The neuromorphic chip market is anticipated to expand at substantial CAGR during the forecast period, between 2021 and 2028. Neuromorphic engineering, also known as neuromorphic computing, describes the use of very-large-scale integration (VLSI) systems using electrical analogue circuits to replicate neuro-biological architectures seen in the nervous system.
Chips created with these technologies are intelligent and can simulate the human brain. The use of these chips not only makes the instrument more trustworthy, but it also improves its performance. These chips are responsible for the effectiveness of voice- and gesture-controlled gadgets.
This technology is expected to be used in high-tech robotics, future automobile designs, and other applications. Artificial intelligence (AI) is being used in a variety of industries, including medicine, media, entertainment, telecommunications, utilities, aircraft, military, consumer electronics, food and beverage, and plumbing.
Market Trends, Drivers, Restraints, and Opportunities
- Work from home (WFH) is becoming new trend which is increasing supply and demand for IT peripherals, which is estimated to drive the neuromorphic computing market.
- Lack of R&D and investment, lack of understanding of neuromorphic computing and sophisticated algorithms act as hindrance to the market growth.
- Factors such as complexity of adopting neuromorphic computing system, security, and privacy issues are projected to hamper the market.
- Increasing number of machine-to-machine connections, as well as increasing penetration of artificial intelligence and machine learning, are driving the market.
- Rising demand for high-performance integrated circuits act as a major driver of the neuromorphic computing market.
- Increasing demand for artificial intelligence and cognitive and brain robots is a major growth driver for the industry.
- Emerging automation applications, adoption of neuromorphic computing for security purposes, and growing potential of AI and neuromorphic computing in medical science, and medical imaging are expected to offer significant opportunities for the market players.
Scope of Neuromorphic Chip Market Report
The report on neuromorphic chip market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Neuromorphic Chip Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Offering (Hardware and Software), Applications, (Image Recognition, Signal Recognition, Data Mining, and Object Detection), Vertical (Aerospace, Military & Defence, Automotive, Consumer Electronics, Industrial, Medical, IT & Telecommunication, and Others (Smart Infrastructure & Education))
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Applied Brain Research, Inc.; BrainChip Holdings Ltd.; General Vision.; HRL Laboratories, LLC.; Hewlett Packard Enterprise Development LP; IBM Corporation. ; Intel Corporation. ; Qualcomm Technologies, Inc.; MemComputing, Inc.; Natural Intelligence.
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Neuromorphic Chip Market Segment Insights
The software segment is expected to grow at the rapid pace
Based on offerings, the neuromorphic chip market is bifurcated into hardware and software. The hardware segment is sub-divided into processor and memory. Applications of neuromorphic computing software include continuous online learning, real-time data streaming, prediction, and data modeling. The increasing adoption of software in areas like as aerospace & military, information technology & telecommunications, and medicine is driving the market.
The image recognition segment is expected to expand at a rapid pace
In terms of applications, the market is segregated into image recognition, signal recognition, data mining, and object detection. The image recognition segment is expected to grow at a rapid pace. There are numerous advantages that image recognition can provide society ranging from reducing unnecessary human interaction and labor to preventing crimes and increasing safety and security. Advancements in automobile technology are made possible by computer vision technology, which employs AI image recognition.
The aerospace, military, & defense industries are estimated to hold the major share of the market
On the basis of verticals, the neuromorphic chip market is fragmented into aerospace, military, & defence, automotive, consumer electronics, industrial, medical, IT, telecommunication, and others. The others segment is further segregated into smart infrastructure and education. The aerospace, military, & defence segment is projected to hold major market share.
Neuromorphic computing can process information quicker than any other processor, which aids the military and defense industries in processing sensitive data such as combat data, including weapon and resource management. Another reason driving the market is the increased necessity for testing and transferring signals to securely code and transmit data from one end to another to lessen the threat of security issues.
North America is expected to dominate the market
Based on regions, neuromorphic chip market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is estimated to account for 40% of the worldwide neuromorphic computing market share in 2021. The widespread recognition of the benefits of neuromorphic computing in industries such as aerospace, military & defense and medical is a primary driver the segment.
The United States is the major adopter of artificial intelligence for machine learning, natural language processing (NLP), image processing, and speech recognition across industries such as medical and automotive.
Segments
Offering
Application
- Image Recognition
- Signal Recognition
- Data Mining
- Object Detection
Vertical
- Aerospace, Military, & Defence
- Automotive
- Consumer Electronics
- Industrial
- Medical
- IT & Telecommunication
- Others (Smart Infrastructure & Education)
Regions
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
By Key Players
Competitive Landscape
Key players in the neuromorphic chip market include Applied Brain Research, Inc.; BrainChip Holdings Ltd.; General Vision.; HRL Laboratories, LLC.; Hewlett Packard Enterprise Development LP; IBM Corporation. ; Intel Corporation. ; Qualcomm Technologies, Inc.; MemComputing, Inc.; Natural Intelligence. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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