Neuromorphic Chips Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Neuromorphic Chips Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $11.1 billion In 2028 At A CAGR Of 13.1% :

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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Neuromorphic Chips Market Major 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 Driver - 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.

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Prominent Trend - 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.

Neuromorphic Chips 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.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the neuromorphic chips market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neuromorphic chips market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Neuromorphic Chips Market Report Structure
3. Neuromorphic Chips Market Trends And Strategies
4. Neuromorphic Chips Market - Macro Economic Scenario
5. Neuromorphic Chips Market Size And Growth
…..
27. Neuromorphic Chips Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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