Rising Applications in Several Industries to Help Global Neuromorphic Chip Market Exhibit 20.7% CAGR from 2016 to 2026

A recent market research report by Future Market Insights presents a thorough overview of the global market for neuromorphic chip. The report is titled “Neuromorphic Chip Market: Global Industry Analysis and Opportunity Assessment, 2016-2026.” The report states that the market will exhibit a promising CAGR of 20.7% from 2016 to 2026, rising from a valuation of US$1,420 mn in 2015 to a revenue opportunity of US$10,810 mn by the end of 2026.

Promise of a significant leap of improvement in terms of operational prowess, speed of processing, and better suitability to artificial intelligence applications are pushing ahead developments in the field of neuromorphic chips. The vast rise in the scope of applications of these chips across industries such as automotive, defense and military, aerospace, and machine learning is the key factor expected to drive the global neuromorphic chip market in the next few years.

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In terms of incremental opportunity across key regional markets covered in the report, the market in North America is expected to emerge as the most profitable over the report’s forecast period. Owing to the thriving automotive, aerospace, and consumer electronics industries, growth opportunities are vast in the region. Moreover, the region is also home to some of the world’s leading chipmakers and technology companies, making it the hub for technological developments in the area of neuromorphic chips.

The report states that the North America neuromorphic chip market will exhibit a promising 19.7% CAGR over the report’s forecast period, representing an incremental opportunity of US$2,300 mn from 2016 to 2026. If the numbers hold true, the market will rise from a valuation of US$400 mn in 2015 to US$2,700 mn by the end of 2026. Several industries in the region are promoting the convergence advanced, new technologies such as neuromorphic chips with existing technologies so as to improve productivity and efficiency of operations. One of the most innovative usages of neuromorphic chips is being witnessed in the field of unmanned drones. Neuromorphic chips in drones are being tested for their ability in enabling drones to recognize any defined space visited earlier by storing and processing signal patterns emerging from surroundings of that space.

In terms of application, the report segments the global neuromorphic chip market into image recognition, data mining, and signal recognition. The key end-use industries of neuromorphic chips examined in the report are aerospace and defense, automotive, healthcare, consumer electronics, and industrial. Demand is expected to be promising across all these end-use sectors in the next few years, with the automotive and defense and aerospace sectors expected to remain at the forefront in terms of adoption of neuromorphic chips in the next few years. In the automotive industry, neuromorphic chips, in conjunction with technologies such as signal processing, could help drivers in understanding their immediate surroundings better thus helping them take better decisions.

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Other industries are also increasingly representing growth opportunities for neuromorphic chips and are expected to help the market expand at a promising pace over the report’s forecast period. The vendor landscape has started becoming crowded and companies, with the aim of strengthening their hold on the market and making the most of available opportunities, have started focusing on strategic collaborations. Some of the leading companies presently operating in the market are IBM Corporation, Hewlett Packard Labs, HRL Laboratories, LLC, General Vision, and Intel Corporation.

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This release was published on openPR.