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Rising Demand for Artificial Intelligence to Fuel Neuromorphic Chips Market

Article Description

Neuromorphic chips are a combination of transistors and memristors deployed on a silicon fabrication chip, which aids in reducing the consumption of memory in real time. Neuromorphic computing takes place on hardware through transistors, switches, and oxide-based memristors. In addition, neuromorphic chips increase the performance, sensitivity, and scalability of machines. These chips are scalable and small enough to be easily implemented in various end-use products. The global neuromorphic chip market stood at US$396.1 mn in 2014 and is predicted to reach US$1.8 bn by 2023, expanding at whopping CAGR of 19.10% between 2015 and 2023.

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Increasing Demand for Sensors in Various Industry Verticals to Boost Neuromorphic Chips Market

The market for neuromorphic chips is majorly fuelled by the rising demand for artificial intelligence globally. In addition, the increasing demand for sensors in industry verticals such as logistics, defense, military, automobiles, and healthcare has also increased the scope of use for neuromorphic chips. Furthermore, the increasing use of neuromorphic chips within Internet of Things (IoT) technology is also impacting the market positively. On the other hand, the soaring manufacturing cost of neuromorphic chips is a prime factor impeding the growth of the market. In addition, the rising complexities in hardware designing are also a chief factor impeding the growth of the market for neuromorphic chips. Furthermore, within developing nations, the absence of competent infrastructure and technological resources will also impact the overall market negatively.

Signal Processing Function Led Market with a Share of over 30% in 2014

In terms of function, the market is segmented into data processing, image recognition, signal processing, and others. Amongst these, the signal processing functionality of neuromorphic chips held a dominant share of over 30% in the market in 2014. This is owing to the rising application of neuromorphic chips within various end-use industries such as aerospace, industrial, defense, and automotive. On the basis of application, the market is segmented into automotive, defense and aerospace, industrial, medical, and others. Amongst these, the industrial segment led the market in 2014 on the basis of revenue and is predicted to maintain its superiority till 2023.The rising demand for real-time data processing and artificial intelligence has resulted in the increased utilization of neuromorphic chips within the industrial sector.

North America Held Largest Share in 2014

In terms of geography, the global neuromorphic chips market is segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). Amongst these, the region of North America led the market in 2014 and is predicted to maintain its dominance till 2023. This is owing to the increasing utilization of neuromorphic chips in numerous industry verticals within North America, including aerospace and defense, industrial, and medical. On the other hand, the Asia Pacific neuromorphic chips market will also rise owing to the increasing use of neuromorphic chips in the semiconductor and electronics industry within this region. In 2015, the growth of the market in RoW was at its nascent stage owing to the absence of technological resources within this region, but will pick up speed in the coming years.

The top players dominant in the market are Qualcomm Inc. (U.S), Intel Corp. (U.S), General Vision Inc.(U.S), HRL Laboratories LLC (U.S), Vicarious FPC Inc.(U.S), Samsung Electronics Co. Ltd. (South Korea), and Hewlett-Packard Corp.(U.S), among others.