Neuromorphic Chip Market
Neuromorphic Chip Market (By Function - Signal Processing, Data Processing, Image Recognition and Others, By Application - Defense and Aerospace, Automotive, Medical, Industrial and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Press Release :
Global Neuromorphic Chip Market: Snapshot
Demand for industrial equipment to act similar to human has picked up massive pace in recent years. This momentum is powered by arrival of advanced robotics and innovative machines that can outperform number of humans. This exceptional capability to act like human limbs is provided by neuromorphic chip installed in the devices. Owing to the growing demand for robots in industries the demand for these chips is also increasing, which is propelling the growth of global neuromorphic chip market during the tenure of 2015 to 2023.
What Propels the Growth of the Global Neuromorphic Chip Market?
- The global neuromorphic chip market is majorly driven by growing industrialization across the globe. Various manufacturers are using advanced robots that works according to the neurological commands given by human brain. This is the major factor that propels the growth of global neuromorphic chip market during the estimated time frame of 2015 to 2023.
- Growing application of neuromorphic chips in electronic devices such as smartphones which can react to the neurological commands is also a major factor that propels the growth of global neuromorphic chip market from 2015 to 2023. Additionally, various other industrial applications are also propelling the growth of global neuromorphic chip market during the estimated time frame.
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.
Applications across Industrial Sectors to Lead to Most Promising Returns on Investment
The plethora of areas where neuromorphic chips can be found useful span across sectors such as automotive, aerospace, medicine, industrial applications, and defense. Of these, the industrial sector is presently the most suited to adopt neuromorphic chips across electronic devices, machines, automated industry controls, and a wide range of other applications.
Electronic devices such as smartphones, laptops, and tablet computers, which are gaining an increasingly important role in the field of consumer electronics, represent a class of industrial products that can significantly benefit, in terms of processing powers and inclusion of applications, from neuromorphic chips. As a result, the industrial sector will remain one of the key takers of neuromorphic chips and will be one of the chief influences on the overall development of the market. The market will be also be influenced due to rising set of applications across the field of medicine, with drug delivery and personal sensing devices being the key candidates for experimentation.
North America to Continue to Command Leading Position in Global Neuromorphic Chip Market
On the basis of geography, the global neuromorphic chips market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, the North America neuromorphic chip market occupied the dominant share in the global market in 2014 and is expected to remain the dominant regional market over the period between 2015 and 2023 as well. The rising applicability of neuromorphic chips in several application sectors in the region will be the key factor driving the regional market.
Additionally, the regional market will also be driven by the encouraging pace of technological advancements in terms of product innovations. Moreover, rising industry-wide applications of neuromorphic chips for enabling Internet of Things (IoT) will also aid market's growth in North America.
Over the report's forecast period (2015-2023), the demand for neuromorphic chips across several applications in the semiconductor and electronics industries will significantly increase. Being one of the leading manufacturers of semiconductors and electronics and having a huge base of consumers, Asia Pacific will strengthen its position in the global market for neuromorphic chips.
Global Neuromorphic Chip Market: Companies Profiled in the Report
Some of the key vendors operating in the global neuromorphic chip market are Qualcomm Inc., Brain Corporation, Intel Corp., Vicarious FPC Inc., International Business Machine Corporation, HRL Laboratories LLC, General Vision Inc., Hewlett Packard Corp., Lockheed Martin Corporation, and Samsung Electronics Co. Ltd.
The neuromorphic computing is executed on hardware by threshold switches, transistors and oxide based memristors. Neuromorphic chips are the amalgamation of memristors and transistors deployed over a silicon fabrication chip, which assists to lessen memory consumption in real time manner. Moreover, neuromorphic chips are the digital and analog very large scale integration (VLSI) system which performs as neural systems models. Implementation of neuromorphic chip is likely to increase scalability, performance and sensitivity of machines.
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.
Implementation of neuromorphic chips in diverse end use products of different industries including automotive, semiconductor & electronics and healthcare can be identified as future growth opportunity for the market. Neuromorphic chips have application level opportunities in industrial and service robotics.
Based on function, the market is segregated into signal processing, data processing, image recognition and others. On the basis of application, the neuromorphic chips market is segmented into defense and aerospace, automotive, medical, industrial and others. On the basis of geography, the market report is segregated into North America, Europe, Asia Pacific and Rest of the World (RoW). The scope of the report offers an insight into neuromorphic chips market in these regions based on revenue (USD million).
The competitive profiling of the key players in the global neuromorphic chips market across four broad geographic regions is included in the study. These include different business strategies adopted by the leading players and their recent developments as in the field of neuromorphic chips. The market attractive analysis of the major application areas has been provided in the report, in order to offer a deep insight of global neuromorphic chips market.
A comprehensive analysis of the market dynamics that is inclusive of market drivers, restraints and opportunities is included in the purview of the report. Market dynamics are the distinctive factors which impact the market growth, thereby helping to understand the ongoing trends of the global market. Therefore, the report provides the forecast of the global market for the period from 2015 to 2023, along with offering an inclusive study of the neuromorphic chips market.
Major market players in this market are 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
Global Neuromorphic Chip Market: By Application
- Defense and Aerospace
Global Neuromorphic Chip Market, by Geography:
- North America
- Asia Pacific
- Rest of the World