Neuromorphic Chip Market Value By Component (Hardware, Software), By Function (Image Recognition, Signal Processing, Data Processing, Process Optimization), By End-use Industry (Consumer Electronics, Aerospace & Defense, Industrial, Automotive, Healthcare, Others), By Region - Industry Statistics & Forecast, 2023 - 2032

Market Overview:

Neuromorphic Chip Market size exceeded USD 41.2 Million in 2022 and is expected to showcase a CAGR of over 45.2% from 2023 to 2032. By the end of the forecast period, the market is anticipated to reach a valuation of around USD 1.8 Billion.

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Neuromorphic chips are a type of microprocessor that is designed to mimic the structure and function of the human brain. These chips are inspired by the concept of neuromorphic engineering, which is a field of study that focuses on creating electronic systems that are based on the principles of neural networks in the brain. Unlike traditional microprocessors, which are based on the Von Neumann architecture, neuromorphic chips are designed to be highly parallel, distributed, and adaptive. They are typically composed of large numbers of simple processing elements that are interconnected in a way that mimics the structure of neural networks in the brain.

The neuromorphic computing market is expected to see significant growth in the coming years due to the increasing demand for high-performance computing, as well as the development of new applications for neuromorphic chips in areas such as healthcare, finance, and defense.

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Growth Factors: 

• Advancements in AI and machine learning: The increasing demand for high-performance computing in the fields of artificial intelligence and machine learning is slated to drive the industry growth. Neuromorphic chips are designed to mimic the structure and function of the human brain, making them ideal for AI and machine learning applications.
   
• Growth in IoT and edge computing: The growth of the Internet of Things (IoT) and edge computing is also expected to drive the demand for neuromorphic chips. These chips are well-suited for use in low-power, high-performance computing applications that require real-time processing, making them ideal for IoT and edge computing devices.
   
• Need for energy-efficient computing: Another key factor driving the growth of the neuromorphic chip industry is the need for energy-efficient computing solutions. Neuromorphic chips are designed to be highly energy-efficient, which makes them ideal for use in mobile and IoT devices that have limited battery life.

By End-use Industry Synopsys:      

Consumer Electronics held the highest share in the global industry

For the Consumer electronics, neuromorphic computing as a promising tool for achieving high-performance computing and ultra-low power consumption. Cloud-based AI services like Alexa and Siri rely on internet-based computing to parse and respond to spoken commands and queries, and neuromorphic chips have the potential to enable a variety of sensors and devices to function intelligently without internet connectivity. Neuromorphic computing is expected to be triggered by smartphones, as certain operations, such as biometrics, are data-intensive and power-hungry. For example, audio data is processed in the cloud for speech recognition and then returned to the phone.

Regional Overview:

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Europe is also poised to see significant growth in the neuromorphic chip market over the forecast period, due to the increasing demand for energy-efficient computing solutions in the region, as well as the growing adoption of AI and machine learning technologies. 

In recent years, there have been significant advancements in the research and development of neuromorphic chips. In 2021, researchers at the University of Manchester in the UK developed a new type of neuromorphic chip that can process information up to a thousand times faster than conventional computer chips. The chip is based on a new type of material called a molybdenum disulfide semiconductor, which is highly efficient at transmitting electrical signals.

Key Development:

• In April 2022, The Accenture Centre for Advanced Computing in India has partnered with the Indian Institute of Science (IISc) Bengaluru to conduct research and development (R&D) in cloud continuum and neuromorphic computing.
   
• In April 2021, Biotome Pty Ltd, a precision immunology company, has teamed up with BrainChip Holding Limited for the purpose of SARS-CoV-2 antibody detection.

Top companies includes in the global neuromorphic chip market:

• Hewlett Packard Corp.
• Intel Corporation
• International Business Machine Corporation
• Gyrfalcon Technology Inc 
• Qualcomm Technologies, Inc.
• Applied Brain Research, Inc.
• General Vision Inc.
• BrainChip Holdings Ltd.
• Samsung Electronics Co. Ltd.
• HRL Laboratories LLC
• Others

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In-depth analysis of neuromorphic chip market along with industry coverage and forecasting for the following segments:

Market Size, By Component

• Hardware
• Software

Market Size, By Function

• Image Recognition
• Signal Processing
• Data Processing
• Process Optimization

Market Size, By End-use Industry

• Consumer Electronics
• Aerospace & Defense
• Industrial
• Automotive
• Healthcare
• Others 

Market Size, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America