The global neuromorphic chip market is estimated to expand at a CAGR of 43.8% during the forecast period 2022-2031
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The neuromorphic chip market has been anticipated to extend at a CAGR of 43.8% and reach the valuation of US$ 1.6 Bn during the forecast period from 2020 to 2030.
In recent years, there has been an increased demand for AI in the systems and devices of neuromorphic. Along with this, the growing demand for these chips in the areas of IoT (Internet of Things) technology has also been contributing to market growth. The industrial sector is also adopting these neuromorphic chip that is further predicted to create novel growth avenues in the global market. Further, in bioinformatics and pharmaceutical supplication, neuromorphic chips are used at an increased rate for Big Data analysis.
Neuromorphic chips are adopted at an increased rate in the industrial sector. Further, the growing demand for these chips for the analysis of Big Data across bioinformatics and pharmaceutical application has also been anticipated to work as a revenue generator in the neuromorphic chip market in the near future. There are numerous advantages related to the use of a neuromorphic chip that includes fast-paced learning, higher adaptability, low power consumption, rapid response system, and low latency. So, based on these factors, the neuromorphic chip market has been estimated to experience revenue generation opportunities in the years to come.
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Industrial Sector to Adopt Neuromorphic Chip at an Increased Rate
In recent years, neuromorphic chips are used at an increased rate in numerous industries, for instance, defense, industrial applications, aerospace, automotive, and medicine. Among these, the industrial vertical has been adopted at an increased rate in a variety of applications, such as automated industry controls, machines, and electronic gadgets.
In the area of consumer electronics, tablet computers, laptops, and smartphones are becoming popular. These generally serve as the form of industrial products and can get benefits from these neuromorphic chips based on application inclusion and processing power. So, the noticeable contribution of the industrial sector in the neuromorphic chip market has been predicted to create a noticeable impact on the growth avenues in the industry. Further, the market has also been expected to grow with the rising count of applications in the medicine and growing popularity of personal sensing devices and drug delivery.
The neuromorphic chips are used at an increased rate in the automotive industry for premium cars. There is a crucial requirement for improvements and continued advancements in AI algorithms for low power consumption and greater efficiency in autonomous driving. Neuromorphic chips work efficiently in self-driving vehicles and noisy environments. These chips offer more energy-efficient and elegant ways to develop self0driving cars.
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Regional Outlook of Neuromorphic Chip Market
Among other regional areas, the North America region has been estimated to grow at a noticeable rate in the neuromorphic chip market in the foreseeable years. This rapid growth of the region is attributed to the increasing adoption of robotics and automation technology. Furthermore, the presence of prominent players across the region and increasing investment by these players in R & D activities have also been predicted to work as revenue generators in the regional market. Rising demand for AI (artificial intelligence) and the growing trend for small-sized and compact products and devices further lead to the development of miniaturized ICs across the region. These factors are expected to create novel expansion opportunities in the neuromorphic chip market in the years to come.
Technological advancements based on product innovations are likely to create novel growth opportunities in the regional market during the forecast period. The neuromorphic chips are used at an increased rate in numerous industries that also contribute to regional growth. In addition to this, increasing adoption of consumer electronics, automotive, speech recognition in healthcare, image processing, NLP (Natural Language Processing), and machine learning also contribute in order to generating revenue generation opportunities in the neuromorphic chip market in the forthcoming years.
Global Neuromorphic Chip Market: Segmentation
Neuromorphic Chip Market, by Component
- · Hardware
- · Software
Neuromorphic Chip Market, Function
- · Signal Processing
- · Data Processing
- · Image Recognition
- · Process Optimization
Neuromorphic Chip Market, End-use Industry
- · Aerospace & Defense
- · Automotive
- · Healthcare
- · Industrial
- · Consumer Electronics
- · Others (Financial Institutes, IT & Telecom, etc.)
Neuromorphic Chip Market, Region
- · North America
- · Europe
- · Asia Pacific
- · Middle East & Africa
- South America
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