Hardware Acceleration Market is Forecasted to Reach US$ 177 billion by 2033, Fact.MR

Hardware Acceleration Market is Forecasted to Reach US$ 177 billion by 2033, Fact.MR

A recent study by market research and competitive intelligence company Fact.MR projects that the worldwide hardware acceleration industry will be worth US$ 2.87 billion by 2023. Through 2033, the demand for hardware acceleration is expected to grow at an astounding 51% CAGR worldwide. It is anticipated that a wide range of organizations’ increasing adoption of multiple data accelerators would significantly fuel market expansion.

Hardware acceleration has many benefits, such as parallelism, better bandwidth, lower power consumption, and lower latency. The technology can make use of regions and functional parts found in various integrated circuits. Several notable end-use industries, including healthcare, energy, logistics, hospitality, retail, and BFSI, are driving up demand for hardware acceleration.

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Popular technology called hardware acceleration is employed for a number of specific tasks, such as playback recording and high-quality sound. Additionally, it is utilized to more effectively clear a variety of high-definition photos than software that is CPU (central processing unit) based. It is intended to be used for specific tasks. Some complex mathematical procedures and tasks are carried out using hardware acceleration, which makes use of GPUs (graphics processing units) or video processing devices.

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.

Increasing Need for Hardware Acceleration for a Range of Applications
It is anticipated that the growing need for hardware acceleration techniques across a range of computer systems, from high-end PCs to various low-power smartphones, will fuel market expansion. Players could anticipate profitable prospects due to the increasing demand for hardware acceleration for video encoding and decoding, as well as the growing production and use of smartphones and personal computers. Furthermore, it is anticipated that over the next ten years, the industry would be driven by the increasing use of various hardware acceleration tools in machine learning and deep learning applications.

Many different businesses are in need of a broad range of graphics processing units in order to carry out their responsibilities more effectively. It is anticipated that these elements will quicken market expansion prospects.

Growing Cloud Computing Utilization in the US is Increasing Demand for Hardware Acceleration
The revenue contribution of the United States to the North American market is expected to be substantial. It is anticipated that the increasing adoption of cloud computing technologies by American businesses would present opportunities for industry participants.

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.
AlphaLab Gear

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).

Read More — https://www.globenewswire.com/en/news-release/2023/07/31/2714618/0/en/Hardware-Acceleration-Market-is-Growing-at-51-CAGR-to-Hit-US-177-Billion-by-2033-Fact-MR.html