Rising Demand of Neuromorphic Chip in the field of Internet of Things (IoT) Technology is Driving the Growth of the Market

Neuromorphic chips, the electronic chips inspired from the human brain, which works with the help of signals sent and received through a network of millions of neurons, are witnessing a significant rise in applications and expected to bring massive changes in the way machines operate. Encouraging advancements seen in the field of miniaturized integrated circuits and the increased use of such miniature electronic chips across sectors such as medical devices and aerospace are the key factors to have fuelled research and development activities in the Neuromorphic chips market.

In the next few years, as neuromorphic chip technologies become more refined and the processing power of these chips increase gradually, their demand across the globe will rise at a significant pace. Transparency Market Research estimates that the global neuromorphic chip market will exhibit an impressive 19% CAGR over the period between 2015 and 2023, rising to a valuation of US$1,801.9 mn by 2023.

The plethora of areas where neuromorphic chips can be found useful span across sectors such as automotive, aerospace, medicine, industrial applications, and defense. Of these, the industrial sector is presently the most suited to adopt neuromorphic chips across electronic devices, machines, automated industry controls, and a wide range of other applications.

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Electronic devices such as smartphones, laptops, and tablet computers, which are gaining an increasingly important role in the field of consumer electronics, represent a class of industrial products that can significantly benefit, in terms of processing powers and inclusion of applications, from neuromorphic chips. As a result, the industrial sector will remain one of the key takers of neuromorphic chips and will be one of the chief influences on the overall development of the market. The market will be also be influenced due to rising set of applications across the field of medicine, with drug delivery and personal sensing devices being the key candidates for experimentation.

On the basis of geography, the global neuromorphic chips market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, the North America neuromorphic chip market occupied the dominant share in the global market in 2014 and is expected to remain the dominant regional market over the period between 2015 and 2023 as well. The rising applicability of neuromorphic chips in several application sectors in the region will be the key factor driving the regional market.

Additionally, the regional market will also be driven by the encouraging pace of technological advancements in terms of product innovations. Moreover, rising industry-wide applications of neuromorphic chips for enabling Internet of Things (IoT) will also aid market’s growth in North America.

Over the report’s forecast period (2015–2023), the demand for neuromorphic chips across several applications in the semiconductor and electronics industries will significantly increase. Being one of the leading manufacturers of semiconductors and electronics and having a huge base of consumers, Asia Pacific will strengthen its position in the global market for neuromorphic chips.

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