Neuromorphic Chips Market 2024-2033: Competitor Assessment, New Trends, Share Analysis And Global Key Players

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.

Market Overview -
Neuromorphic chips are computer hardware designed to mimic the structure and function of the human brain. They use artificial neurons and synapses to process information, allowing them to solve problems, recognize patterns, and make decisions more quickly and efficiently than traditional computers. These chips are characterized by collocated processing and memory and massively parallel processing, enabling them to perform multiple functions simultaneously.

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Neuromorphic Chips Market Surge Fueled By Rising Demand In Robotics And Automation
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.

Competitive Landscape -
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.

Innovative Developments In The Neuromorphic Chip Market By Leading Companies
Major companies operating in the neuromorphic chips market are developing innovative products by using the latest AI neuromorphic chip technologies to better serve customers with advanced features. AI neuromorphic chip refers to a type of computer hardware that integrates artificial intelligence (AI) and neuromorphic computing principles. For instance, in September 2021, Intel Corporation, a US-based technology company, introduced Loihi 2, its second-generation neuromorphic research chip, and Lava, an open-source software framework for developing neuro-inspired applications. This can process data 1,000 times faster and consume significantly less power than conventional processors like CPUs and GPUs. The technology's energy efficiency makes it suitable for a wide range of applications, such as cybersecurity, smart homes, and industrial equipment.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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