The global Artificial Intelligence (AI) chipsets market is poised for significant growth in the short-term, according to a recent report. As the world becomes increasingly digital, the demand for high-speed processors has skyrocketed due to the exponential growth in data volume. This, coupled with the proliferation of smartphones and other smart devices, has paved the way for the expansion of the AI chipsets market. Read More: The Impact of Proliferating Smart Devices on AI Chipsets Market With around 2.14 billion people shopping online worldwide as of May 2022, the need for efficient data processing has become paramount. AI chipsets have emerged as a solution to meet the demand for faster processing, especially in the fields of machine learning and computer vision. Tech giants have invested significantly in developing high-speed CPUs to cater to the rising demand for AI-powered devices. Moreover, the number of smartphone and smart device users has grown to nearly 15 billion, further propelling the growth of the AI chipsets market. Emerging Growth Prospects in Developing Nations and Industry Verticals Artificial Intelligence has found widespread adoption across various industry verticals, including media & advertising, finance, retail, healthcare, automotive & transportation. In nations like China, South Korea, Japan, and India, recent advancements in AI technology have created abundant growth prospects. Tech companies have been striving to develop AI chipsets that offer high-speed computer processors capable of handling massive data and applications simultaneously. For instance, Intel Corporation's Nervana Neural Network Processors have been specifically designed for high-speed AI computing demands. The COVID-19 Impact on AI Chipsets Market Despite the promising growth, the AI chipsets market has not been immune to the impact of the COVID-19 pandemic. Disrupted production processes, supply chains, and limited adoption of AI in emerging industries have hindered the market's growth. However, key players in the market are working on innovative AI-based solutions to overcome these challenges and meet the growing consumer demand. Quantum Computing as a Catalyst for Market Expansion Quantum computing has emerged as a revolutionary technology to tackle complex issues and analytical calculations. With quantum computers like Google LLC's Sycamore quantum computer completing tasks in record time, the industry is poised for significant growth. Quantum computing enables advanced applications of AI, machine learning, computer vision, big data, and AR/VR, making it an essential driver of the AI chipsets market. AI Adoption to Improve Consumer Services and Lower Operating Costs Businesses worldwide are turning to AI to enhance consumer services and reduce operating costs. AI systems provide faster response times, personalized approaches, accurate data, and reduced redundancy, leading to higher customer satisfaction and retention. AI's ability to process and analyze vast amounts of data enables businesses to make precise predictions about customer demands, thus offering tailored recommendations. Shortage of Trained AI Personnel Hindering Market Growth While AI promises tremendous benefits, a shortage of skilled professionals in AI technology remains a challenge. Integrating AI solutions into existing systems requires expertise in technologies like deep learning, image recognition, and cognitive computing. Professional standards and certifications in AI/ML technology are also lacking, impeding the development of AI. Service providers face difficulties in implementing and maintaining AI solutions due to a lack of technical knowledge among clients. Machine Learning Dominates AI Chipsets Market Machine learning holds the largest market share due to the abundance of big data and its increasing adoption by businesses and government organizations. Machine learning finds applications in various fields, including computational finance, predictive maintenance, fraud detection, and text processing. Healthcare Sector as a Major End User The healthcare sector is witnessing growing demand for AI-enabled equipment, such as smart wearable technology and AI-powered medical devices. The COVID-19 pandemic has accelerated the adoption of AI in healthcare for early disease diagnosis and better understanding of patient health records. North America and Asia Pacific Lead the Market North America is at the forefront of the AI chipsets market, driven by established IT infrastructure and increased government R&D expenditures. However, Asia Pacific is anticipated to witness the fastest growth, thanks to its developing economies and a growing pool of trained labor. Competitive Landscape The AI chipsets market is highly competitive, with players like IBM, NVIDIA, Intel, and Samsung leading the way. Key companies are continually releasing cutting-edge AI-based solutions to meet the market's demands. Conclusion The global Artificial Intelligence chipsets market is poised for remarkable growth in the short-term. Proliferating smart devices, advancements in developing nations, and the rising adoption of AI across various industries are major drivers of the market's expansion. Despite challenges posed by the COVID-19 pandemic and a shortage of skilled AI personnel, the market's potential remains high. With quantum computing and machine learning revolutionizing the AI landscape, the future of AI chipsets looks promising. Fairfield Market Research London, UK UK +44 (0)20 30025888 USA (Toll-free) +1 (844) 3829746