Press release
Neuromorphic Chips Market Report 2024: Advancements in Brain-Inspired Computing
Neuromorphic Chips
The Business Research Company presents an extensive market research report on the Neuromorphic Chips Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The neuromorphic chips market size has grown rapidly in recent years. It will grow from $0.59 billion in 2023 to $0.68 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to better-performing integrated circuits, adoption of speech recognition or biometric recognition, advancements in al and machine learning, and efficient power consumption.
The neuromorphic chips market size is expected to see rapid growth in the next few years. It will grow to $11.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to growing demand for neuromorphic computing in defense and aerospace, increasing investment in research and development by companies, increasing adoption of IoT and M2M communication, rising demand for edge computing, and neuromorphic hardware in robotics. Major trends in the forecast period include new technological advancement, advancements in al and machine learning, increasing investments, and mergers and acquisition.
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Key Market Players:
Major companies operating in the neuromorphic chips market report are Samsung Electronics Limited, Lockheed Martin Corporation, Intel Corp., International Business Machine Corporation, IBM Corporation, SK Hynix Inc., Qualcomm, Hewlett Packard Enterprise, Cadence Design Systems Inc., Nepes Corp. , Nepes Corporation, CEA Leti, HRL Laboratories LLC, Altium LLC, SynSense AG, Innatera, Brain Corporation, Vicarious FPC Inc. , GrAI Matter Labs, Gyrfalcon Technology Inc, Ceryx Medical, Brain chip Holdings Ltd., Numenta, Inc. , Koniku, Applied Brain Research, Inc., General Vision Inc., Knowm Inc.
Market Drivers:
The growing demand for robotics and automation is expected to propel the growth of the neuromorphic chips market going forward. Robotics and automation refer to the use of computers, control systems, and information technology to handle industrial processes and machinery. Robotics and automation use neuromorphic chips to utilize brain-inspired computing concepts to increase the capabilities of automated systems and robots. For instance, in December 2022, according to the European Commission, a Belgium-based government body, the number of new industrial robots installed in companies globally reached an all-time high of 517,385, up 31% from 2020. Therefore, the growing demand for robotics and automation is driving the growth of the neuromorphic chips market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/neuromorphic-chips-global-market-report
The neuromorphic chips market covered in this report is segmented -
1) By Components: Software, Hardware
2) By Function: Signal Processing, Data Processing, Image Recognition, Process optimization
3) By End Use Industry: Aerospace And Defense, Automotive, Healthcare, Industrial, Consumer Electronics, Other End User Industries
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