The neuromorphic chip market is driven by factors such as an increase in number of wearable devices, rise in demand for artificial intelligence & machine learning technology, and surge in demand for neuromorphic chip for big data analysis.
WILMINGTON, Del., Nov. 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Neuromorphic Chip Market By End User: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global neuromorphic chip industry generated $87.9 million in 2022, and is projected to reach $7.1 billion by 2032, registering a CAGR of 55.8% from 2023 to 2032.
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- 79 - Tables
- 63 - Charts
- 242 - Pages
Prime Determinants of Growth
The neuromorphic chip market is expected to witness notable growth owing to increase in number of wearable devices, rise in adoption of neuromorphic chip in industrial sector, surge in demand for neuromorphic chip for big data analysis, and research in pharmaceutical & bioinformatics applications. Moreover, growth in demand for artificial intelligence system is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, high manufacturing cost limits the growth of the neuromorphic chip market.
Report Coverage and Details:
Report Coverage | Details |
Forecast Period | 2022–2032 |
Base Year | 2022 |
Market Size in 2022 | $87.9 million |
Market Size in 2032 | $7.1 billion |
CAGR | 55.8 % |
No. of Pages in Report | 242 |
Segments covered | End User and Region |
Drivers | Increase in number of wearable devices |
Rise in demand for artificial intelligence and machine learning technology | |
Surge in demand for neuromorphic chip for big data analysis | |
Opportunities | Surge in adoption of neuromorphic chip in automotive industry |
Restraints | High manufacturing cost |
The Aerospace and Defense segment to maintain its leadership status throughout the forecast period
Based on end user, the aerospace and defense segment held the highest market share in 2022, accounting for nearly one-third of the global neuromorphic chip industry revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rapid development & deployment of autonomous aerial and ground systems, as they strongly enhance the decision-making & processing capabilities of autonomous platforms.
However, the consumer electronics segment is projected to manifest the highest CAGR of 59.06% from 2023 to 2032 due to increase in demand for AI-driven features, energy-efficient processing, and improved user experiences. Moreover, there are future opportunities for neuromorphic chip manufacturers to develop energy-efficient chips with advanced power management systems, reducing standby power usage, and eco-friendly production techniques. These factors collectively create a strong demand for neuromorphic chips in the neuromorphic chip market.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global neuromorphic chip industry revenue. However, Asia-Pacific is expected to witness the fastest CAGR of 57.04% from 2023 to 2032, owing to rise in investments in consumer electronics and IT & Telecom industries which are fueling the growth of the market in this region.
Key Industry Development:
- In August 2023, IBM Research's newest prototype chips used drastically less power to solve AI tasks. It showed the possibility to build analog AI chips that can handle natural-language AI tasks with an estimated 14 times more energy efficiency.
- On September 2023, SynSense launched its Xylo IMU neuromorphic development kit. This HDK enables users to develop IMU-based motion processing applications such as human movement analysis, human-computer interaction, and industrial monitoring.
- In July 2023, SynSense launched its Xylo Audio 3 ultra-low-power audio processing platform built on a neuromorphic AI inference core. Xylo Audio 3 is built on TSMC's 40nm CMOS low power logic process for real-time neuromorphic AI audio signal processing capabilities with lower die cost.
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Leading Market Players:
- Intel Corporation
- SK HYNIX INC.
- IBM Corporation
- Samsung Electronics Co. Ltd
- SynSense
- GrAI Matter Labs
- BrainChip, Inc
- General Vision Inc.
- HRL Laboratories LLC
- QUALCOMM Incorporated
The report provides a detailed analysis of these key players of the global neuromorphic chip market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant position in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current neuromorphic chip market trends, estimations, and dynamics of the neuromorphic chip market analysis from 2022 to 2032 to identify the prevailing neuromorphic chip market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the neuromorphic chip market outlook segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global neuromorphic chip market forecast trends, key players, market segments, application areas, and market growth strategies.
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