Technavio has been monitoring the artificial intelligence (AI) chips market and says it’s poised to grow by US$54.03 billion during 2020-2024, progressing at a compound annual growth rate of over 42% during the forecast period.

The research group says that, although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities, according to Technavio.

The research group adds that increasing adoption of AI chips in data centers has been instrumental in driving the growth of the market.