Neuromorphic Chip Market Size Worth US$ 8.6 Billion By 2028 | Growth Rate (CAGR) of 16.6%

Neuromorphic chips refer to ASIC microchips with a series of artificial silicon-based synapses and neurons similar to human brain networks.

BROOKLYN, NY, USA, February 28, 2023 /EINPresswire.com/ -- According to IMARC Group latest report titled “Neuromorphic Chip Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on neuromorphic chip market report¹. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global neuromorphic chip market size reached US$ 2.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.6 Billion by 2028, exhibiting a growth rate (CAGR) of 16.6% during 2023-2028.

A neuromorphic chip is a microchip that aims to imitate the functioning of the nervous system and the human brain. It comprises very large-scale-integrated (VLSI) systems and software that can simulate human thinking and recognition. It also features silicon-based artificial synapses and neurons, which allow the system to mimic the functioning of a human brain. It processes data much more efficiently than traditional microprocessors, which makes them ideal for applications that require real-time processing, such as image recognition or voice recognition. It is highly energy-efficient, which makes it ideal for use in portable or embedded systems where power consumption is a critical factor. Due to its ability to learn and adapt to new situations, it is well-suited for use in autonomous systems, such as robots or drones that must be able to navigate and interact with their environment without human intervention.

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Market Trends:

One of the key factors driving the global market is the significant growth in the information technology (IT) industry. Coupled with this, continual technological advancements in the healthcare sector are contributing to the demand across the globe. Furthermore, the wide utilization of neuromorphic chips in various healthcare applications, including medical imaging, disease diagnosis, and drug discovery, is propelling the market. Moreover, the increasing use of AI-powered neuromorphic chips in the construction of premium autos to build luxury cars is creating a positive market outlook. Apart from this, several leading players are incorporating neuromorphic chips in artificial intelligence systems to enhance processes, including speech recognition, machine learning, image recognition, data mining, and automated reasoning, thereby providing a boost to the market. Other factors, such as rising investments in neuromorphic chip research and development (R&D) activities and growing demand for autonomous systems, are projected to propel the market further.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Brain Research Inc.
• BrainChip Holdings Ltd.
• General Vision Inc.
• GrAI Matter Labs
• Hewlett Packard Enterprise Development LP
• HRL Laboratories LLC
• Intel Corporation
• International Business Machines Corporation
• Qualcomm Technologies Inc.
• Samsung Electronics Co. Ltd
• SK hynix Inc

Neuromorphic Chip Market Segmentation:

Our report has categorized the market based on region, offering, application and end use industry.

Breakup by Offering:
• Hardware
• Software

Breakup by Application:
• Image Recognition
• Signal Recognition
• Data Mining

Breakup by End Use Industry:
• Aerospace and Defense
• IT and Telecom
• Automotive
• Medical
• Industrial
• Consumer Electronics
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Services Private Limited
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¹ https://www.imarcgroup.com/neuromorphic-chip-market