New York, March 27, 2023 (GLOBE NEWSWIRE) -- By the end of 2032, the Edge AI Processor Market is expected to reach a valuation of US$ 9.5 billion, and the Edge AI Processor used in consumer devices will dominate the market with a projected CAGR of 12.4% from 2023 to 2032.
This rise in demand for consumer devices such as smartphones and the surge in demand for IoT devices expands the market for edge AI processors.
The Edge AI chips can be used for a variety of applications like smartphones and Internet of Things (IoT) as they compute using a preset algorithm that enables them to calculate the data directly on the device.
In order to boost productivity in the factories, these chips can also be used in robots that will support manufacturing processes. Additionally, it can be also employed in the automotive sector to enhance the advanced driver assistance system, increase the vehicle's connectivity, and enhance autonomous driving capabilities.
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In 2019, there were around 8.6 billion IoT-connected devices worldwide. By 2030, it is projected that there will be around 29.4 billion IoT-connected devices in the world. Therefore, with more utilization of edge AI chips in IoT devices for fast processing and improved connectivity, the demand for edge AI processors is projected to expand.
The key players in the market include Qualcomm Technologies Inc., Mythic, Arm Limited, HiSilicon Technologies Co Ltd, Intel Corporation, Advanced Micro Devices, Inc., Alphabet Inc., Apple Inc., Samsung Electronics Co., Ltd., Nvidia Corporation
Key Takeaways from Edge AI Processors Market
- North America edge AI processor market size would exceed a valuation of US$ 3.9 billion in the forecast year 2022 to 2032
- The USA edge AI processor market is expected to be worth US$ 3.1 Billion by 2032
- The United Kingdom edge AI processor industry is anticipated to surpass US$ 478 million in 2032.
- The edge AI processor market in China is expected to be worth US$ 813 million in 2032
- Based on device type, CPU is projected to witness significant growth as it is expected to grow at a CAGR of 12.5% from 2022 to 2032.
“The market for edge AI processors would expand as there is rapid adoption of consumer devices like smartphones and autonomous vehicles. With great improvement of data centers and 5G telecom infrastructure, the utilization of smart devices across industries will drive edge AI processors becoming the new norm.” – Says a lead analyst.
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Competitive Landscape: Edge AI Processor market
The players in the market are currently investing heavily in the development of new types of Edge AI processors. The players in the market are collaborating in research for new technologies and algorithms to improve the functionality of the chips and their processing power.
For instance,
- In April 2021 – Intel launched its 3rd Gen Intel Xeon scalable CPU which features a flexible architecture with integrated artificial intelligence (AI) acceleration. This includes Intel’s DL boost and advanced security capabilities for data protection with Intel’s software guard extension.
- In April 2019 – Qualcomm Technologies, Inc. announced that it is collaborating with Vivo, Tencent Honor Of Kings, and Tencent AI Lab to create and test new on-device AI gaming experiences with the help of Qualcomm’s 4th Gen AI engine.
Get More Exclusive Insights into Edge AI Processors Market Study
Persistence Market Research, in its new offering, presents an unbiased analysis of the edge AI processor market, presenting historical market data (2017 to 2021) and forecast statistics for the period from 2023 to 2032.
The study reveals extensive growth in the edge AI processor market
- In terms of Type (Central Processing unit (CPU), Graphics Processing unit (GPU), and Application-specific Integrated Circuit (ASIC)).
- In terms Of device type (consumer devices and enterprise devices),
- In terms of end-use industry (automotive and transportation, healthcare, consumer electronics, retail and e-commerce, manufacturing),
- Region forecast for 2023 to 2032.
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