Neuromorphic Chip Market Lucrative in Various Regions
According to a latest research by Future Market Insights, development of AI systems is fuelling the growth of global demand for neuromorphic chips. Scientists and researchers developing diverse AI platforms are integrating neuromorphic chips to improve smart functioning and reasoning abilities of machines.
Governments from several parts of the world are inducing surplus expenditure towards development of AI systems, which is incidentally catalysing the demand for neuromorphic chips in the global tech industry.
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In 2015, about US$ 1.5 billion worth of revenues were attained through the global sales of neuromorphic chips. Increasing preference for neuromorphic engineering over conventional computing and a large-scale integration of analogue circuits for improving neurological & biological mimicking in smart machines continues to drive the demand in the global market for neuromorphic chips.
Future Market Insights’ report, titled “Neuromorphic Chips Market: Global Industry Analysis & Opportunity Assessment, 2016-2026,” projects that the global neuromorphic chips market, which is currently valued at an estimated US$ 1.6 billion, will rake in revenues worth US$ 10,814.9 million by 2026 end.
According to the report, the size of global neuromorphic chips market will expand exponentially – at 20.7% CAGR. Technical hurdles such as developing complex algorithms, and a sluggish commercialization of neuromorphic chips inhibits the market’s growth to some extent.
And, high costs associated with the pricing as well as production of neuromorphic chips remains a key challenge for the key players in global neuromorphic chips market.
Regional Forecast of Global Neuromorphic Chips Market
Key findings assessed while analysing the neuromorphic chips market across several regions in the world include,
North America’s neuromorphic chips market is projected to be valued at nearly US$ 3 billion by the end of forecast period.
In 2015, Western Europe recorded US$ 304.5 million revenues through sales of neuromorphic chips, rendering it the second-most dominant region in the global market after North America.
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Nevertheless, the neuromorphic chips revenues attained in Asia Pacific excluding Japan (APEJ) region will increase at the fastest growth rate, exhibiting a stellar 23.6% CAGR through 2026.
Following APEJ, the Japanese neuromorphic chips market is estimated to be valued over US$ 1.6 billion by 2026-end.
Demand for neuromorphic chips in Middle East & Africa will be comparatively less, while the expansion of neuromorphic chips market size in Eastern Europe and Latin America is predicted to be more than 17% CAGR throughout the projection period.
Global Neuromorphic Chips Market: Competitive Backdrop
Industry leaders and tech giants such as IBM Research Inc. and Intel Corporation are participating in the growth of global neuromorphic chips market.
Being a leading developer of advanced integrated platforms in digital technology has favoured Intel Corporation to engaging in designing, manufacturing & computing of neuromorphic chips. In 2016, IBM Research used phase-change materials to advance the data storing & processing capacities of neurons in analog chips.
Besides these, companies such as Qualcomm Technologies, Inc., BrainChip Holdings Ltd., HRL Laboratories, LLC, General Vision Inc., Hewlett-Packard Labs, and Knowm Inc., are leading participants shaping up the competitive landscape of global neuromorphic chips market.
Global Neuromorphic Chips Market: End-users & Applications
Advanced technologies are being used for development of alternative processing chips that recognize images or 3-dimensionally classify objects while capturing live environments.
So, the demand for neuromorphic chips in image recognition is less likely to grow higher over the forecast period. About 37% of global neuromorphic chips market value is currently accounted by image recognition, but is projected to steep below 35% by 2026-end.
Signal recognition & data mining applications, on the other hand, will witness a considerable rise in their global market share over the forecast period. With respect to the key end-user industries, aerospace & defence, consumer electronics and automotive are expected to collective account for nearly 60% of global neuromorphic chips revenues by the end of forecast period.
Global neuromorphic chips sales accounted by aerospace & defence are expected to be more than US$ 2 billion by 2026-end. Healthcare industry, on the other hand, is projected to exhibit a US$ 1.3 billion incremental opportunity from 2016 to 2026.
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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.
FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customised and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.
FMI’s team of over 200 research analysts provides market intelligence at global, regional, and country level. Our analysts are committed to provide independent insights, relying on our cognitive defusion training module, which conditions them to look at data objectively and unbiasedly.
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