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Neuromorphic engineering also referred to as neuromorphic computing is a large integration system containing electronic analog circuits to mimic neurobiological architectures present in the nervous system. Neuromorphic chips are implemented in advanced tools used for experimentation. Neuromorphic chips find applications in image recognition, single recognition, and data mining processes among others. The global neuromorphic chip market is expanding significantly due to increasing interest by research institutes, business entities, and government sectors in this new and innovative technology.

Market Statistics:

The global neuromorphic chip market is expected to surpass US$ 15,755.6 Mn in terms of value by the end of 2028.

Market Drivers

Lucrative benefits over conventional computing are expected to propel the global neuromorphic chip market during the forecast period. Majority of the modern computers currently operate on the ‘Von-Neumann’ architecture introduced in 1945 by John Von Neumann, which facilitates computation by carrying data between processor and memory device. However, the need for improving the performance of the architecture in terms of speed and power consumption has increased in the recent past. As a result of this, companies such as IBM Corporation, Qualcomm Inc., Hewlett Packard Enterprise Co., and others are focused on the development of neuromorphic chips as a step towards overcoming the drawbacks of conventional computing technology. Furthermore, these technological developments in terms of architecture are expected to boost the global neuromorphic chip market growth over the forecast period.

Market Opportunity

Constant government investments in R&D activities to provide major business opportunities. The concept of neuromorphic computing has witnessed massive popularity in the recent past among numerous countries and R&D organizations. These companies and institutes are focused on investing significantly in research and development of neuromorphic computing technology suitable for various applications. Moreover, the government in countries in various regions are investing and raising funds for projects dedicated to research and development of neuromorphic computing. For instance, Defense Advanced Research Projects Agency sponsored SyNAPSE project to develop electronic neuromorphic machine technology.

  1. Major companies are involved in product development, in order to enhance the product portfolio. For instance, in July 2019, Intel Corporation introduced a neuromorphic computing system based on its prototype Loihi chips, which are aimed to simulate the human brain processes problems.
  2. Key players are focused on product launches, in order to gain a competitive edge in the market. For instance, in January 2018, Intel Corporation launched prototype neuromorphic chip for AI.
  3. In September 2021, Intel launched second generation chip Loihi 2 dedicated 14nm silicon for neuromorphic computing and Lava a open-source software framework for developing neuro-inspired applications.
  4. In March 2020, Intel announced neuromorphic research system most powerful neuromorphic research system Pohoiki Springs this system provides a computational capacity of 100 million neurons. It is the cloud-based system and it is available for members of the Intel Neuromorphic Research Community (INRC)
  5. In October 2020, Intel collaborated with Sandia National Laboratories to investigate neuromorphic computing As a result of this collaboration Systems based on the company's next-generation neuromorphic architecture will be delivered to labs.

Market Restraint

Lack of skilled personnel is expected to hamper the global neuromorphic chip market growth over the forecast period. The development of a neuromorphic chip requires skilled personnel with ample experience in the relevant field. There is a dearth of skilled professionals in the field of the neuromorphic chip, especially in emerging economies such as India, Brazil, China, and South Africa.

Global Neuromorphic Chip Market - Impact of Coronavirus (Covid-19) Pandemic

The outbreak of COVID-19 pandemic has severely impacted the global neuromorphic chip market. The pandemic disrupted many key industries related to the manufacturing neuromorphic chip that supply essential components. Chip manufacturing companies faced major disturbances in obtaining components and delivering end-products. Furthermore, stringent regulations on physical distancing and temporary suspension of international travel and trade led to a negative impact on the global neuromorphic chip market. However, circustances are gradually changing with many countries relaxing their lockdown regulations. Besides, rollout of vaccines and massive vaccination campaigns have led to decline in coronavirus cases.    

To know the latest trends and insights prevalent in the Global Neuromorphic Chip Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/neuromorphic-chip-market-4757

Key Takeaways:

  • The global neuromorphic chip market was valued at US$ 3,178.1 Mn in 2020 and is forecast to reach a value of US$ 15,755.6 Mn by 2028 at a CAGR of 22.3% between 2021 and 2028. This is owing to XYZ factors.
  • The Image Recognition segment was valued US$ 1,137.6 Mn in 2020 and is expected to witness a CAGR of 5% over the forecast period. This is owing to Rising demand of digital camera and image processing in wide industries such as military and defense, machine vision and other is expected to boost growth of neuromorphic chip market

Market Trends

In the Eastern European region, Russia held leading position in the neuromorphic chips market in 2015. Many companies and scientists based in Russia are employing neuromorphic technology for various applications. Russian programmers are developing technologies inspired by neural networks. In addition, the trend of adopting artificial intelligence technology has been popular in Russia over the years, and the Russian government is also investing in research activities related to artificial intelligence currently. For instance, in Prisma Labs Inc., a Russia-based company, developed photo editing app ‘Prisma’, which operates on the concept of neural networks and artificial intelligence to allow editing of photos.

The demand for smart machines and devices is gaining popularity in Western Europe, as it helps in automating various industrial and assembly line processes. Therefore research organizations are focusing on the development of advanced technologies such as neuromorphic chips so as to enhance the capabilities of next-gen processes such as machine learning and cognitive computing. For instance, in October 2013, in accordance with the European Commission’s Future and Emerging Technologies scheme, the Human Brain Project was introduced, which is a flagship model scheduled to operate for the next 10 years. The flagship project was started with the objective to conduct research studies and development regarding the human brain and inspired computing.

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.

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