According to a market report, published by Sheer Analytics and Insights, the total global cloud tensor processing unit market was valued at $16.4 billion in 2021 and it is expected to reach $89.1 billion at a CAGR of 16.4% between 2022 and 2032. The following tendency toward using predictive analytics and monitoring to enhance clinical or healthcare operations is one of the key factors driving the growth of the tensor processing unit market over the upcoming years. Additionally, the market’s growth has been correlated with increased use of health monitoring platforms, a shift toward raising the standards of care through the improvement of clinical and related operational processes, and rising demand for real-time predictive analysis across the medical sectors. Moreover, the demand might rise as a result of the application of artificial intelligence-based tensor processing unit chipsets for patient care regulations, early insight into patient care, health monitoring, and medical error prevention. Furthermore, the increasing need for connected and autonomous vehicles could also be seen as of the key factors driving the market expansion for cloud tensor processing units. Hence, these rising factors are expected to drive the market during the forecast period.
Technological advancement is rising every year, which is supporting the market by producing innovative products for manufacturing companies and software developers. Artificial intelligence, machine learning, big data, and others are expected to accelerate market growth by creating new business opportunities. Another key driver propelling the market expansion for tensor processing units can also be regarded as the rising demand for connected and autonomous vehicles. One of the significant uses for artificial intelligence is the impact growing advancements in mobility are having on the desire for connected ad autonomous vehicles. Instant processing of massive amounts of data becomes crucial because these vehicles rely on artificial intelligence, either in the form of machine learning or deep learning algorithms. These would create growth opportunities for the TPU market globally.
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The market growth of superior chipsets or processors such as TPU, capable of accelerating AI-based workflows, is eventually affected by the integration of various hardware components such as cameras, safety systems, and so on. However, governments from various emerging countries are supporting key players by investing in R&D activities, which would also accelerate market growth over the upcoming years. Several key players such as NVIDIA Corporation, Google LLC, Qualcomm, MediaTek Inc, AGM Global, and other manufacturing companies are trying to develop their new products by using advanced technologies.
However, the lack of support for small-sized workload models is the major factor projected to restrain the growth of the global cloud tensor processing unit market. There are complications with their distribution and integration because the tropology used by these processing units is differing from hardware platforms that are currently available on the market. Furthermore, another fact is this could support operations with a limited scope or specified workload models hampers its adoption across a large number of end-user industries. Moreover, tensor processing units are more difficult to use in small-scale application areas since they work best for massive systems with very large batch sizes or workloads that are dominated by matrix multiplication.
Some new developments in the global cloud tensor processing unit market:
According to the study, key players dominating the global cloud tensor processing unit market are Alphabet Inc (U.S), AGM Global (U.S), Intel Corporation (U.S), Graphcore (U.K), MediaTek (Taiwan), NVIDIA (U.S), Qualcomm (U.S), Renesas Electronics (Japan), SoftBank Group (Japan), Xilinx (U.S), among others.
The Global Cloud Tensor Processing Unit Market Has Been Segmented Into:
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