Neuromorphic Chip Market to Grow at a Fantastic 19.1% CAGR Thanks to Increasing Use of AI - TMR

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Oct 12, 2018, 06:30 ET

ALBANY, New York, October 12, 2018 /PRNewswire/ --

The global neuromorphic chip market depicts the presence of a highly competitive and fragmented vendor landscape, says Transparency Market Research on the basis of a recently published report. Such a fragmented scenario mainly exists owing to the presence of innumerable companies in this sector. Many companies are participating in important mergers and acquisitions as key strategic schemes in order to improve their presence. The businesses present in this market are also raising large funds to improve their operational capacities. Some of the key players operating in the global neuromorphic chip market are Vicarious FPC Inc., Lockheed Martin Corporation, Brain Corporation, Intel Corp., Samsung Electronics Co. Ltd., International Business Machine Corporation, Qualcomm Inc., Hewlett Packard Corp., HRL Laboratories LLC., and General Vision Inc.

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As per expert analysts, the global neuromorphic chip market is expected to grow considerably during the forecast period from 2015 to 2023. During this tenure, the global market for neuromorphic chips is estimated reach an overall valuation of US$1.809 bn by clocking a phenomenal CAGR of 19.1%.

Geography-wise, the global neuromorphic chip market is segregated into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these, North America holds a leading position in recent times and further expected to continue its dominance in the market. Such a leading position held by North America is mainly due to a strong technological infrastructure, as well as rapid strides occurring in the field of artificial intelligence, existing in the region. Moreover, with increasing use of Internet and the associated Internet-of-Things concept, the use of neuromorphic chips is projected to boost the market's growth in North America.

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Rapid Growth in Artificial Intelligence Boosts Progress in Market

Widespread use of the neuromorphic chips in a plethora of sectors such as aerospace, automotive industry, logistics, defense and security, and many more, is majorly driving growth in the global neuromorphic chip market. Moreover, with an increasing demand for artificial intelligence in these sectors, the market is anticipated to get a greater push in future. This is mainly due to the fact that neuromorphic chips are a necessary requirement for facilitating numerous AI-based processes. And the converse also holds true that as artificial intelligence is proliferating at a rapid pace all over the globe, the demand for neuromorphic chips is increasing substantially. Lastly, with great progress achieved by numerous companies to produce electronic miniaturized chips along with integrated circuits for various devices. Thus, the global neuromorphic chip market is envisaged to depict a tremendous expansion during the next few years as these components form an integral part of the integrated electronic circuits.

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High Costs of Manufacturing the Chips Stunts Expansion

However, there are several complexities involved in manufacturing of the neuromorphic chips, which pose as a key challenge to the associated market's growth. This is mainly due to difficulties that exist while operating the neuromorphic synapses-based processes thus making it substantial tough to facilitate production of desired chip design hardware. In addition, the capacity of memory installed on these chips is comparatively less with respect to other alternatives. Moreover, manufacturing the neuromorphic chips is highly expensive, consequently making it difficult for those have less disposable capital/income to buy the relevant products. Nonetheless, several manufacturing companies as expected to regulate costs of production of neuromorphic chips. This could certainly decrease most restraints affecting the global neuromorphic chips market.

This review is based on the research report published by Transparency Market Research titled "Neuromorphic Chip Market (Function - Signal Processing, Data Processing, and Image Recognition; Application - Defense and Aerospace, Automotive, Medical, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."

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Key Takeaways:

Many companies are participating in important mergers and acquisitions as key strategic schemes in order to improve their presence.

Key segments of the Global Neuromorphic Chip Market:

By Function

Signal Processing
Data Processing
Image Recognition
Others

By Application

Defense and Aerospace
Automotive
Medical
Industrial
Others

By Geography

North America
Europe
Asia Pacific
- Rest of the World

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