From 2016 to 2026, the Neuromorphic Chip Market, which was predicted to be worth US$ 1,420 million in 2015, is anticipated to grow at an encouraging CAGR of 20.7%, creating a revenue opportunity of US$ 10,810 million.
The promise for a large increase in processing speed, operational prowess, and enhanced fit for artificial intelligence applications is driving the advancement of neuromorphic processor technology.
The vast expansion of these chips’ potential applications in industries including automotive, defence and military, aerospace, and machine learning is what is expected to drive the worldwide neuromorphic chip market in the coming years.
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In terms of incremental potential across the various geographical markets evaluated, the North American market is predicted to grow to be the most profitable over the course of the report’s prediction period. Due to the region’s thriving consumer electronics, aerospace, and automotive industries, growth opportunities are numerous. The region also boasts some of the world’s leading chipmakers and IT companies, making it the centre for technological advancements in the field of neuromorphic chips.
According to the analysis, the North American neuromorphic chip market will grow at a remarkable 19.7% CAGR from 2016 to 2026, creating a new opportunity worth US$2,300 million. If the projections are accurate, the market’s value will increase from US$400 million in 2015 to US$2,700 million by the end of 2026. To increase production and operational efficiency, a number of companies in the area are supporting the fusion of cutting-edge, new technology like neuromorphic processors with already-existing ones.
In the realm of unmanned drones, neuromorphic processors are being used in one of the most inventive ways. Drones are being evaluated for their ability to recognise any specific place they have previously visited by storing and retrieving information via neuromorphic chips.
The report divides the global market for neuromorphic chips into three application categories: signal recognition, data mining, and picture recognition. Aerospace and defence, automotive, healthcare, consumer electronics, and industrial are the main end-use sectors for neuromorphic devices that are addressed in the paper.
In the coming years, demand is anticipated to be encouraging across all of these end-use industries, with the automotive, defence, and aerospace sectors anticipated to continue leading the way in terms of neuromorphic chip adoption. In the automotive sector, neuromorphic processors in combination with signal processing technology may aid drivers in better comprehending their immediate environment and assisting them in making better decisions.
Over the course of the report’s projection period, other industries are predicted to aid the market’s growth at a promising rate by providing neuromorphic chips with additional growth prospects. The vendor landscape has begun to swell, and businesses have begun putting more of focus on strategic collaborations in order to solidify their position in the market and take advantage of emerging opportunities. IBM Corporation, Hewlett Packard Labs, HRL Laboratories, LLC, General Vision, and Intel Corporation are a few of the industry leaders at the moment.
Leading market players are planning to dominate the global and regional markets through new strategic tie-ups and innovations
- IBM was awarded 7,355 patents in the US in 2015, putting it in the leading position for the 23rd consecutive year
- Intel Corporation invested US$ 12.1 Bn in R&D in 2015. Such high R&D investments allow the company to develop leading proprietary technologies and attain a strong leadership position.
- In September 2016, General Vision collaborated with Mando-Hella Electronics Corp. – a tier1 South Korean automotive systems manufacturer, to develop advanced driver assistance and monitoring systems integrated with NeuroMem technology, enabling advanced image recognition and multisensory pattern recognition
- Hewlett Packard Labs focuses on transferring advanced technologies into innovative products to propel the company’s growth, maintain industry leadership and competitive advantage
- HRL Laboratories focuses on widening its products portfolio reach into new application areas, which helps the company gain a competitive edge
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Global Neuromorphic Chip Market: Market Segmentation
By Application
- Image Recognition
- Signal Recognition
- Data Mining
- Others
By Vertical
- Aerospace & Defence
- Automotive
- Consumer Electronics
- Healthcare
- Industrial
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excl. Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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