Global Neuromorphic Chip Market to hit US$1.801 bn by the end of 2023

Demand for industrial equipment to act similar to human has picked up massive pace in recent years. This momentum is powered by arrival of advanced robotics and innovative machines that can outperform number of humans. This exceptional capability to act like human limbs is provided by neuromorphic chip installed in the devices. Owing to the growing demand for robots in industries the demand for these chips is also increasing, which is propelling the growth of global neuromorphic chip market during the tenure of 2015 to 2023.

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What Propels the Growth of the Global Neuromorphic Chip Market?

The global neuromorphic chip market is majorly driven by growing industrialization across the globe. Various manufacturers are using advanced robots that works according to the neurological commands given by human brain. This is the major factor that propels the growth of global neuromorphic chip market during the estimated time frame of 2015 to 2023.

Growing application of neuromorphic chips in electronic devices such as smartphones which can react to the neurological commands is also a major factor that propels the growth of global neuromorphic chip market from 2015 to 2023. Additionally, various other industrial applications are also propelling the growth of global neuromorphic chip market during the estimated time frame.

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The global neuromorphic chip market is fragmented in nature due to the presence of a large number of players existing in the market. The prominent players are investing heavily investing mergers and acquisitions and collaboration to expand their geographical reach and get a firm hold in the market. These players are also using effective marketing strategies that help in the commercialization of these chips that in turn will open new opportunities for them. To mention some of the leading players in the neuromorphic chip market are HRL Laboratories LLC., International Business Machine Corporation, Vicarious FPC Inc., General Vision Inc., Intel Corp., Hewlett Packard Corp., and Samsung Electronics Co. Ltd.

As per the Transparency Market Research, the neuromorphic chips market is projected to expand at a healthy CAGR of 19.1% during the forecast period between 2015 and 2023. Thus, rising at this growth rate is has been estimated that the valuation of the market will reach US$1.801 bn by the end of 2023.

Applications across Industrial Sectors to Lead to Most Promising Returns on Investment

The plethora of areas where neuromorphic chips can be found useful span across sectors such as automotive, aerospace, medicine, industrial applications, and defense. Of these, the industrial sector is presently the most suited to adopt neuromorphic chips across electronic devices, machines, automated industry controls, and a wide range of other applications.

Electronic devices such as smartphones, laptops, and tablet computers, which are gaining an increasingly important role in the field of consumer electronics, represent a class of industrial products that can significantly benefit, in terms of processing powers and inclusion of applications, from neuromorphic chips. As a result, the industrial sector will remain one of the key takers of neuromorphic chips and will be one of the chief influences on the overall development of the market. The market will be also be influenced due to rising set of applications across the field of medicine, with drug delivery and personal sensing devices being the key candidates for experimentation.

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North America to Continue to Command Leading Position in Global Neuromorphic Chip Market

On the basis of geography, the global neuromorphic chips market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, the North America neuromorphic chip market occupied the dominant share in the global market in 2014 and is expected to remain the dominant regional market over the period between 2015 and 2023 as well. The rising applicability of neuromorphic chips in several application sectors in the region will be the key factor driving the regional market.

Additionally, the regional market will also be driven by the encouraging pace of technological advancements in terms of product innovations. Moreover, rising industry-wide applications of neuromorphic chips for enabling Internet of Things (IoT) will also aid market's growth in North America.

Over the report's forecast period (2015-2023), the demand for neuromorphic chips across several applications in the semiconductor and electronics industries will significantly increase. Being one of the leading manufacturers of semiconductors and electronics and having a huge base of consumers, Asia Pacific will strengthen its position in the global market for neuromorphic chips.

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