Neuromorphic Chip Market: Snapshot
Neuromorphic chips are electronic chips that find application in plethora of end-use industries. While the structure of these chips is based on that of human brain, these chips work using signals received and sent via a network of millions of neurons. The neuromorphic chip market is predicted to witness stupendous growth avenues from healthcare sector. This growth is attributed to increased use of neuromorphic chips in personal sensing and drug delivery devices.
In recent period, the miniaturized integrated circuits field is witnessing notable rise in technological advancements. These minuscule electronic chips are gaining traction across various end-use industries including aerospace and medical devices. Thus, increased use of these chips in different sectors will stimulate the growth of the global neuromorphic chip market.
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Medicine, automotive, industrial applications, defense, and aerospace are some of the important end-use industries of neuromorphic chips. Among all these sectors, industrial applications is one of the prominent sectors showing remarkable development avenues for vendors from the global neuromorphic chip market. One of the key reasons supporting this prominence is increased use of neuromorphic chips in gamut of applications such as machines, electronic devices, and automated industry controls. This scenario shows that the global neuromorphic chip market will witness upward graph of revenues in the years to come.
The global neuromorphic chip market is experiencing outstanding demand avenues from consumer electronics field. Increased use of neuromorphic chips in the manufacturing of a wide range of electronic devices including laptops, smartphones, and tablet computers is driving factor for this growth. Thus, increased demand for all these electronics products from all across the globe will help in the expansion of the neuromorphic chip market.
On regional front, North America is one of the dominant regions in the global neuromorphic chip market. Key reason attributed to this dominance is rise in the utilization of neuromorphic chips in gamut of application sectors in this region.
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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.
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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.