by Neuromorphic chips, also known as brain-inspired or brain-like chips, are simulations of neural networks of the human brain. These chips consist of large numbers of neuro-inspired processors and storage units that mirror the architecture of biological neural systems. The key applications of neuromorphic chips include deep learning, artificial intelligence, cognitive computing, big data analytics, and image and speech recognition. Neuromorphic chip architectures can emulate biological Brain structures such as synapses, neurons and axons directly in hardware. Some key players in the neuromorphic chip market are developing chips integrated with edge computing platforms. Edge computing brings data processing and artificial intelligence closer to sensors and other devices at the edge of the network rather than relying solely on remote cloud computing infrastructure. Integration of neuromorphic chips with edge computing helps processing large volumes of data quickly and securely on embedded and mobile devices without depending on cloud computing.
The global Neuromorphic Chip Market is estimated to be valued at US$ 44.8 Bn 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 Dynamics:
One of the key drivers augmenting the growth of the neuromorphic chip market is its integration into edge computing platforms. The integration allows real-time data processing and artificial intelligence applications at the edge with low latency. Neuromorphic chips integrated with edge computing enhance capabilities of embedded and IoT systems by performing data analytics and decision-making locally. This helps in faster response times without sending large volumes of data to distant cloud servers through internet connectivity. The edge computing also improves privacy and security of data by avoiding transmission over internet. The ability of neuromorphic chips to simulate human brain-like cognitive abilities in hardware make them suitable for deployment in edge devices supporting diverse real-time applications including industrial IoT, autonomous vehicles, predictive maintenance, digital healthcare and more.
Segment Analysis
The neuromorphic chip market is dominated by the hardware segment, which accounted for approximately 76.0% share in 2022. Hardware components such as processors, memory, and interconnect solutions are essential parts of a neuromorphic computing system. The processors or neuro cores segment is further divided into digital neurons, digital synapses, axons, and dendrites. Among these, the digital neurons sub-segment held the largest market share in 2022 and is expected to maintain its dominance during the forecast period owing to the increasing adoption of neuromorphic chips that mimic biological neuronal systems and networks.
PEST Analysis
Political: Governments across the world are supporting research & development activities in the field of neuromorphic computing. They provide funding through research grants and initiatives to develop efficient neuromorphic chips that can solve complex problems.
Economic: The digital transformation of industries is generating demand for low-power computing systems that can process huge volumes of data in real-time. Neuromorphic chips are more power-efficient compared to traditional processors, supporting the economic growth of industries.
Social: Neuromorphic computing aims to develop brain-inspired technologies such as artificial general intelligence. Its applications in healthcare, autonomous vehicles, and smart cities can transform social lifestyles and improve quality of life.
Technological: Major technology trends include integrating more neurons and synapses on a single chip through advanced nodes, usage of memristive and spintronic devices as synaptic elements, and development of unsupervised deep learning algorithms for neuromorphic applications.
Key Takeaways
The Global Neuromorphic Chip Market Size was valued at US$ 44.8 Bn in 2023 and is expected to reach US$ 756.3 Bn by 2030, expanding at a CAGR of 67% during the forecast period. North America held the largest share of over 35.0% in 2023 due to high investments in R&D by key players such as Intel, IBM Research, and General Vision in the region. Europe is also emerging as a major market on account of increasing government funding for neuromorphic computing research through initiatives such as Human Brain Project.
Regional analysis related content comprises: The Asia Pacific region is slated to witness the fastest growth during the forecast period. This can be attributed to rising government emphasis on developing futuristic technologies for applications like AI and IoT across industries in the region.
Key players related content comprises: 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 Research has developed true neuromorphic computing systems like TrueNorth and Neuromorphic Vision Sensor (NVS) chip that function based on principles of neuronal systems.
*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, chemical and materials, defense and aerospace, consumer goods, etc.
