) in the healthcare industry to improve the medical data mining quality and the physician decision-making process is predicted to bolster the growth of the AI accelerator chip market throughout the analysis timeframe.  Moreover, the growing use of AI accelerator chips to provide industry-specific end-to-end solutions, innovation, and the creation of new software ecosystems is expected to create incredible growth opportunities for the market during the estimated timeframe. However, the lack of a skilled AI accelerator chip workforce may hamper the growth of the market over the analysis period. 

According to a report published by Research Dive, the global AI accelerator chip market is anticipated to garner a revenue of $332,142.7 million and grow at a healthy CAGR of 39.3% over the estimated period from 2022 to 2031. The major players of the market include Graphcore Limited, NVIDIA Corporation, Advanced Micro Devices, Inc. (AMD), Intel Corporation, NXP Semiconductors N.V., Qualcomm Technologies, Inc., Alphabet Inc. (Google Inc.), International Business Machines Corporation, Microsoft Corporation, Micron Technology, Inc., and many more.

AI Accelerator Chip Market Trends and Developments

The key companies operating in the industry are adopting various growth strategies & business tactics, such as partnerships, collaborations, mergers & acquisitions, and product launches to maintain a robust position in the overall market, which is subsequently helping the global AI accelerator chip market to grow exponentially. For instance:

• In January 2021, Qualcomm Technologies, Inc., a designer, and manufacturer of advanced semiconductors for mobile phones and commercial wireless systems announced its acquisition of NUVIA, a leading developer of semiconductor components and high-performance processors designed for compute-intensive devices and applications. With this acquisition, the companies aimed to develop high-performance processors for powering flagship smartphones, next-generation laptops, Advanced Driver Assistance Systems (ADAS), digital cockpits, and various advanced networking solutions.
   
• In August 2021, IBM, an American multinational technology corporation launched its new processor, namely, “IBM Telum Processor”, which is specifically designed to address fraud in real-time with the integration of deep learning. This is the first processor from IBM that contains an AI accelerator chip. “Telum” is designed to help customers worldwide to achieve business insights at a larger scale across banking, trading, insurance applications, and customer interactions.
   
• In October 2022, Oracle Corp, a leading cloud technology company announced its partnership with Nvidia Corp, an American multinational technology company. With this partnership, Oracle aimed to boost AI-related computational work in its cloud platform by adding thousands of Nvidia's AI accelerator chips as AI is rising across many organizations.

Most Profitable Region 

The North America region of the AI accelerator chip market is predicted to hold the largest share of the market due to the strong existence of AI accelerator chip producers in this region. Additionally, the leading players of this region are continuously working on the development of new technologies in AI accelerators which is predicted to increase the regional growth of the market throughout the estimated period.

Covid-19 Impact on the AI Accelerator Chip Market

The outbreak of the Covid-19 pandemic has had a negative impact on the AI accelerator chip market, likewise, on several other industries. This is mainly due to the decreasing supply of cable and the reduced production of semiconductors during the pandemic. Moreover, the Covid-19 norms and regulations have limited the number of employees in the manufacturing unit which has further impacted the supply chain of chipsets across various countries. All these factors have declined the market growth over the pandemic period.