PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514963
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514963
Neural Processor Market size was valued at USD 226.9 Million in 2023, expanding at a CAGR of 19.00% from 2024 to 2032.
Neural processors, also known as neural processing units, are specialized microprocessor circuits that implement logic and arithmetic control. This is required to accelerate machine learning algorithms when working with predictive models such as random forests and artificial neural networks. Neural network processors lower the amount of computer processing used over the entire network. They employ neural networks to merge machine learning and artificial intelligence into a single system. They are ineffective at performing simple computing tasks.
Neural Processor Market- Market Dynamics
Increasing Demand for Smart Devices and Smart Cities
Emerging technologies such as AI and IoT have the potential to launch smart city programs in developing countries. AI and IoT-enabled gadgets generate massive amounts of data. Due to the rapid growth in data volume, there is an increase in demand for high-speed processors across all industries, which is undoubtedly influencing market development. For instance, in January 2021, DSP Group Inc., a major developer of wireless and speech processing chipset solutions, announced the debut of DBM10, a low-cost AI and machine learning SOC. The SOC consists of a Digital Signal Processor and a nitrite Neural Processor.
Neural Processor Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of approximately 19.00% from 2024 to 2032.
Based on Application segmentation, in 2023, financial forecasting had a revenue share in the market.
Based on End-user segmentation, the retail segment had the largest market revenue share in 2023..
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Neural Processor Market is segmented on the basis of Application, End User, and Region.
The market is divided into five categories based on Application: Hardware Diagnostics, Image Optimization, Fraud Detection, Financial Forecasting, and Others. In 2023, the financial forecasting category had a revenue share in the market. Neural networks excel in identifying complicated patterns and relationships in financial data, resulting in more accurate forecasting models. As neural processors become more powerful and specialized for financial applications, they contribute to higher prediction accuracy. As a result, these features will drive the segment's expansion.
The market is divided into seven categories based on End Users: Retail, Defense Agencies, Media, BFSI, Healthcare, Logistics, and Others. The retail category had the biggest market revenue share in 2023. As artificial intelligence becomes more prevalent in consumer electronics, the demand for neural processors in retail devices is projected to increase. Manufacturers are incorporating AI capabilities into devices like smartphones, cameras, smart speakers, and wearables, increasing the demand for efficient neural processing units (NPUs).
Neural Processor Market- Geographical Insights
Geographically, this market is present in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These zones are further split based on which countries bring business. Asia Pacific dominated the market in 2023 and is likely to continue to maintain the greatest share of the Neural Processor Market during the forecast period. Countries in the area are investing in R&D, which is driving the expansion of the neural processor sector. China, Japan, India, and South Korea all make substantial contributions to market growth. These countries have substantial technical industries, including large neural processor manufacturers and research facilities.
North America is the fastest expanding region in 2023 because to widespread adoption of new technology by numerous enterprises. The existence of a large number of significant manufacturers investing in enhanced processors has also been identified as a major driver of market expansion. In addition, increased investment in AI start-ups is fueling regional market growth. The United States and Canada have incredibly well-developed and highly trained labor pools, as well as recognized research and development institutions, which influence the creation of new technology in this region.
In the competitive Neural Processor market, several significant competitors are vying for a prominent position. Companies such as Applied Brain Research, Inc., BrainChip Holdings Ltd, Intel Corporation, and Samsung Electronics Co., Ltd. are key players in this field. They provide cutting-edge neural processing units that effectively expedite artificial intelligence tasks. These businesses are constantly innovating to create high-performance neural processors that meet the growing need for AI applications across multiple industries.
In January 2024, NVIDIA Corporation released new GeForce RTX(TM) SUPER desktop GPUs to improve generative AI performance, along with AI laptops from top OEMs. They also unveiled new NVIDIA RTX(TM)-accelerated AI package and tools for developers and consumers, using decades of PC experience. These technologies include NVIDIA TensorRT(TM) acceleration for text-to-image workflows, NVIDIA RTX Remix for AI-based texture creation, NVIDIA ACE microservices, and additional games which use DLSS 3 technology for frame generation.
GLOBAL NEURAL PROCESSOR MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Applied Brain Research, Inc.
BrainChip Holdings Ltd
Intel Corporation
Samsung Electronics Co., Ltd.
Hewlett Packard Enterprise Company
NVIDIA Corporation
Bit&Brain Technologies S.L
BrainCo, Inc.
General Vision Inc.
Aspinity, Inc.
Others