AI chip market to grow by US$34 billion in 5 years

The AI processor market is set to be worth US$43.3 billion in 2023, whereas it was worth $8.6 billion last year. This growth will proceed at an estimated annual compound rate (or CAGR) of 33.9% over the next five years. It is thought to be driven by consumer-grade electronics and the services that are provided by them - or that exist to provide them. For example, AI is thought to be a necessary component in processing the mountains of data generated by social media in the future. In addition, e-retailers may also need AI to process their ever-mounting data burden.