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Neuromorphic Chip Market Size, Share, Demand and Opportunities by 2023
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Based on application, the market for neuromorphic chips can be classified into image recognition, signal processing and data mining. These chips are basically developed for pattern recognition and data mining and for catering to the soaring requirements of pattern recognition and analysis of sensory data.
The image recognition application has been the largest revenue contributor to the global neuromorphic chip market; followed by signal processing and data mining. Image recognition is a process of detecting an object in digital image format. The concept of image recognition is being used in numerous applications, instigating uninterrupted improvements in computing power and the boundless acceptance of mobile and cloud-based computer technology, which makes it the fastest growing application in the global neuromorphic chip market.
The North American market for neuromorphic chips is expected to register the fastest growth compared to other regions over the forecast period, as companies like Qualcomm, IBM and Intel located in the U.S. are the major manufacturers of neuromorphic chips The provincial market is also likely to be driven by the inspiring measure of technological improvements in terms of product modernizations. Moreover, soaring industry-wide application of neuromorphic chips for empowering Internet of Things (IoT) is also expected to spur the market growth in North America.
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Some of the major players in the global neuromorphic chip market include Intel Corp., Qualcomm Inc., International Business Machine Corporation, General Vision Inc, Brain Corporation, HRL Laboratories LLC, Vicarious FPC Inc., Lockheed Martin Corporation, Hewlett Packard Corp. and Samsung Electronics Co. Ltd. among others.
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