Neuromorphic Chip Market Research Report— Forecast till 2027

Neuromorphic Chip Market Research Report By Application (Image Recognition, Signal Recognition, Data Mining), Vertical (Aerospace & Defense, IT & Telecom, Automotive, Medical, Industrial, Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)— Forecast till 2027

ID: MRFR/SEM/9036-HCR | 100 Pages | Author: Shubham Munde | November 2023         

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Neuromorphic Chip Market

Neuromorphic Chip Market will exhibit a CAGR of 11.7% in the forecast period of 2020-2027 and is expected to reach 1,560.3 Million by 2027

By Application Image Recognition Signal Recognition Data Mining
By Vertical Aerospace & Defense IT & Telecom Automotive Medical Industrial Others
Key Players
Companies Profiled   Hewlett Packard Enterprise    Samsung Electronics Limited    Intel Corp.    HRL Laboratories    LLC    General Vision Inc.    Applied Brain Research Inc.    Brain chip Holdings Ltd.    aiCTX AG    Qualcomm    IBM    Nepes Corp.    Innatera    MemComputing    INSTAR Robotics    Ceryx Medical    Koniku
Market Driving Forces   It is typically focused on providing either fast computation or low power
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Neuromorphic Chip Market Size and Overview

Globally, the size of Neuromorphic Chip Market is set to grow at a CAGR of 11.7%, estimated to reach USD 1,560.3 Million by 2027 driven by the demand for better-performing ICs, the rise in artificial intelligence and machine learning demand and the growing number of cross-industry alliances and collaborations. A neuromorphic chip, as opposed to the standard sequential von Neumann architecture, is a processor chip that is supposed to mimic the human brain. Artificial intelligence (AI) applications are predicted to benefit tremendously from such processors in the future. Neuromorphic computing is a type of computer engineering in which computer components are designed after brain and nervous system systems. Also, the word encompasses both the hardware and software aspects of computers. To construct artificial neural systems inspired by biological architecture, neuromorphic engineers depend on a variety of fields, including computer science, biology, mathematics, electronic engineering, and physics. It is usually centered on either quick computing or low power consumption, with one generally coming at the expense of the other. On the other hand, neuromorphic systems achieve both fast computing and low power usage benefitting the Neuromorphic Chip Market Trends and increasing the Neuromorphic Chip Market Revenue and Neuromorphic Chip Market Demand during the Neuromorphic Chip Market Analysis.

COVID 19 Analysis

The global neuromorphic computing market has been influenced by the COVID-19 epidemic in numerous verticals. In the year 2020, neuromorphic chips were first employed in medical equipment. An analytical tool, Watson developed by IBM Corp. (US), is intended to be connected with neuromorphic circuits and used for medical imaging analytics. Watson functions like a human analytical system. The medical industry's market is predicted to develop as a result of this. Work from home (WFH) has become the new trend as a result of the pandemic, increasing supply and demand for IT peripherals, which is driving the neuromorphic computing market in the IT & telecommunication sector forward.

Market Dynamics

Market Drivers

The demand for better-performing ICs, the rise in artificial intelligence and machine learning demand, and the growing number of cross-industry alliances and collaborations are all propelling the Neuromorphic Chip Market Share and Neuromorphic Chip Market Trends during the Neuromorphic Chip Market Forecast. Medical, media, entertainment, telecom, utilities, aerospace, military, consumer products, food & drinks, and pipelines are all using artificial intelligence (AI). With smart decisions, a mix of AI technologies and machine learning is expected to alter the commercial environment. The expansion of the neuromorphic computing software market is fueled by an increase in software dependency in industries such as aerospace and defense, IT & telecom, and medical, as well as the modernization of industries. The Neuromorphic Chip Market Demand is also boosted by the adoption of voice or biometric recognition. IoT is expected to propel Neuromorphic Chip Market Revenue as the number of wearable devices increases.

Market Restraints

However, various limitations, such as a lack of awareness about neuromorphic computing and sophisticated algorithms that make building hardware for neuromorphic chips more difficult, are impeding the Neuromorphic Chip Market's growth during the Neuromorphic Chip Market Analysis. Furthermore, matching a human's adaptability and ability to learn from unstructured stimulus data could be a major market issue during the foreseeable period. The difficulty of implementing it, as well as worries about security and privacy, are some of the roadblocks to its development.

Technology Analysis

Neuromorphic engineering, also known as neuromorphic computing, is a term for using very-large-scale integration (VLSI) systems with electrical analog circuits to replicate neuro-biological architectures seen in the nervous system. This means that chips created with such technologies are intelligent and capable of simulating the human brain. The use of these chips not only improves the instrument's reliability but also improves its performance. Those processors are the reason why voice- and gesture-controlled devices function so well. These chips can be used for more than just one or two functions. This technology is expected to be used in high-tech robotics, future automobile designs, and other applications.

Market Segment Overview

The Neuromorphic Chip Market Report has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period. The market segments are as follows:

Neuromorphic Chip Market, By Application Outlook

  • Image recognition

  • Signal recognition

  • Data mining

Neuromorphic Chip Market, By Vertical Outlook

  • Aerospace & defense

  • IT &telecom

  • Automotive

  • Medical

  • Industrial

  • Others

Neuromorphic Chip Market, By Region Outlook

  • North America

  • Europe

  • Asia-Pacific

  • The rest of the world

Regional Classification

During the historic forecast period, North America led the global market, and this trend is likely to continue during the forecast period. The Asia-Pacific region, on the other hand, is predicted to have the quickest growth in the Neuromorphic Chip Market over the forecast period. The expansion of the Neuromorphic Chip Market in this region is likely to be fueled by the adoption of neuromorphic computing for security purposes. North America is predicted to have the greatest share of the worldwide neuromorphic computing market, accounting for 40% of the total. A key driver for this region's domination is widespread knowledge of the benefits of neuromorphic computing in industries such as aerospace, military & defense, and medical. The United States is leading the industry in North America, having adopted artificial intelligence for machine learning, natural language processing (NLP), image processing, and speech recognition across industries such as medical and automotive. While APAC is predicted to hold the second-largest share of 37% and increase at the fastest CAGR. China, Japan, and South Korea are likely to be the largest contributors to the APAC market. In APAC, China is the largest market for AI, followed by Japan; this makes China a promising market for neuromorphic computing in machine learning and natural language processing applications.

Competitive Landscape

Because the market for neuromorphic chips is so small and still in its early stages of development, there are only a few companies. In this concentrated market, top players are expanding aggressively by various market development tactics such as collaboration, market expansion, product innovation, and R&D activities. As a result, market concentration is moderate. These companies place a premium on innovation and, as a result, invest heavily in research and development to offer a cost-effective product portfolio. There have been recent mergers and acquisitions among the major players, a tactic used by businesses to expand their consumer base. The major key players in the Neuromorphic Chip Market are as follows:

  • Hewlett Packard Enterprise

  • Samsung Electronics Limited

  • Intel Corp.

  • HRL Laboratories

  • LLC, General Vision Inc.

  • Applied Brain Research, Inc.

  • Brain chip Holdings Ltd.

  • aiCTX AG, Qualcomm

  • IBM

  • Nepes Corp.

  • Innatera

  • MemComputing

  • INSTAR Robotics

  • Ceryx Medical

  • Koniku

Recent Developments

  • Brain Chip Inc. and NaNose Medical used Brain Chip's Akida AI chip in their hand-held diagnostic testing gadget to successfully detect COVID-19 in exhaled breath. NaNose Medical gathered samples from 130 patients and submitted nanomaterial sensor data to Brain Chip's Research Institute in Perth, Western Australia, where the Akidaneuromorphic processor was set up and taught to understand the data using AI/ML.

  • As part of the US Department of Energy's Advanced Scientific Computing Research initiative, Intel has signed a deal with Sandia National Laboratories to investigate neuromorphic computing. India will begin its work with a 50-million-neuron Loihi-based system that was recently delivered to its Albuquerque, New Mexico headquarters. Intel said the labs will receive devices developed on the company's next-generation neuromorphic architecture as the partnership evolves.

  • Through their Akida Early Access Program Agreement, Brain Chip Holdings Ltd has cooperated with VORAGO Technologies. The partnership will help a NASA Phase I initiative to develop a neuromorphic processor that meets spaceflight standards. Customers who require early access to the Akida device, evaluation boards, and dedicated support are eligible for the Brain Chip Early Access Program. Payments to cover the Company's expenses to assist partner requirements are included in the EAP agreement.

Report Overview

The existing and emerging market trends and dynamics in the worldwide neuromorphic chip industry are thoroughly examined in this study. The market definition, as well as major growth points and possible variables producing restrictions, are explored. Market estimations for the key market segments are used to conduct in-depth analysis. The market is divided into four regions: North America, Europe, Asia-Pacific, the Rest of the World. Extensive market analysis by type aids in understanding the existing technologies in use as well as the versions that are expected to acquire importance in the future. Competitive intelligence clarifies the situation across geographies and amongst players.

Report Scope:

Report Attribute/Metric Details
Market Size 2027 USD 1,560.3 Million
CAGR 11.7% (2020-2027)
Base Year 2019
Forecast Period 2020-2027
Historical Data 2018
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Application, Vertical and Region
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors Hewlett Packard Enterprise, Samsung Electronics Limited, Intel Corp., HRL Laboratories, LLC, General Vision Inc., Applied Brain Research, Inc., Brain chip Holdings Ltd., aiCTX AG, Qualcomm, IBM, Nepes Corp., Innatera, MemComputing, INSTAR Robotics, Ceryx Medical, Koniku
Key Market Opportunities The rise in artificial intelligence and machine learning demand
Key Market Drivers The adoption of voice or biometric recognition

Frequently Asked Questions (FAQ) :

The neuromorphic chip market value can touch USD 1560.3 million by 2027.

The neuromorphic chip market is expected to display 11.7% CAGR from 2020 to 2027.

North America can lead in the neuromorphic chip market.

IBM, Koniku, Intel Corp., Nepes Corp., Ceryx Medical, Qualcomm, Samsung Electronics Limited, Applied Brain Research, Inc., Brainchip Holdings Ltd., General Vision Inc., aiCTX AG, Innatera, HRL Laboratories, LLC, Hewlett Packard Enterprise, MemComputing, and INSTAR Robotics are key players of the global neuromorphic chip market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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