Neuromorphic Engineering also referred to as neuromorphic computing is a large integration system containing electronic analog circuits to mimic neurobiological architectures present in the nervous system. Neuromorphic chips are implemented in advanced tools used for experimentation. Neuromorphic chips find applications in image recognition, single recognition, and data mining processes among others. The global neuromorphic chip market is expanding significantly due to increasing interest by research institutes, business entities, and government sectors in this new and innovative technology.
The global neuromorphic chip market is estimated to be valued at US$ 26.78 million in 2022 and is expected to exhibit a CAGR of 67.3% over the forecast period. According to Neuromorphic Chip Market Report, by Vertical (Image Recognition, Single Recognition, Data Mining), by Application (Aerospace & Defense, Automotive, Consumer Electronics, Healthcare, Industrial), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
Global Neuromorphic Chip Market: Drivers
Lucrative benefits over conventional computing
Lucrative benefits over conventional computing are expected to propel the global neuromorphic chip market during the forecast period. Majority of the modern computers currently operate on the ‘Von-Neumann’ architecture introduced in 1945 by John Von Neumann, which facilitates computation by carrying data between processor and memory device. However, the need for improving the performance of the architecture in terms of speed and power consumption has increased in the recent past. As a result of this, companies such as IBM Corporation, Qualcomm Inc., Hewlett Packard Enterprise Co., and others are focused on the development of neuromorphic chips as a step towards overcoming the drawbacks of conventional computing technology. Furthermore, these technological developments in terms of architecture are expected to boost the global neuromorphic chip market growth over the forecast period.
Global Neuromorphic Chip Market: Opportunities
Constant government investments in R&D activities
Constant government investments in R&D activities to provide major business opportunities. The concept of neuromorphic computing has witnessed massive popularity in the recent past among numerous countries and R&D organizations. These companies and institutes are focused on investing significantly in research and development of neuromorphic computing technology suitable for various applications. Moreover, the government in countries in various regions are investing and raising funds for projects dedicated to research and development of neuromorphic computing. For instance, Defense Advanced Research Projects Agency sponsored SyNAPSE project to develop electronic neuromorphic machine technology.
Global Neuromorphic Chip Market: Restraints
Lack of skilled personnel
Lack of skilled personnel is expected to hamper the global neuromorphic chip market growth over the forecast period. The development of a neuromorphic chip requires skilled personnel with ample experience in the relevant field. There is a dearth of skilled professionals in the field of the neuromorphic chip, especially in emerging economies such as India, Brazil, China, and South Africa.
Global Neuromorphic Chip Market: COVID-19 Impact Analysis:
The outbreak of COVID-19 pandemic has severely impacted the global neuromorphic chip market. The pandemic disrupted many key industries related to the manufacturing neuromorphic chip that supply essential components. Chip manufacturing companies faced major disturbances in obtaining components and delivering end-products. Furthermore, stringent regulations on physical distancing and temporary suspension of international travel and trade led to a negative impact on the global neuromorphic chip market. However, circumstances are gradually changing with many countries relaxing their lockdown regulations. Besides, rollout of vaccines and massive vaccination campaigns have led to decline in coronavirus cases.
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Key Takeaways:
- The global neuromorphic chip market was valued at US$ 26.78 Bn in 2022 and is forecast to reach a value of US$ 16,46,213.0 Bn by 2030 at a CAGR of 67.3% between 2023 and 2030. This is owing to XYZ factors.
- The Image Recognition segment was valued US$ 1,137.6 Bn in 2022 and is expected to witness a highest market share over the forecast period. This is owing to Rising demand of digital camera and image processing in wide industries such as military and defence, machine vision and other is expected to boost growth of neuromorphic chip market
Global Neuromorphic Chip Market - Trends
The demand for smart machines and devices is gaining popularity
The demand for smart machines and devices is gaining popularity in Western Europe, as it helps in automating various industrial and assembly line processes. Therefore, research organizations are focusing on the development of advanced technologies such as neuromorphic chips so as to enhance the capabilities of next-gen processes such as machine learning and cognitive computing. Many companies and scientists based in Russia are employing neuromorphic technology for various applications. Russian programmers are developing technologies inspired by neural networks. In addition, the trend of adopting artificial intelligence technology has been popular throughout the globe over the upcoming years. For instance, in Prisma Labs Inc., a Russia-based company, developed photo editing app ‘Prisma’, which operates on the concept of neural networks and artificial intelligence to allow editing of photos.
Global Neuromorphic Chip Market: Competitive Landscape
Key players operating in the global neuromorphic chip market are IBM Research, Inc., Knowm Inc., Intel Corp., BrainChip Holdings Ltd., General Vision Inc., HRL Laboratories, LLC, Qualcomm Technologies Inc., and Hewlett Packard Labs.
