Neuromorphic Chip Market – Wide Range of Application in Various Sectors Projected to Expand at a Healthy CAGR of 19.1%

Global Neuromorphic Chip Market: Snapshot

Neuromorphic chips, the electronic chips inspired from the human brain, which works with the help of signals sent and received through a network of millions of neurons, are witnessing a significant rise in applications and expected to bring massive changes in the way machines operate. Encouraging advancements seen in the field of miniaturized integrated circuits and the increased use of such miniature electronic chips across sectors such as medical devices and aerospace are the key factors to have fuelled research and development activities in the neuromorphic chips market.

In the next few years, as neuromorphic chip technologies become more refined and the processing power of these chips increase gradually, their demand across the globe will rise at a significant pace. Transparency Market Research estimates that the global neuromorphic chip market will exhibit an impressive 19% CAGR over the period between 2015 and 2023, rising to a valuation of US$1,801.9 mn by 2023.

Neuromorphic Chip Market Drivers:

The neuromorphic chip market is driven primarily due to the increasing demand of artificial intelligence. Artificial intelligence is a machine learning technology that provides the skill to machines to learn with partial programming. This involves the advancement of computer programs and machines which are competent enough to update themselves when being exposed to real time data.

Moreover, an innovation in the field of miniaturization of integrated circuits has increased the scope of applications for neuromorphic chip. The neuromorphic chips are small and scalable enough to get easily implemented in different end use products. Rising demand of neuromorphic chip in the field of Internet of Things (IoT) technology is driving the growth of the market. The chips are likely being planted in large supercomputers to enhance the speed of machine learning along with some other neural network-based computations.

Growth of neuromorphic chip market is hindered due to high cost associated in manufacturing of such chips. Manufacturer faces different tribulations in integrating biological synapses in to a minute hardware which requires just a single micron of space.

Complexities in hardware designing are also major restraining factors in this market. The complicated neuromorphic synapses are difficult to implement in hardware. As of 2015, in developing countries, developments in the field of neuromorphic computing have negatively affected due to lack of availability of technological resources and lack of availability of competent infrastructure.

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Key Players:

Intel Corp. (U.S), Qualcomm Inc.(U.S), International Business Machine Corporation (U.S), General Vision Inc.(U.S), Brain Corporation (U.S), HRL Laboratories LLC (U.S), Vicarious FPC Inc.(U.S), Lockheed Martin Corporation (U.S), Hewlett Packard Corp.(U.S) and Samsung Electronics Co. Ltd. (South Korea) among others.

The Neuromorphic Chip market has been segmented as:

Global Neuromorphic Chip Market: By Function

  • Signal processing
  • Data processing
  • Image recognition
  • Others

Global Neuromorphic Chip Market: By Application

  • Defense and Aerospace
  • Automotive
  • Medical
  • Industrial
  • Others

Global Neuromorphic Chip Market, by Geography:

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World