Neuromorphic chips aim to mimic the human brain in performing various computational tasks with high efficiency and low power consumption. Neuromorphic chips are specialized integrated circuits that mimic neuro-biological processes within the brain. These neuromorphic chips can recognize patterns, learn independently, and perform cognitive functions like sensory perception and motor control.
The global Neuromorphic Chip Market is estimated to be valued at US$ 44.8 billion in 2023 and is expected to exhibit a CAGR of 67.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The emergence of artificial intelligence has accelerated the development of neuromorphic chips. AI applications require capabilities like intuitive reasoning, learning from experiences, and problem-solving that are similar to biological brains rather than conventional algorithms. Neuromorphic chips can process complex neural algorithms required for advanced AI with minimum power consumption compared to traditional computing systems. With growing investments in neural networks and deep learning research, neuromorphic chips are poised to revolutionize AI hardware by mimicking computational processes within the human brain more efficiently. This emerging trend is propelling the growth of the neuromorphic chip market.
SWOT Analysis
Strength: Neuromorphic chips mimic the biological neuronal structure and functions of the human brain, making them ideal for cognitive applications. They consume very low power and are highly efficient for AI workloads.
Weakness: Neuromorphic hardware and software are still in the early stages of development. Building large-scale neuromorphic systems remains challenging. Commercial applications of neuromorphic chips are currently limited.
Opportunity: Growing demand for AI capabilities in edge devices and IoT applications presents an opportunity for neuromorphic chips. Rapid adoption of advanced technologies such as autonomous vehicles also open new growth avenues.
Threats: Established players in semiconductors and AI processors pose competitive threats. Limitations in neuromorphic design tools and lack of programming expertise could also restrict market growth.
Key Takeaways
The Global Neuromorphic Chip Market Size is expected to witness high growth. North America currently dominates the market due to presence of major neuromorphic chip developing companies and rapid technological advancements. The market in Asia Pacific is projected to grow at the highest CAGR during the forecast period due to rising electronics production and government initiatives to promote AI research in countries such as China and India.
Key players operating in the neuromorphic chip market are IBM Research, Inc., Knowm Inc., Intel Corp., BrainChip Holdings Ltd., General Vision Inc., HRL Laboratories, LLC, Qualcomm Technologies Inc., and Hewlett Packard Labs. IBM has introduced TrueNorth, one of the first and largest neuromorphic chips developed. Intel Loihi is another prominent neuromorphic research project. Startups such as Knowm and General Vision are working on analog neuromorphic designs for edge AI applications. The neuromorphic chip market is expected to be highly competitive, with focus on developing low-power solutions suitable for IoT and robotics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.