AI Hardware Market Expected to Grow at a Strong 26.96% CAGR until 2031

SkyQuest Technology Consulting Pvt. Ltd. Forecasts Artificial Intelligence in Hardware Market to Reach USD 113.30 Billion by 2031

In a recent report released by SkyQuest Technology Consulting Pvt. Ltd., it has been projected that the artificial intelligence (AI) in hardware market will witness significant growth, reaching a value of USD 113.30 billion by 2031. This growth is expected to be driven by the increasing use of artificial intelligence across various industry verticals and advancements in hardware technology.

The report highlights that hardware specifically designed for AI applications is gaining traction in the market, with a projected CAGR of 26.96% over the forecast period from 2024 to 2031. Processors are expected to emerge as the most sought-after AI hardware globally, with advancements in processor technology and investments in novel silicon technology driving their dominance.

Moreover, the report emphasizes the high demand for AI hardware tailored for machine learning technology, which plays a crucial role in various AI-based applications such as predictive analytics, image recognition, and natural language processing. This demand is expected to continue growing in the coming years.

North America is projected to maintain its dominance in the global AI hardware market, thanks to its robust IT infrastructure and continuous innovation in AI technology. The region, particularly the United States, is leading the demand for AI hardware due to the rising use of AI in manufacturing and technology applications.

Overall, the report provides valuable insights into the key drivers, restraints, and opportunities in the AI hardware market, as well as profiles of prominent players in the industry. With the increasing adoption of AI-enabled devices and systems, along with advancements in hardware technology, the future looks promising for the AI in hardware market.