Hardware Acceleration Market is Forecasted to Reach US$ 177 billion by 2033

According to a newly published research report by Fact.MR, a market research and competitive intelligence provider, the global hardware acceleration market is valued at US$ 2.87 billion in 2023. The worldwide demand for hardware acceleration is expected to grow at an impressive CAGR of 51% through 2033, driven by the increasing adoption of various data accelerators across a diverse range of enterprises.

Hardware acceleration offers numerous benefits, including lower latency, reduced power consumption, higher bandwidth, and parallel processing capabilities. The technology leverages functional components and areas within different integrated circuits. Key industries driving the demand for hardware acceleration include healthcare, energy, logistics, hospitality, retail, and BFSI.

Hardware acceleration is widely used for specific functions such as high-quality sound playback and recording, and efficient rendering of high-definition images compared to CPU-based software. It is designed for task-specific purposes, utilizing video processing chips or GPUs to handle complex arithmetic operations.

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Key Takeaways from the Market Study:

The global hardware acceleration market was valued at US$ 1.9 billion in 2022.
Current market value stands at US$ 2.87 billion in 2023.
The market is projected to grow rapidly 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 anticipated to increase significantly.
Growing Demand for Hardware Acceleration Across Various Applications