Neuromorphic Chip Market Sees Explosive Growth, Projected to Reach US$ 10,810 Mn by 2026

The Neuromorphic Chip Market is expected to develop at an impressive CAGR of 20.7% from 2016 to 2026, generating a revenue potential of US$ 10,810 million. In 2015, the market was estimated to be worth US$ 1,420 million.

The development of neuromorphic processor technology is being propelled by the prospect of significant increases in processing speed, operational capability, and improved suitability for artificial intelligence applications.

The global market for neuromorphic chips is anticipated to be driven in the upcoming years by the enormous increase of these chips’ potential applications in sectors including machine learning, automotive, aerospace, and defence and military.

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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, several 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.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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