Neuromorphic Chip Market Analysis
Market Research Future (MRFR) projects the global neuromorphic chip market size to reach USD 1,560.3 million, registering a CAGR of 11.7% from 2020–2026 (forecast period).
Increasing Demand for Artificial Intelligence and Machine Learning
The increasing number of machine-to-machine connections, as well as the increasing penetration of artificial intelligence, are pushing the demand for more edge solutions based on neuromorphic computing. Artificial intelligence (AI) has uses in a variety of industries, including medical, media, entertainment, telecommunications, utilities, aerospace, military, consumer devices, food and beverage, and piping. Smart decisions will be driven by a combination of AI technologies and machine learning in commercial environments. Image classification, question-answering medical diagnostics systems, language translation, fraud detection, credit scoring, speech recognition, and self-driving automobiles would all benefit from such systems.
The Worldwide Market to Grow Amid COVID-19 Pandemic
The COVID-19 crisis has hampered the expansion of the neuromorphic computing sector in a number of industries throughout the world. In 2020, neuromorphic chips were used in medical devices for the first time. Watson, an analytical tool developed by IBM Corp. (US) that functions similarly to a human analytical system, is set to be integrated with neuromorphic chips and used for medical imaging analytics. This is projected to fuel the expansion of the medical industry market. With work from home (WFH) becoming the new trend as a result of the pandemic, there is a boost in supply and demand for IT peripherals, which is supporting the expansion of the neuromorphic computing market in the IT telecommunications vertical.
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The worldwide neuromorphic chip market has been segmented based on application and vertical.
By application, the worldwide neuromorphic chip market has been segmented into image recognition, signal recognition, data mining.
By vertical, the worldwide neuromorphic chip market has been segmented into aerospace defense, IT telecom, automotive, medical, industrial, others.
North America to Lead the Global Market
North America led the worldwide market in 2019 and is likely to continue to do so throughout the forecast period. The widespread recognition of the benefits of neuromorphic computing in industries such as aerospace, military defense, and medical is a primary driver of this region's dominance. The United States is driving market growth in North America as the major adopter of artificial intelligence for machine learning, image processing, natural language processing (NLP), and speech recognition across industries such as medical and automotive.
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MRFR recognizes the main participants in the global neuromorphic chip market. These include Hewlett Packard Enterprise, Samsung Electronics Limited, Intel Corp., HRL Laboratories, LLC, General Vision Inc., Applied Brain Research, Inc., Brainchip Holdings Ltd., aiCTX AG, Qualcomm, IBM, Nepes Corp., Innatera, MemComputing, INSTAR Robotics, Ceryx Medical, and Koniku.
In February 2021, Brain Chip Inc. and NaNose Medical successfully detected COVID-19 in exhaled breath utilizing Brain Chip's Akida AI chip perfect in their hand-held diagnostic testing device. NaNose Medical collected samples from 130 patients and submitted nanomaterial sensor data to Brain Chip's Research Institute in Perth, Western Australia, where its Akidaneuromorphic processor was configured and trained to understand the data using AI/ML. The system recognized COVID-19 instances in a disease group and a healthy control group, and Akida trained to identify patterns of VOC biomarkers associated with an infection in seconds with high accuracy and in a short time frame.
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