Neuromorphic Chip Market Is Estimated To Witness High Growth Owing To Increasing Demand for AI Applications

1
Neuromorphic Chip Market Is Estimated To Witness
High Growth Owing To Increasing Demand for AI
Applications
The global Neuromorphic Chip Market is
estimated to be valued at US 26.78 million in
2022 and is expected to exhibit a CAGR of 67.3
over the forecast period 2023-2030, as
highlighted in a new report published by
Coherent Market Insights. A) Market Overview
Neuromorphic chips are specialized electronic
circuits that mimic the structure and
functionality of the human brain. They are
designed to process information and perform tasks
in a more efficient and intelligent manner,
making them ideal for artificial intelligence
(AI) applications. These chips offer advantages
such as low power consumption, high speed, and
parallel processing capabilities. With the
increasing demand for AI technologies across
various industries, the market for neuromorphic
chips is expected to witness significant growth.
B) Market Key Trends One key trend in the
neuromorphic chip market is the growing adoption
of these chips in autonomous vehicles. As
autonomous vehicles become more advanced, they
require high- performance computing systems to
process large amounts of data in real-time.
Neuromorphic chips offer the ability to process
sensory data efficiently and quickly, enabling
autonomous vehicles to make split-second
decisions. For example, Neuromorphic AI chips
developed by IBM Research, Inc. are being used
by autonomous vehicle manufacturers to enhance
their decision-making capabilities and improve
overall safety. C) PEST Analysis - Political
Governments around the world are investing in AI
technologies to drive economic growth and
innovation. This political support for AI
development is likely to positively impact the
adoption of neuromorphic chips. - Economic The
increasing demand for AI applications across
industries is creating a lucrative market for
neuromorphic chips. Companies are investing
heavily in research and development to develop
2
advanced chip architectures, further driving
market growth. - Social The increasing use of
AI technologies in everyday life is creating a
greater need for efficient computing systems.
Neuromorphic chips can meet this need by offering
low power consumption and high-performance
computing capabilities. - Technological
Technological advancements in the field of AI are
driving the demand for neuromorphic chips. These
chips are essential for enabling AI applications
such as machine learning, computer vision, and
natural language processing. D) Key Takeaways
1. The global neuromorphic chip market is
expected to witness high growth, exhibiting a
CAGR of 67.3 over the forecast period, due to
increasing demand for AI applications.
Neuromorphic chips offer efficient and
intelligent processing capabilities required for
AI technologies. 2. North America is expected to
dominate the neuromorphic chip market, driven by
the presence of key players and significant
investments in AI technologies. Asia Pacific is
projected to be the fastest- growing region,
fueled by the rapid adoption of AI applications
in various industries. 3. Key players operating
in the global Neuromorphic Chip Market include
IBM Research, Inc., Knowm Inc., Intel Corp.,
BrainChip Holdings Ltd., General Vision Inc., HRL
Laboratories, LLC, Qualcomm Technologies Inc.,
and Hewlett Packard Labs. These companies are
investing in RD activities to develop advanced
neuromorphic chips and gain a competitive edge in
the market. In conclusion, the global
neuromorphic chip market is poised for high
growth due to the increasing demand for AI
applications. The adoption of neuromorphic chips
in autonomous vehicles and advancements in AI
technologies are driving market growth. With key
players investing in RD and governments
supporting AI development, the market is expected
to witness significant opportunities in the
coming years.