Neuromorphic Chip Market Growth Analysis and Industry Forecast Report till 2027

Market Analysis 

The global neuromorphic chip market will touch USD 1,560.3 million at a favorable 11.7% CAGR by 2026, states the new Market Research Future (MRFR) report.

Drivers 

Growing Need for AI and ML to Boost Market Growth 

The growing need for machine learning and artificial intelligence will boost market growth over the forecast period. AI is being used in various industries like piping, food and beverages, consumer devices, military, aerospace, utility, telecom, entertainment, media, and medical. The combination of machine learning & artificial intelligence systems will revolutionize the business environment with smart decisions. 

Opportunities 

Increasing Adoption in Healthcare Sector to offer Robust Opportunities 

The increasing adoption of neuromorphic chips in the healthcare sector will offer robust opportunities for the market over the forecast period. These chips offer initial warning of diseases offering practices for treatments, and more. 

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Restraints 

Lack of Knowledge to Remain Market Restraint 

The lack of knowledge regarding neuromorphic computing, complex algorithms, and increasing complexity of designing hardware of neuromorphic chips may act as market restraint over the forecast period. 

Challenges 

Concerns over Security and Privacy to act as Market Challenge 

The concerns over security and privacy may act as market challenge over the forecast period. 

Market Segmentation 

The global neuromorphic chip market is bifurcated based on vertical and application. 

By application, the image recognition segment will lead the market over the forecast period. 

By vertical, the aerospace and defense segment will dominate the market over the forecast period. 

COVID-19 Analysis 

The COVID-19 outbreak has affected the neuromorphic computing market growth in several verticals worldwide. Neuromorphic chips were being used in medical devices during 2020. With WFH turning into a new trend for the pandemic there has been a rise in the demand and supply for IT peripherals that is boosting the market in the IT & telecommunication vertical. 

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Regional Analysis 

North America to Lead Neuromorphic Chip Market 

North America will lead neuromorphic chip market over the forecast period. Increasing need for ML and AI, the need for better performing ICs, extensive awareness regarding the perks of neuromorphic computing in industries like medical, military and defense, military, and aerospace, the US being the leading adopter of AI and ML, image processing, natural language processing, and speech recognition, the presence of eminent vendors in the US, latest technological breakthroughs that have assisted in the advances of new x-ray tubes, and the region being the home to key market vendors are adding to the global neuromorphic chip market growth in the region. Besides, the government initiatives, investment activities, and others, huge investments in R&D activities through partnerships, the penetration of neural-based chipsets in commercialized applications, inspiring measure of technological improvements with regards to product modernizations, and soaring industry-wide applications of neuromorphic chips to empower IoT are also adding market growth. 

Key Players 

Eminent market players profiled in the global neuromorphic chip market report include Hewlett Packard Enterprise, Samsung Electronics Limited, Intel Corp., HRL Laboratories, LLC, General Vision Inc., Applied Brain Research, Inc., Brainchip Holdings Ltd., aiCTX AG, Qualcomm, IBM, Nepes Corp., Innatera, MemComputing, INSTAR Robotics, Ceryx Medical, and Koniku.

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