PUNE, India, September 17, 2015 /PRNewswire/ --
According to a new market research report "Neuromorphic Chip Market by Application (Image recognition, Speech Recognition, Data Mining) , End-User Industry (Aerospace, Defense & Military, Medical, Industrial, Automotive, Consumer, Other Industries), and Geography - Global Forecast & Analysis to 2016 - 2022" , published by MarketsandMarkets, the total market is expected reach USD 4,798.96 Million by 2022, at a CAGR of 26.31% between 2016 and 2022.
Browse 40 Tables and 69 Figures spread through 170 Pages and in-depth TOC on "Neuromorphic Chip Market".
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The overall market size of the neuromorphic chip market is expected to be USD 4,798.96 Million by 2022, at a CAGR of 26.31% between 2016 and 2022.
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Neuromorphic chips are expected to emerge as the replacement for Von Neumann architecture wherein they have separate units for storing information and processing it sequentially which limits the architecture, in terms of memory usage, power consumption and speed, as compared to neuromorphic chips. Neuromorphic chips have application areas, namely, image recognition, speech recognition, and data mining. On the basis of application, image recognition is expected to hold the largest market worth USD 542.36 million in 2016. Signal recognition and data mining are expected to grow at CAGRs of 23.65% and 12.77%, respectively, during the forecast period.
The report forecasts market potential based on current developments in neuromorphic technologies. For instance, Qualcomm Inc. (U.S.) is commercializing a Snapdragon 820 chip which is enabled with neuromorphic capabilities and it uses a cognitive platform called 'Zeroth', or the DARPA funding to IBM Inc. (U.S.) and HRL Laboratories (U.S.), and so on.
The report also covers the key end-user sectors of the Neuromorphic Chip Market including aerospace, defense & military, medical, automotive, consumer, industrial, and other sectors. The consumer sector is expected to be the largest contributor to the overall neuromorphic chip market, with a share of 99.76% of the market in 2016. The aerospace, military & defense would follow the consumer industry, and hold 0.24% of market share in 2016. Rest of the end user industries are expected to adopt neuromorphic chip by 2018.
The report also covers the neuromorphic chip market for different geographic regions including North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to grow at the highest CAGR of 33.85% during 2016-2022, followed by Europe. However, Asia-Pacific is expected to hold the highest market share of 50.86% for neuromorphic chip market in 2016.
The report profiles the major market players with a SWOT analysis of key players in the neuromorphic chip market. The market is expected to witness a series of new product launches, announcements, and partnerships across the value chain. The key players in this industry include Samsung Group (South Korea), IBM Corp. (U.S.), Intel Inc. (U.S.), Qualcomm Inc. (U.S.), Hewlett Packard Company (U.S.), General Vision Inc. (U.S.) and others.
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