Impact of COVID-19 on the Hardware Acceleration Market
Hardware Acceleration is the usage of computer hardware specially made to make some functions more proficiently than is possible using software running on a general-purpose central processing unit. It is designed to handle any task allocated. The world is facing an economic crisis owing to the lockdowns imposed by the governments of various countries to minimize the spread of the pandemic. During the outbreak of COVID-19, the government has compelled businesses to allow employees to work from their homes. Companies have adopted work from home policies, causing a short-term rise in the demand for PCs and other systems for remote work, which in turn, has increased the adoption of GPU chips and has positively impacted the hardware acceleration market. Along with the IT industry, banking and financial services are also estimated to generate robust demand for hardware accelerators due to the constant need for improved performance in this sector.
However, on the flip side, the slowdown in the production of the self-driving vehicles, smart devices, and other appliances due to the closure of manufacturing plants during the lockdown has restricted the growth of the hardware acceleration market. The halt in the launch of new products caused by the outbreak of the pandemic has significantly impacted the growth of the market. According to the MRFR analysis, the North American region dominates the global market. It is expected to continue exerting its dominance over the forecast period, as countries such as the US and Canada have been early adopters of the latest technologies.
Global Shipment of AI Edge Processors from 2019 to 2023 (Units in Billion)