The growing need for machine learning and artificial intelligence will boost neuromorphic chip market growth over the forecast period. The growing number of machine-to-machine connections as well as the increasing penetration of AI is boosting the need to have more solutions at the edge utilizing neuromorphic computing. AI has several applications in industries like piping, food and beverages, consumer devices, military, aerospace, utility, telecom, entertainment, media, and medical. A combination of artificial intelligence systems & machine learning is set in driving business environments with smart decisions. These systems will have applications in self-driving automobiles, language translation, speech recognition, credit scoring, fraud detection, question-answering medical diagnostics systems, and image classification.
Dominant Key Players on Neuromorphic Chip Market Covered are:
- Hewlett Packard Enterprise
- Samsung Electronics Limited Intel Corp.
- HRL Laboratories LLC
- General Vision Inc.
- Applied Brain Research Inc.
- Brainchip Holdings Ltd.
- aiCTX AG
- Nepes Corp.
- INSTAR Robotics
- Ceryx Medical
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Market USP Exclusively Encompassed:
Increasing Adoption in Production of Premium Cars to offer Robust Opportunities
The inflating use of AI (artificial intelligence) powered neuromorphic chips to produce premium cars for building level 5 vehicle models will offer robust opportunities for the market over the forecast period.
Scarcity of Knowledge to act as Market Restraint
The scarcity of knowledge regarding neuromorphic computing may act as market restraint over the forecast period.
Complex Algorithms to act as Market Challenge
The complex algorithms that increase the complexity to design hardware of neuromorphic chips may act as market challenge over the forecast period.
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Segmentation of Market Covered in the Research:
The global neuromorphic chip market has been bifurcated based on application and vertical.
By application, the neuromorphic chip market is segmented into data mining, signal recognition, and image recognition.
By vertical, the aerospace and defense segment will lead the market over the forecast period.
North America to Maintain Prime Position in Neuromorphic Chip Market
North America will maintain a prime position in the global neuromorphic chip market over the forecast period. Growing demand for machine learning & artificial intelligence, the need for better performing ICs, increasing awareness regarding the perks of neuromorphic computing in industries like medical, military and defense, and aerospace, and the US being the largest adopter of speech recognition, image processing, natural language processing, and machine learning across industries like automotive and medical are adding to the global neuromorphic chip market growth in this region. Also, the presence of several key players such as Intel, IBM, and Qualcomm in the US that are top manufacturers of neuromorphic chips, and major technological improvements with regards to product modernizations, soaring industry-wide use of neuromorphic chips to empower IoT are also adding market growth.
APAC to Have Favorable Growth in Neuromorphic Chip Market
The APAC region will have favorable growth in the global neuromorphic chip market over the forecast period. The growing adoption of neuromorphic computing especially for security, South Korea, Japan, and China being largest contributors, China being the largest market for artificial intelligence followed by Japan, and rising adoption of data analytics, IoT, and AI along with other solutions and technologies in different industries are adding to the global neuromorphic chip market growth in the region.
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COVID-19 Impact on the Global Neuromorphic Chip Market
The COVID-19 outbreak possessed a significant effect on the global neuromorphic chip market. On the one hand, the outbreak disturbed the production of various key components as well as supply chains. Several chip manufacturing companies faced issues such as attracting workers from quarantines and obtaining components & delivering end products. Besides, tight lockdown mandates limited cross-border trades that impacted the market growth. In turn this spiked the overall costs of neuromorphic chips. But on the positive side, the increasing use of neuromorphic chip-based computing systems for producing antibodies accurately and quickly is boosting market growth.
The global neuromorphic chip market is both fragmented & also competitive for the presence of numerous international and also domestic industry players. Such key players have incorporated various innovative strategies for remaining at the vanguard and also catering to the burgeoning need of the esteemed clients including, partnerships, contracts, collaborations, new product launches, geographic expansions, joint ventures, and more. Besides, they are also investing in numerous research & development activities.
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