The market was estimated at USD 0.88 billion in 2015 and is projected to reach USD 2.94 billion by 2020, growing at a CAGR of 27.28% during the forecast period 2015-2020.
In June 2012, Intel Corporation unveiled the design for its neuromorphic chip. In October 2013, Qualcomm Technologies, Inc. introduced the “Qualcomm Zeroth Processor” – a brain-inspired computing. In August 2015, IBM created a neuromorphic chip that is as powerful as a rodent’s brain. This system can understand deep-learning algorithms, consumes less electricity and is compact in size.
The demand for neuromorphic chip increases with the increasing demand for IoT (Internet of Things) and data analytics. The motivation behind designing these chips is to build a platform for running large-scale, real-time simulations to aid neuroscience research. As a result, innovation in processor architecture is looked at with increased interest by governments, research institutes, and business entities. The market is evolving with significant developments in the neuromorphic arena.
The global neuromorphic chip market is experiencing high growth due to the increasing demand for artificial Intelligence (AI). Consumer preference for small-sized products has led to the demand for miniaturization of ICs, which has driven the growth of the global neuromorphic chip market. With the advent of smart technologies, smart sensors are being used in many end-user industries like automotive, electronics, and healthcare. The growth of the market in hindered by the slow pace of development of applications despite the heavy investments in R&D. As the demand for miniaturization of ICs is increasing, the complexity of hardware designing is growing, which acts as a restraint for the global neuromorphic chip market. Implementing the neuromorphic chips across the wide end-users acts as an opportunity in this market.
The global neuromorphic chip market can be segmented by application type (image recognition, signal processing, data processing and others), end-user type (aerospace, military & defense, automotive, industrial, medical, consumer industry and others), and geography (North America, Asia-Pacific, Latin America, Europe, and Middle East & Africa).
The image recognition application segment is expected to hold the largest share of the global neuromorphic chip market by 2016 and is expected to dominate the market throughout the forecast period, followed by signal processing and data mining. North America is expected to witness the highest CAGR over the period of the forecast, as companies like Qualcomm, IBM and Intel located in the US are the major manufacturers of neuromorphic chips globally. Moreover, the rising demand for neuromorphic chips that power the Internet of Things (IoT) is also driving the North American neuromorphic chip market.
This report gives a detailed Porter’s five forces analysis of the market. All the five major factors in this market have been quantified using the internal key parameters governing each of them. The report also covers the market landscape of top players, which includes the key growth strategies, geographical footprint, and competition analysis.
Some of the key players in the market are:
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