Neuromorphic Chip Market is expected to cross value of US$ 1.6 Bn by the end of 2031, expand at a CAGR of 43.8%

The value of global neuromorphic chip market stood at US$ 32.1 Mn in 2021. The market is anticipated to rise at a CAGR of 43.8% during the forecast period, from 2022 to 2031. The global neuromorphic chip market is estimated to surpass valuation of US$ 1.6 Bn by 2031. The global neuromorphic chip market is likely to benefit from growing industrial use of neuromorphic chips as well as rising usage of these chips for Big Data analysis in various bioinformatics and pharmaceutical applications.

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The neuromorphic chip opens up new possibilities for cognitive storage and smart sensors by analyzing patterns in text, pictures, signals, and measurements with magnitude less energy and also complexity than existing microprocessors. Small and energy-efficient circuits are required for robots, drones, autonomous cars, and other self-reliant equipment, while standard semiconductor chips are hitting their capacity and miniaturization limitations. As a result, the introduction of neuromorphic computing is critical in these industries and is also expected to drive revenue opportunities for the neuromorphic chip companies.

Spiking neural networks (SNN) are used in neuromorphic computing to simulate biological spikes that carry signals before reverting to a silent state. The resultant system uses less energy than artificial neural networks, which are currently employed in most AI systems. Due to improved performance, significantly more AI computation can now be done on low-power, smaller devices at the network edge. Low power consumption, reduced latency, increasing flexibility, rapid response system, and fast-paced learning are just a few of the benefits, which are likely to create opportunities for neuromorphic chip.

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Key Findings of Market Report

Neuromorphic chips are widely used in luxury automobiles in the automotive industry. For higher efficiency and lower power consumption, autonomous driving demands constant improvements and upgrades in AI algorithms and thus it is likely to facilitate expansion of neuromorphic computing market size. In noisy surroundings and in self-driving vehicles, these processors are more effective, which is why development of neuromorphic chips is gaining momentum. Neuromorphic processors provide a more energy-efficient and better approach to developing self-driving automobiles.

Neuromorphic technologies are extremely adept at receiving as well as responding to data from their environment. When these technologies are integrated with biological components, they get compatible with the body of human beings. In the future, neuromorphic technologies can be used to better medicine delivery systems.

Smartphones, tablet computers, and laptops, which are gaining popularity as electronic products, are instances of industrial goods that can benefit significantly from neuromorphic processors in terms of application inclusion and processing power. Rising demand for such electronic goods is expected to fuel usage of neuromorphic devices & systems in the forthcoming years.

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Global Neuromorphic Chip Market: Growth Drivers

Neuromorphic computer devices might be used in prosthetics. This technology makes use of their abilities to accurately receive and analyze an external signal. Neuromorphic devices, rather than standard ones, can provide a more seamless and realistic experience for prosthesis users.
The North America neuromorphic chip market is expected to grow substantially in the years to come. Such growth of the market owing to the increasing usage of robotics and automation technology, their increasing R&D spending, and also the presence of important companies in the area. The development of nanoscale ICs in the region is driven by rising demand for AI and a growing desire for small-sized and compact gadgets and goods. This factor is likely to add to the regional market's expansion.

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Global Neuromorphic Chip Market: Key Players

Some of the key market players are

International Business Machine Corporation
Gyrfalcon Technology Inc.
Samsung Electronics Co. Ltd.
Qualcomm Technologies, Inc.
Hewlett Packard Corp.
Applied Brain Research, Inc.
LS Cable & System

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Global Neuromorphic Chip Market: Segmentation

Component

Hardware
Software
Function

O Signal Processing
Data Processing
Image Recognition
Process Optimization

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