According to IMARC Group latest report titled “Neuromorphic Chip Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on neuromorphic chip market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global neuromorphic chip market reached a value of US$ 2.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.82 Billion by 2027, exhibiting at a CAGR of 20.7% during 2022-2027.
A neuromorphic chip represents an application-specific integrated circuit (ASIC) microchip that is generally designed to mimic the functions of the nervous system and human brain. It involves the use of very-large-scale-integrated (VLSI) systems and software solutions to imitate the human way of thinking and recognizing. A neuromorphic chip is commonly available in digital and analog variants that are highly capable of manipulating data received via sensors. Consequently, it finds extensive applications in robotics, consumer electronics, neuroscience research, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The escalating demand for better-performing integrated circuits (ICs) and the expanding information technology (IT) industry are primarily driving the neuromorphic chip market. Additionally, the widespread product adoption for manufacturing premium self-driving cars with level 5 of vehicle autonomy is further stimulating the market growth. Besides this, the inflating need for data governance, the rising investments in R&D activities, and the miniaturization of neuromorphic chips are also positively influencing the global market. Moreover, the increasing utilization of neuromorphic chip-based computing systems to develop precise antibody tests with enhanced accuracy, on account of the sudden outbreak of the COVID-19 pandemic, is acting as another significant growth-inducing factor. Apart from this, the introduction of product variants that are integrated with improved features and advanced technologies, such as advanced analytics and the Internet of Things (IoT), is anticipated to fuel the neuromorphic chip market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Brain Research Inc.
- BrainChip Holdings Ltd.
- General Vision Inc.
- GrAI Matter Labs
- Hewlett Packard Enterprise Development LP
- HRL Laboratories LLC
- Intel Corporation
- International Business Machines Corporation
- Qualcomm Technologies Inc.
- Samsung Electronics Co. Ltd
- SK hynix Inc
Neuromorphic Chip Market Segmentation:
Our report has categorized the market based on region, offering, application and end use industry.
Breakup by Offering:
Breakup by Application:
- Image Recognition
- Signal Recognition
- Data Mining
Breakup by End Use Industry:
- Aerospace and Defense
- IT and Telecom
- Consumer Electronics
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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