“AI Chip market in Europe is expected to grow from US$ 1.25 Bn in 2018 to US$ 16.04 Bn by the year 2027 with a CAGR of 33.0% from the year 2020 to 2027.”
The considerable investments in artificial intelligence chip start-ups are boosting the growth of the AI Chip market. The real-time consumer behavior insights and increased operational efficiency are also driving the adoption of AI across industries. Moreover, the integration of AI chips in edge devices is anticipated to propel AI Chip market growth in the forecast period.
All the major industries across are globe including BFSI, retail, IT & telecom, automotive & transportation, healthcare, media & entertainment, manufacturing, government, and energy & power are embracing and investing in disruptive technologies such as artificial intelligence, IoT, big data, and predictive analytics among others. This adoption is driven by the successful uses cases of AI, which resulted in increased operational efficiency, better sales revenue, and improved customer experiences.
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AI Chip Market – Companies Mentioned
o Advanced Micro Devices, Inc.
o Alphabet Inc. (Google)
o Huawei Technologies Co., Ltd.
o IBM Corporation
o Intel Corporation
o Micron Technology, Inc.
o NVIDIA Corporation
o Qualcomm Incorporated
o Samsung Electronics Co., Ltd.
o Xilinx, Inc.
The nature of business is becoming very competitive and to compete efficiently, enterprises nowadays relying on useful information and business analytics. Traditionally, business analytical tools were used to project sales from the data about events that were a week or month old. With the advent of artificial intelligence technology, businesses have a tremendous opportunity to apply AI in various processes to better understand the business environment and customers. Artificial intelligence enables businesses to improve operational efficiency, lower operating costs, enhance service quality, and customer experience.
The BFSI industry vertical segment of the AI Chip market led the Europe market with maximum share and is expected to continue its dominance during the forecast period. In today’s competitive environment, artificial intelligence technology has become a crucial aspect in many applications of the BFSI ecosystem, from approval of loans to managing assets, to assessing the risks. Further, BFSI institutions face a dynamic and challenging environment with a superior competition from the specialized Fin-Tech enterprises. High depth of predictive analysis that can advance analytical proficiencies across risk
management and compliance areas is driving the growth of AI in the BFSI industry.
Germany dominated the AI Chip market in 2018 and is anticipated to continue its dominance in the market across the European region through the forecast period. Germany is among the countries that have been persistently adopting and investing in advanced and disruptive technologies like AI, ML, and IoT, among others. At present, the country is among the top five provinces in thea EU member state. Furthermore, the country has also showcased good performance when it comes to implementing AI in various industry verticals. Thus, the country secures a prominent position in the AI Chip market.
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This release was published on openPR.