Increasing Demand for Sensors in Various Industry Verticals to Boost Neuromorphic Chips Market

Simply put, neuromorphic chips are pattern-matching engines modeled after the way the human brain operates through its network of millions of neurons and synapses – processing information as these neurons and synopses respond to sensory inputs such as auditory or visual stimuli. Neuromorphic chips attempt to model this mechanism in silicon. These chips assist in enabling systems to perform various tasks such as data analytics, machine learning, and computer vision. Neuromorphic computing is primarily executed on hardware by transistors, oxide-based memristors, and threshold switches.

Neuromorphic chips are a merger of transistors and memristors organized over a silicon fabrication chip, which minimizes memory consumption. The growing implementation of neuromorphic chips is expected to increase the performance, scalability, and sensitivity of machines.

In a recent market research report, Transparency Market Research estimates that the global market for neuromorphic chips stood at US$396.1 mn in 2014 and will reach US$1.8 bn by 2023, expanding at whopping CAGR of 19.10% between 2015 and 2023.

What are the key factors boosting the global demand for neuromorphic chips?

The market for neuromorphic chips is chiefly fuelled by the rising demand for artificial intelligence globally. In addition, the increasing demand for sensors in industry verticals such as logistics, defense, military, automobiles, and healthcare has also increased the scope of use for neuromorphic chips. Furthermore, the increasing use of neuromorphic chips in the Internet of Things (IoT) scenario is also impacting the market positively. The growing implementation of neuromorphic chips in several end-use industries such as automotive, healthcare, and semiconductor and electronics is also expected to create growth opportunities in the global neuromorphic chip market in the years to come.

What factors are challenging the overall development of the global neuromorphic chip market?

Going forward, the global neuromorphic chip market is expected to be affected by the high cost associated with the manufacturing of these chips. The high manufacturing cost of neuromorphic chips restrict their widespread usage across a number of high-growth potential application areas such as consumer electronics, especially in products that are economically priced to appeal to the masses. As of 2015, especially in developing nations, developments in neuromorphic computing have been unsuccessful due to the lack of technological resources and the scarcity of competent infrastructure. Further, difficulties in hardware designing are also predicted to hamper the growth of the global neuromorphic chip market.

How are growth opportunities dispersed across the globe for the market?

From a geographical standpoint, North America presently leads in terms of growth and development opportunities for the global neuromorphic chip market. The regional market accounted for the dominant share in the global market in 2014 and is predicted to maintain its dominance till 2023. This is owing to the increasing utilization of neuromorphic chips in numerous industry verticals within North America, including aerospace and defense, industrial, and medical. On the other hand, the Asia Pacific neuromorphic chips market will also rise owing to the increasing use of neuromorphic chips in the semiconductor and electronics industry within this region. In 2015, the growth of the market in RoW was at its nascent stage owing to the absence of technological resources within this region, but will pick up speed in the coming years.


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