PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1148036
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1148036
The global neuromorphic chip market was valued at USD 48.7 million in 2021. It is estimated to expand at a CAGR of 43.8% from 2022 to 2028.
A neuromorphic chip is a microchip with an application-specific integrated circuit (ASIC) that is meant to replicate the functioning of the nervous system and human brain. It entails the use of software solutions and very-large-scale-integrated (VLSI) systems to mimic human thinking and recognition. Furthermore, it is outfitted with artificial synapses and neurons made of silicon, which allows the system to process like a human brain. As a result, it is widely used in robotics and neurological research.
Market Dynamics
Neuromorphic chips are used in a variety of industries, such as automotive, aerospace, medical, industrial applications, and military. The industrial sector is now heavily utilizing neuromorphic processors in a variety of applications, including electronic devices, machinery, and automated industrial controls.
Smartphones, laptops, and tablet computers are examples of industrial goods that can gain significantly from neuromorphic circuits in terms of controlling power and software inclusion. As a result, the industrial sector is expected to remain a key user of neuromorphic chips, having a considerable effect on worldwide market growth. The market is also expected to be pushed by an increase in the number of medical applications, with medication administration and personal sensing devices being the most likely testing options.
The automobile industry is making extensive use of neuromorphic chips in luxury vehicles. For increased efficiency and reduced power consumption, autonomous driving requires ongoing developments and improvements in AI algorithms. Neuromorphic processors perform better in noisy environments and in self-driving automobiles. Neuromorphic chips enable more elegant and energy-efficient self-driving car development.
The COVID-19 pandemic has had a favorable influence on the medical business market. Several market leaders, including IBM, Hewlett Packard, and Qualcomm, have pushed their neuromorphic computing solutions into a slew of hospitals and clinics throughout the world. Their technologies' computational skills were able to reduce various difficulties inside a normal hospital ecosystem. As a result, the market for neuromorphic computing in the medical industry had a favorable development trend in fiscal years 2020 and 2021.
Segmentation Analysis:
The Global Neuromorphic Chip Market is segmented on the basis of Offering, Application, and Region.
Based on the offering, the market is bifurcated into hardware and software. Neuromorphic chips can be developed digitally, analogically, or in a hybrid fashion. Analog chips more closely reflect the biological qualities of brain networks than digital processors. Few transistors are employed in analog architecture to simulate the differential equations of neurons. As a result, they should utilize less energy than digital neuromorphic processors. Furthermore, they have the ability to extend the procedure beyond the time limit. This feature allows the pace to be increased to process quicker than in real-time. However, the analog architecture causes more noise, which reduces accuracy.
The market for neuromorphic devices may be divided into three categories based on application: image recognition, signal processing, and data mining. These chips are primarily designed for pattern recognition and data mining, as well as to meet the increasing need for pattern recognition and sensory data processing. Image recognition has been the most profitable application in the worldwide neuromorphic chip industry, followed by signal processing and data mining. The method of detecting an item in a digital picture format is known as image recognition. The notion of picture recognition is being employed in a variety of applications, resulting in continuous advances in processing power and the unending popularity of mobile and cloud-based computer technology, making it the fastest-growing application in the worldwide neuromorphic chip market.
Competitive Landscape:
Various businesses are concentrating on organic growth tactics such as new launches, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth tactics observed in the industry. These initiatives have opened the road for market participants to expand their business and client base. With the increasing demand for neuromorphic chips, industry participants in the neuromorphic chip market are expected to benefit from attractive growth prospects in the future. A few firms involved in the neuromorphic chip industry are listed below.
For instance, in April 2021, Perth's Brainchip Research Institute formed a research partnership with precision immunology firm Biotome Pty Ltd. Biotome is working to provide very accurate antibody testing for illnesses. The Akida neuromorphic processor chip from Brainchip will be used to analyze sensor data and determine which signals are most typical of protective antibodies.
Key features of the study:
This proposed research study on Neuromorphic Chip Market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2022-2028), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Neuromorphic Chip Market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Neuromorphic Chip Market
Impact of COVID-19 on Neuromorphic Chip Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Neuromorphic Chip Market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Neuromorphic Chip Market, we have also included competitive landscape and key innovator analysis for the Neuromorphic Chip Market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the Neuromorphic Chip Market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Neuromorphic Chip Market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL NEUROMORPHIC CHIP MARKET KEY PLAYERS
Hewlett Packard Enterprise
Samsung Electronics Limited
Intel Corp.
HRL Laboratories
LLC
General Vision Inc.
Applied Brain Research Inc.
Brain chip Holdings Ltd.
aiCTX AG
Qualcomm
IBM
Nepes Corp.
Innatera
MemComputing
INSTAR Robotics
Ceryx Medical
Koniku
GLOBAL NEUROMORPHIC CHIP MARKET, BY OFFERING
Hardware
Software
GLOBAL NEUROMORPHIC CHIP MARKET, BY APPLICATION
Image Recognition
Signal Recognition
Data Mining
GLOBAL NEUROMORPHIC CHIP MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA