Neuromorphic Chip Market Expected to See a Big Move of US$1.6 Billion by 2031 | TMR study
The neuromorphic chip market is expected to expand at a CAGR of 43.8% and reach a valuation of US$1.6 billion during the forecast period from 2020 to 2030.
In recent years, there has been an increased demand for AI in neuromorphic systems and devices. Along with this, the increasing demand for these chips in the areas of IoT (Internet of Things) technology has also contributed to the growth of the market. The industrial sector is also adopting these neuromorphic chips which are further expected to create new avenues for growth in the global market. Additionally, in bioinformatics and pharmaceutical supplication, neuromorphic chips are being used at an increased rate for big data analysis.
Neuromorphic chips are being adopted at an accelerating rate in the industrial sector. Furthermore, the growing demand for these chips for big data analysis in bioinformatics and pharmaceutical applications is also expected to work as a revenue source in the neuromorphic chip market in the near future. There are many advantages of using a neuromorphic chip which includes fast learning, greater adaptability, low power consumption, fast response system and low latency. Thus, based on these factors, it is estimated that the neuromorphic chip market will witness revenue generation opportunities in the coming years.
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The industrial sector will adopt the neuromorphic chip at an increased rate
In recent years, neuromorphic chips have been used at an increased rate in many industries, for example defense, industrial applications, aerospace, automotive and medicine. Of these, the industrial vertical has been adopted at an increased rate in a variety of applications, such as automated industrial controls, machinery, and electronic gadgets.
In consumer electronics, tablets, laptops and smartphones are becoming popular. These usually serve as a form of industrial products and can take advantage of these neuromorphic chips depending on the inclusion of applications and processing power. Thus, the notable contribution of the industrial sector in the neuromorphic chips market is expected to have a notable impact on the growth avenues of the industry. Additionally, the market is also expected to grow with the increasing number of applications in medicine and the growing popularity of personal sensing devices and drug delivery.
Neuromorphic chips are being used at an increased rate in the automotive industry for high-end cars. There is a critical need for continuous improvements and advancements in AI algorithms for low power consumption and greater efficiency in autonomous driving. Neuromorphic chips work effectively in autonomous vehicles and noisy environments. These chips offer more energy-efficient and elegant ways to develop self-driving cars.
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Neuromorphic Chip Market Regional Outlook
Among other regional areas, North America region is estimated to witness notable growth in the neuromorphic chip market in the coming years. This rapid growth of the region is attributed to the increasing adoption of robotics and automation technology. Furthermore, presence of prominent players in the region and increased investment by these players in R&D activities are also expected to work as revenue generators in the regional market. The growing demand for AI (artificial intelligence) and the growing trend towards small and compact products and devices are leading to the development of miniaturized integrated circuits in the region. These factors are expected to create further expansion opportunities in the neuromorphic chip market in the coming years.
Technological advancements based on product innovations are likely to create new growth opportunities in the regional market during the forecast period. Neuromorphic chips are being used at an increased rate in many industries which are also contributing to regional growth. In addition to this, the increasing adoption of consumer electronics, automotive, voice recognition in healthcare, image processing, NLP (Natural Language Processing) and machine learning are also helping to generate revenue generation opportunities in the Neuromorphic Chips market in the coming years.
Global Neuromorphic Chip Market: Segmentation
Neuromorphic Chips Market, By Component
- – Material
- – Software
Neuromorphic Chip Market, Function
- – Signal processing
- – Data processing
- — Image recognition
- – Process optimization
Neuromorphic Chips Market, End-Use Industry
- – Aerospace and Defense
- — Automotive
- – Health care
- – Industrial
- — Consumer electronics
- — Other (Financial Institutes, IT & Telecom, etc.)
Neuromorphic Chip Market, Region
- – North America
- – Europe
- – Asia Pacific
- — Middle East and Africa
- South America
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