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Neuromorphic computing is an amalgamation of Very-Large-Scale-Integrated (VLSI) systems and software. These chips are named as neuromorphic chips because they are modeled on biological brains and constructed out of millions of neurons. Size of these chips is small enough to be comfortably placed inside electronic devices and human body. The requirement for neuromorphic chip surges with the rising need for Internet of Things (IoT) and data analytics. The encouragement behind designing neuromorphic chips is to build a platform for executing large scale real-time simulations to benefit neuroscience research.
The neuromorphic chip market is witnessing huge growth due to rising demand for artificial intelligence across the globe. Emerging data and connectivity requirements are the major factors behind the adoption of artificial intelligence in healthcare sector. The development of robotics, artificial intelligence, nanotechnology, gene editing and 3D printing is expected to support healthcare industry with rapid advancements. Scientists are using organic nano carriers to deliver chemotherapy drugs for treating brain tumors. Companies like IBM and Google are spending millions of dollars on artificial intelligence (AI) research. In robotics, researchers are examining autonomous robotic surgery. AI helps in achieving fast and accurate diagnostic results in the healthcare industry. Some of the diseases require immediate action, failing which leads to more serious consequences. In some recent studies on artificial neural networks by researchers, it has been observed that these networks have the ability to diagnose accurately and in a timely manner.
Moreover, consumer inclination toward smaller and cheaper products leads to the need for miniaturization of integrated circuits. These factors are likely to spur the growth of the global neuromorphic chip market. With the emergence of smart technologies, smart sensors are being used in many industries including consumer electronics, automotive and healthcare. However, because of miniaturization of devices, the complexity of hardware designing is increasing day by day, which is a factor restraining the growth of the global neuromorphic chip market.
Based on application, the market for neuromorphic chips can be classified into image recognition, signal processing and data mining. These chips are basically developed for pattern recognition and data mining and for catering to the soaring requirements of pattern recognition and analysis of sensory data. The image recognition application has been the largest revenue contributor to the global neuromorphic chip market; followed by signal processing and data mining. Image recognition is a process of detecting an object in digital image format. The concept of image recognition is being used in numerous applications, instigating uninterrupted improvements in computing power and the boundless acceptance of mobile and cloud-based computer technology, which makes it the fastest growing application in the global neuromorphic chip market.
Consumer electronics industry has been the largest user of neuromorphic chip in North America; however, the market is expected to witness fastest growth in demand from aerospace & defense, during the forecast period. Uninterrupted demand for several electronic devices, including laptop, PC and tablets, is leading to progressive increase in demand of neuromorphic chips from consumer electronics industry.
Pattern recognition capability of neuromorphic chips can be applied to reform several industries, including consumer electronics, automotive, aerospace, military and financial services. Neuromorphic chips are capable to perform pattern recognition at greater speed with low power consumption. Again, the benefits associated with neuromorphic chips are expected to draw huge attention of business organizations for developing this technology.
The North American market for neuromorphic chips is expected to register the fastest growth compared to other regions over the forecast period, as companies like Qualcomm, IBM and Intel located in the U.S. are the major manufacturers of neuromorphic chips The provincial market is also likely to be driven by the inspiring measure of technological improvements in terms of product modernizations. Moreover, soaring industry-wide application of neuromorphic chips for empowering Internet of Things (IoT) is also expected to spur the market growth in North America.
Some of the major players in the global neuromorphic chip market include Intel Corp., Qualcomm Inc., International Business Machine Corporation, General Vision Inc, Brain Corporation, HRL Laboratories LLC, Vicarious FPC Inc., Lockheed Martin Corporation, Hewlett Packard Corp. and Samsung Electronics Co. Ltd. among others.
Global Neuromorphic Chip Market
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