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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Neuromorphic chips are digital and analog integrated circuits that implement neural networking technology. Neuromorphic computing is executed on hardware by threshold switches, transistors, and oxide-based memristors. These electronic chips mimic the human brain and are made up of millions of neurons. The architecture of a neuromorphic chip consists of numerous artificial neural networks. Neuromorphic chips are implemented in advanced tools for experimentation. Neuromorphic chips find applications in image recognition, single recognition, and data mining processes among others.

The global neuromorphic chip market is estimated to be valued at US$ 3,834.6 million in 2021 and is expected to exhibit a CAGR of 22.3% over the forecast period (2021-2028).

Recent Developments:

  1. In April 2021, Brainchip holding limited collaborated with precision immunology company Biotome Pty Ltd. For SARS-COV-2 antibody detection
  2. In August 2020, Intel and Accenture announced today that companies are supporting an Intel Neuromorphic Research Community (INRC) initiative conducted by the Open University of Israel's Neuro-Biomorphic Engineering Lab in partnership with ALYN Hospital.
  3. In March 2019, Qualcomm launched a new AI-enabled system-on-chip (SoC) in March 2019 to improve smart audio and IoT applications. Through power-optimized chip design, this AI-enabled SoC is intended to deliver smooth voice assistance and other connectivity applications

Asia Pacific (Region) held dominant position in the global neuromorphic chip market in 2020, accounting for 43.3% share in terms of volume, followed by Europe and North America, respectively.

Figure 1. Global Neuromorphic Chip Market Value (US$ Mn), By Region, 2020

Neuromorphic Chip  | Coherent Market Insights

Market Dynamics- Drivers

Increasing demand for artificial intelligence systems is expected to drive growth of the global neuromorphic chip market during the forecast period. Numerous companies and researchers are incorporating neuromorphic chips in artificial intelligence systems to enhance processes including speech recognition, machine learning, image recognition, data mining, automated reasoning, etc. Rising use of neuromorphic chips in artificial intelligence has received excellent response from various end users worldwide. This is typically due to extraordinary developments it has brought in mobile phone speech recognition, robots automating operations, driverless cars, etc. Moreover, its capabilities of solving problems by employing a complex pattern-matching process similar to a human brain is another factor expected to drive growth in the global neuromorphic chip market during the forecast period.

Integration of smart machines is expected to propel the global neuromorphic chip market growth over the forecast period. Smart machines are based on cognitive computing and artificial intelligence and have emerged as major trends across the globe. Smart machine manufacturers are integrating neuromorphic chips into their systems, in order to enhance overall performance. Furthermore, the ability of these systems to learn from their surroundings and interactions and respond suitably without the need for preprogramming is encouraging the adoption of these smart machines in lieu of conventional machines.

Market Opportunities

Conjunction of next-generation strategies can present lucrative growth opportunities. Neuromorphic chips represent significant opportunities in terms of being implemented along with other advanced technologies such as artificial intelligence, big data, and others in the coming years. Integration of neuromorphic chips improves the pattern recognition quality in artificial intelligence systems; whereas, in big data, neuromorphic chips advance the data mining and forecasting processes. Manufacturers engaged in the development of these technologies can enter into partnerships and collaboration with manufacturers of artificial intelligence systems to strengthen and establish position in the market. For instance, in 2014, IBM Corp. announced its plan to integrate TrueNorth neuromorphic chips with its proprietary ‘Watson’ analytical platform.

Integration in portable consumer devices to pose significant business opportunities. Neuromorphic chips have vast opportunities in the smartphone and smartwatch market in the near future. Pattern recognition issues are prime areas for manufacturers to focus on improving in smartphones. Integration of neuromorphic chips into mobile devices will improve the device’s audio and visual processing skills. Moreover, prominent manufacturers of these chips such as IBM Corp., Qualcomm Inc., and others are working towards developing their own neuromorphic technology, which will be suited for applications in mobile phones.

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Neuromorphic Chip Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 3,834.6 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 22.3% 2028 Value Projection: US$ 15,755.6 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia & New Zealand , South Korea, and Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:
  • By Application: Image Recognition, Single Recognition, Data Mining, Other
  • By Vertical: Aerospace & Defense, Automotive, Consumer Electronics, Healthcare, Industrial, Other
Companies covered:

IBM Research, Inc., Knowm Inc., Intel Corp., BrainChip Holdings Ltd., General Vision Inc., HRL Laboratories, LLC, Qualcomm Technologies Inc., and Hewlett Packard Labs.

Growth Drivers:
  • Increasing prevalence of CVD
  • Ageing population
Restraints & Challenges:
  • Complications such as allergic reactions due to general anesthetic drugs
  • Ineffectiveness of general anesthetic drugs in some cases

Market Trends

Neuromorphic chips are being widely used for image recognition applications. In the recent past, several problems associated with image recognition processes such as low-contrast images, blurred images, noisy images, image conversion to digital form, storage of large-volume images and others, has led to the development of efficient image processing and recognition algorithms. Neuromorphic technology has resolved some issues related to digital image processing through its parallel architecture. Moreover, neuromorphic chips find application in pattern recognition, face recognition, texture analysis, color representation, and several other aspects of image processing.

Currently, the use of neuromorphic chips is limited to specific industries and applications. The number of chips manufactured currently is limited, as most are in the research phase and some are prototype models. There are ample opportunities available in terms of applications for neuromorphic chips, however, are yet to be explored. Driverless cars as well as advanced driver assistance systems represent major opportunities for these chips in the automotive industry. Moreover, rescue robots, drones, and unarmed aerial vehicles used in aerospace and defense sectors represent the future outlook for the neuromorphic chips market.

Figure 2. Global Neuromorphic Chip Market Share, By Application, 2020

Neuromorphic Chip  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Signal Recognition held dominant position in the market and accounted for 2% share in the global neuromorphic chip market in 2020. The segment is expected to reach US$ 5,488.7 million in 2028, to the rising demand for acoustics signal and processing of audio it is expected to drive nueuromorphic chip market by 2028.
  • In 2020, Consumer Electronics accounted for the largest share of 4% in the global neuromophic chip market and is expected to be valued US$ 3,000.6 million by 2028. This is owing to increased demand for artificial intelligence and machine learning in consumer electronics devices

Market Dynamics- Restraints

Challenges associated with the development of complex algorithms are expected to hinder the global neuromorphic chip market growth over the forecast period. Neuromorphic chips are required for the development of complex algorithms, which can be time-consuming. Neuromorphic chips require algorithms that are not too long as it may result in increase in memory consumption, and may be prone to errors. Furthermore, the development of algorithms that can accelerate the working of a neural network may also require skilled professionals, which in turn, adds to cost production. Thus, these factors are expected to hinder the market growth over the forecast period. For instance, Hewlett Packard Labs developed a conversion algorithm to reduce computational errors and maximize computing accuracy of its neuromorphic technology.

Slow commercialization and high cost of neuromorphic chips is expected to restrain growth of the global neuromorphic chip market during the forecast period. The slow rate of commercialization as well as high cost of neuromorphic chips is a major restraining factor for growth of the market. Furthermore, high cost and limited choice among several manufacturers offering neuromorphic chips are constraining OEMs in various industries from integrating these chips in their products.

Competitive Section

Key players operating in the global neuromorphic chip market are IBM Research, Inc., Knowm Inc., Intel Corp., BrainChip Holdings Ltd., General Vision Inc., HRL Laboratories, LLC, Qualcomm Technologies Inc., and Hewlett Packard Labs.

Key Developments

  1. Major companies in the market are focused on product development, in order to enhance the market presence. For instance, in March 2020, Intel Corp. launched Pohoiki Springs, a powerful self-contained neuromorphic system.
  2. Key players operating in the market are involved in product launches, in order to expand product portfolio. For instance, in October 2019, BrainChip Holdings Ltd., a provider of high-performance edge AI technology, introduced its Akida Neuromorphic System-on-Chip.

The neuromorphic chip is a new, miniaturized microchip that takes inspiration from the actual human mind to recreate its complex thought processing algorithms and information processing systems. The human mind processes information rapidly and stores it in memory with more than 100 billion synaptic neurons constantly communicating with each other through over 100 gigabytes of synapses, which constitute the connecting pathways. When information is retrieved by the brain, it only requires about 10ms to retrieve the data, a speedy process compared to the evolution of the Human Brain (which was found to be much slower than the previously believed, thinking machines, which had a much larger number of neurons). A neuromorphic chip made out of Nano photonics will allow scientists to control and manipulate matter at a molecular level. Scientists believe that they may be able to create computers that are as small as a single atom. In addition, this type of chip may also be used to control tissue in a non-invasive manner.

Market Drivers

Increasing demand for machine learning and artificial intelligence is expected to drive growth of the global neuromorphic chip market during the forecast period. Machine learning and artificial intelligence has been used in diverse range of end-use sectors and applications including automobile, healthcare, consumer service, disease mapping, social media monitoring, and etc. Neuromorphic computing is designed to emulate human brain capabilities, which in turn, has increased the importance of machine learning and artificial intelligence.

Moreover, cross-industry partnerships and collaborations is expected to accelerate growth of the global neuromorphic chip market growth over the forecast period.

Key features of the study:

  • This report provides in-depth analysis of the neuromorphic chip market, and provides market size (US$ Million and compound annual growth rate (22.3%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global neuromorphic chip market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include IBM Research, Inc., Knowm Inc., Intel Corp., BrainChip Holdings Ltd., General Vision Inc., HRL Laboratories, LLC, Qualcomm Technologies Inc., and Hewlett Packard Labs.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global neuromorphic chip market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global neuromorphic chip market

Detailed Segmentation:

  • Global Neuromorphic Chip Market, By Application
    • Image Recognition
    • Single Recognition
    • Data Mining
    • Other
  • Global Neuromorphic Chip Market, By Vertical
    • Aerospace & Defense
    • Automotive
    • Consumer Electronics
    • Healthcare
    • Industrial
    • Other
  • Global Neuromorphic Chip Market, By Region:
    • North America
      • By Application
        • Image Recognition
        • Single Recognition
        • Data Mining
        • Other
      • By Vertical
        • Aerospace & Defense
        • Automotive
        • Consumer Electronics
        • Healthcare
        • Industrial
        • Other
      • By Country
        • U.S
        • Canada
    • Asia Pacific
      • By Application
        • Image Recognition
        • Single Recognition
        • Data Mining
        • Other
      • By Vertical
        • Aerospace & Defense
        • Automotive
        • Consumer Electronics
        • Healthcare
        • Industrial
        • Other
      • By Country
        • China
        • India
        • Japan
        • Australia & New Zealand
        • South Korea
        • Rest of Asia Pacific
    • Europe
      • By Application
        • Image Recognition
        • Single Recognition
        • Data Mining
        • Other
      • By Vertical
        • Aerospace & Defense
        • Automotive
        • Consumer Electronics
        • Healthcare
        • Industrial
        • Other
      • By Country
        • Germany
        • Italy
        • U.K.
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Latin America
      • By Application
        • Image Recognition
        • Single Recognition
        • Data Mining
        • Other
      • By Vertical
        • Aerospace & Defense
        • Automotive
        • Consumer Electronics
        • Healthcare
        • Industrial
        • Other
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East & Africa
      • By Application
        • Image Recognition
        • Single Recognition
        • Data Mining
        • Other
      • By Vertical
        • Aerospace & Defense
        • Automotive
        • Consumer Electronics
        • Healthcare
        • Industrial
        • Other
      • By Country
        • GCC Countries
        • South Africa
        • Rest of Middle East and Africa
  • Company Profiles
    • IBM Research, Inc. *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Knowm Inc.
    • Intel Corp.
    • BrainChip Holdings Ltd.
    • General Vision Inc.
    • HRL Laboratories, LLC
    • Qualcomm Technologies Inc.
    • Hewlett Packard Labs.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Vertical
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New Product Launch/Approvals
    • Value Chain Analysis
    • Porter’s Analysis
    • PEST Analysis
    • Impact of COVID-19 Pandemic
  4. Global Neuromorphic Chip Market, By Vertical, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2021 and 2028 (%)
      • Segment Trends
    • Image Recognition
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Single Recognition
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Data Mining
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Other
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  5. Global Neuromorphic Chip Market, By Application, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2021 and 2028 (%)
      • Segment Trends
    • Aerospace & Defence
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Automotive
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Consumer Electronics
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Healthcare
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Industrial
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Other
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  6. Global Neuromorphic Chip Market, By Region, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2021 and 2028 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Vertical, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Vertical, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Vertical, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • China
        • India
        • Japan
        • Australia & New Zealand
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Vertical, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2021 and 2028 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Vertical, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Application, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country/Region, 2021 and 2028 (%)
        • South Africa
        • GCC Countries
        • Rest of the Middle East and Africa
  7. Competitive Landscape
    • Company Profiles
      •  IBM Research, Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Knowm Inc.,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Intel Corp.,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • BrainChip Holdings Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • General Vision Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • HRL Laboratories, LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Qualcomm Technologies Inc.,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hewlett Packard Labs
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Analyst Views
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 150 market data tables and 90 figures on "Neuromorphic chip Market - Global forecast to 2028”.

FAQgrowicon

Frequently Asked Questions

The global neuromorphic chip market is estimated to be valued at US$ 3,834.6 million in 2021 and is expected to exhibit a CAGR of 22.3 % over the forecast period (2021-2028).
Increasing demand for artificial intelligence systems is expected to drive growth of the market during the forecast period.
Challenges associated with the development of complex algorithms are expected to hinder the market growth over the forecast period.
Key players operating in the market are IBM Research, Inc., Knowm Inc., Intel Corp., BrainChip Holdings Ltd., General Vision Inc., HRL Laboratories, LLC, Qualcomm Technologies Inc., and Hewlett Packard Labs.
Conjunction of next-generation strategies can present lucrative growth opportunities in the market.
Rising use of neuromorphic chips to resolve issues associated with digital image processing is one of the key trends in the market.
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