Machine Learning Chip Global Market Report 2024: Strong 46% Compound Annual Growth Rate Forecast, with Market Forecast to Reach $53.17 Billion in 2028

Dublin, April 16, 2024 (GLOBE NEWSWIRE) -- The "Machine Learning Chip Global Market Report 2024" has been added to's offering.

The machine learning chip market size has grown from $8 billion in 2023 to $11.6 billion in 2024 at a compound annual growth rate (CAGR) of 45%. The growth in the historic period can be attributed to the increase in data volume, expansion of cloud computing, growth of consumer applications, diversification of chip types, and government initiatives.

The machine learning chip market size is expected to see exponential growth in the next few years, reaching $53.17 billion in 2028 at a compound annual growth rate (CAGR) of 46.33%. The projected growth in the forecast period can be attributed to the increasing demand for real-time analytics, the expansion of the Internet of Things (IoT), the growth of edge AI, a heightened focus on security, and the increasing adoption of AI and ML in various industries for analytics purposes. Major trends expected during this period include advancements in AI and ML algorithms, the development of advanced robotics, integration with neuromorphic computing, advancements in material science for AI applications, and progress in quantum computing for enhanced computational capabilities.

The increasing number of cyberattacks is expected to drive the growth of the machine-learning chip market in the future. Cyberattacks involve the deliberate exploitation of computer systems, networks, or technology-dependent enterprises to cause damage, disruption, or gain unauthorized access. Machine learning chips enable the use of machine learning algorithms to continuously analyze data, detect patterns, and make accurate predictions to mitigate potential cyber threats. For example, in 2022, SlashNext Inc., a US-based cybersecurity company, reported a 61% increase in phishing attacks compared to 2021, totaling 255 million detected incidents. Therefore, the growing threat of cyberattacks is fueling the expansion of the machine-learning chip market.

Major companies in the machine learning chip market are concentrating on developing new products, particularly system-on-chip (SoC) solutions, to enhance their profitability. SoC in machine learning chips refers to an integrated circuit that combines hardware components such as processors and memory with specialized software for machine learning tasks on a single chip. For example, in January 2022, Silicon Laboratories Inc., a US-based semiconductor manufacturing company, launched two SoCs and a software toolkit tailored for edge AI and machine learning. These chips feature AI accelerators, wireless connectivity, low power consumption, and support for Matter and Zigbee protocols, along with ample flash capacity. The toolkit assists developers in creating AI algorithms using these SoCs and Simplicity Studio.

The primary types of machine learning chips include graphics processing units (GPU), application-specific integrated circuits (ASIC), field programmable gate arrays (FPGA), central processing units (CPU), and others. GPUs are specialized circuits for rapid memory manipulation to accelerate image processing. Various technologies such as system-on-chip (SoC), system-in-package, and multi-chip module are used in these chips, catering to industries such as banking, financial services, insurance (BFSI), information technology and telecom, media and advertising, retail, healthcare, automotive, and others.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Report Scope

Markets Covered:

  • By Chip Type: Graphics Processing Unit(GPU); Application-Specific Integrated Circuit (ASIC); Field Programmable Gate Array (FPGA); Central Processing Unit(CPU); Other Chip Types.
  • By Technology: System-On-Chip (SoC); System-In-Package; Multi-Chip Module; Other Technologies
  • By Industry Vertical: Banking, Financial Services, And Insurance (BFSI); Information Technology And Telecom; Media and Advertising; Retail; Healthcare; Automotive; Other Industry Verticals.

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.

Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.

Key Attributes:

Report AttributeDetails
No. of Pages175
Forecast Period2024 - 2028
Estimated Market Value (USD) in 2024$11.6 Billion
Forecasted Market Value (USD) by 2028$53.17 Billion
Compound Annual Growth Rate46.3%
Regions CoveredGlobal

Companies Profiled:

  • Amazon
  • Apple
  • Alphabet
  • Samsung Group
  • Huawei Technologies Co. Ltd.
  • Intel Corporation
  • IBM Corporation
  • Qualcomm Inc.
  • Micron Technology Inc.
  • Nvidia Corporation
  • Advanced Micro Devices
  • NXP Semiconductors
  • Renesas Electronics
  • Microchip Technology
  • Cadence Design Systems Inc.
  • Silicon Laboratories Inc.
  • Edgecore Networks Corporation
  • Lattice Semiconductor Corporation
  • Cerebras Systems Inc.
  • Cambricon Technologies Corporation
  • SiFive Inc.
  • GreenWaves Technologies
  • Graphcore Limited
  • Innovium Inc.
  • Syntiant Corp

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Global Machine Learning Chip Market

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