Rockville, July 31, 2023 (GLOBE NEWSWIRE) -- As per a newly published research report by Fact.MR, a market research and competitive intelligence provider, the global Hardware Acceleration Market is valued at US$ 2.87 billion in 2023. Worldwide demand for hardware acceleration is projected to expand at a phenomenal CAGR of 51% through 2033. Growing adoption of numerous data accelerators by a wide variety of enterprises is predicted to majorly contribute to market growth.
There are numerous advantages associated with hardware acceleration, including lower latency, lower power consumption, higher bandwidth, and parallelism. The technology can use functional components and areas that are available in different integrated circuits. Healthcare, energy, logistics, hospitality, retail, and BFSI are some prominent end-use industries that are contributing to the increased demand for hardware acceleration.
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Hardware acceleration is a popular technology that is used to perform some specific functions, including high-quality sound and playback recording, etc. Furthermore, it is also used to clear various high-definition images more efficiently compared to software that runs on a CPU (central processing unit). It is designed for certain task-specific purposes. Hardware acceleration utilizes video processing chips or GPU (graphics processing units) to perform some heavy arithmetic tasks and operations.
Key Takeaways from Market Study
- The global hardware acceleration market was valued at US$ 1.9 billion in 2022.
- Worldwide demand for hardware acceleration stands at a market value of US$ 2.87 billion in 2023.
- The market is projected to expand swiftly at a CAGR of 51% from 2023 to 2033.
- Global sales of hardware acceleration are expected to reach US$ 177 billion by 2033.
- Demand for graphics processing units is predicted to increase at a significant rate.
“Rapidly increasing demand for hardware acceleration technology is attributed to its ability to execute tasks efficiently and rising use in machine learning & deep learning and for video encoding & decoding,” says a Fact.MR analyst.
Growing Demand for Hardware Acceleration for Various Purposes
The increasing demand for hardware acceleration techniques in different computer systems, including high-performing PCs to different low-power smartphones is predicted to contribute to market growth. The rising production as well as the adoption of smartphones and personal computers and increasing requirements for hardware acceleration for the purpose of video encoding & decoding are projected to generate lucrative opportunities for players. In addition, the rising adoption of different hardware acceleration tools in machine learning and deep learning applications is estimated to drive the market over the coming decade.
There are various industries that are looking for a wide variety of graphics processing units to perform their tasks with more proficiency. These factors are predicted to accelerate market expansion opportunities.
Rising Use of Cloud Computing Technology Boosting Demand for Hardware Acceleration in the United States
The United States is forecasted to contribute a significant share of the North American market revenue. The growing use of cloud computing technology by various firms in the United States is projected to generate opportunities for market players.
Inability to Support Available 2D Drawing Operations and Higher Costs Adversely Impacting Hardware Acceleration Demand
The inability of hardware acceleration to support the presently available 2D drawing operations is anticipated to curtail the expansion of the global market over the coming decade. Furthermore, the high cost related to the implementation and maintenance of hardware acceleration is also restraining its demand.
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Market Competition
Market participants working in the hardware acceleration environment execute a number of similar measures, such as strengthening supply chain management systems, maintaining product standards, and quality control. Key players are expected to benefit from these initiatives as they expand their worldwide footprints and add value to their current portfolios.
Key Market Players
- NVIDIA Corporation
- Advanced Micro Devices Inc.
- Intel Corporation
- Achronix Semiconductor
- Xilinx Inc.
- Oracle Corporation
- IBM Corporation
- Lenovo Group Limited
- Hewlett Packard Enterprise Company Dell
- Fujitsu Ltd.
- VMware Inc.
- Cisco Systems Inc.
- Enyx
- AlphaLab Gear
- Wazer
- HWTrek
- Teradici
- HAX
- Revvx
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the hardware acceleration market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on product (graphics processing units, video processing units, AI (artificial intelligence) accelerators, regular expression accelerators, cryptographic accelerators) and application (deep learning training, public cloud inferences, and enterprise inference), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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