The global neuromorphic chip market reached a value of US$ 2.1 Billion in 2021. Looking forward, the analyst expects the market to reach US$ 7.82 Billion by 2027, exhibiting a CAGR of 20.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A neuromorphic chip is an application-specific integrated circuit (ASIC) microchip that is mainly designed to mimic the functions of the nervous system and human brain. It involves the utilization of software solutions and very-large-scale-integrated (VLSI) systems to imitate the human way of thinking and recognizing. Additionally, it is equipped with artificial synapses and neurons, which are manufactured using silicon that facilitates the system to process like a human brain. As a result, it finds extensive applications in robotics and neuroscience research.
Neuromorphic Chip Market Trends: The global market is primarily driven by significant growth in the information technology (IT) industry. Along with this, continual technological advancements in the sector are creating a positive outlook for the market. For instance, the integration of artificial intelligence (AI), the Internet of Things (IoT) and advanced analytics with these microchips have positively contributed to the market growth across the globe. Moreover, the widespread adoption of neuromorphic chip-based computing systems to produce coronavirus disease (COVID-19) antibodies in a quick and accurate manner has contributed to the market growth on the global level. Furthermore, the increasing utilization of artificial intelligence (AI)-powered neuromorphic chips in the production of premium cars to build level 5 vehicle models is also positively influencing the market growth. The global market is further driven by the miniaturization of neuromorphic chips and the rising need for data governance. Some of the other factors contributing to the market growth include rapid digitization across multiple sectors and extensive research and development (R&D) activities conducted by key players to introduce improved product variants with enhanced features.
Key Market Segmentation: the analyst provides an analysis of the key trends in each sub-segment of the global neuromorphic chip market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on offering, application and end use industry.
Breakup by Offering: Hardware
Breakup by Application: Image Recognition
Breakup by End Use Industry: Aerospace and Defense
IT and Telecom
Breakup by Region: North America
Middle East and Africa
Competitive Landscape: The competitive landscape of the industry has also been examined along with the profiles of the key players being Applied Brain Research Inc., BrainChip Holdings Ltd., General Vision Inc., GrAI Matter Labs, Hewlett Packard Enterprise Development LP, HRL Laboratories LLC, Intel Corporation, International Business Machines Corporation, Qualcomm Technologies Inc., Samsung Electronics Co. Ltd. and SK hynix Inc.
Key Questions Answered in This Report:
How has the global neuromorphic chip market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global neuromorphic chip market?
What are the key regional markets?
What is the breakup of the market based on the offering?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global neuromorphic chip market and who are the key players?
What is the degree of competition in the industry?
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