The next generation of particle physics experiments will face a new era of challenges in data acquisition, due to unprecedented data rates and volumes along with extreme environments and operational constraints. Harnessing this data for scientific discovery demands real-time inference and decision-making, intelligent data reduction, and efficient processing architectures beyond current capabilities. Crucial to the success of this experimental paradigm are several emerging technologies, such as artificial intelligence and machine learning (AI/ML), silicon microelectronics, and the advent of quantum algorithms and processing. Their intersection includes areas of research such as low-power and low-latency devices for edge computing, heterogeneous accelerator systems, reconfigurable hardware, novel codesign and synthesis strategies, readout for cryogenic or high-radiation environments, and analog computing. This white paper presents a community-driven vision to identify and prioritize research and development opportunities in hardware-based ML systems and corresponding physics applications, contributing towards a successful transition to the new data frontier of fundamental science.