Global Neuromorphic Chip Market to Reach US$ 8.6 Billion by 2028, Propelled by Expanding Information Technology (IT) Industry

The latest report by IMARC Group, titled "Neuromorphic Chip Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the global neuromorphic chip market reached a value of US$ 2.6 Billion in 2022. Neuromorphic chips refer to application-specific integrated circuit (ASIC) microchips with a series of artificial silicon-based synapses and neurons similar to human brain networks. They are designed to process and imitate the functions of the human nervous system and brain. They utilize software solutions and very large-scale-integrated (VLSI) systems to mimic the human way of thinking and recognizing. They are widely available in digital and analog variants that are highly capable of manipulating data received via sensors. As a result, neuromorphic chips are extensively used in robotics, consumer electronics, and neuroscience research applications.

Global Neuromorphic Chip Market Trends:

The expanding information technology (IT) industry and the escalating demand for better-performing integrated circuits (ICs) represent the primary factors driving the market growth. Additionally, the recent outbreak of coronavirus disease (COVID-19) has accelerated the adoption of neuromorphic chip-based computing systems to develop rapid and precise COVID-19 antibody tests with enhanced accuracy. Along with this, the growing usage of neuromorphic chips for manufacturing premium self-driving cars with Level 5 of Vehicle Autonomy has augmented the product demand. Besides this, the increasing product applications in advanced driver assistance systems (ADAS), such as image learning and recognition functions, have catalyzed the market growth. Furthermore, several key players are making heavy investments to launch innovative product variants integrated with improved features and advanced technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and advanced analytics, thereby propelling the market growth. Other factors, including the growing need for data governance, miniaturization of neuromorphic chips, ongoing research and development (R&D) activities, rapid digitization, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 8.6 Billion by 2028, expanding at a CAGR of 16.6% during the forecast period (2023-2028).

Market Summary:

• Based on the offering, the market has been bifurcated into hardware and software, wherein software accounts for the majority of the market share.
• On the basis of the application, the market has been categorized into image recognition, signal recognition, and data mining. 
• The market has been divided based on the end use industry into aerospace and defense, IT and telecom, automotive, medical, industrial, consumer electronics, and others.
• Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Currently, North America holds the leading position in the market. 
• The competitive landscape of the market has also been analyzed, with some of the key players being Applied Brain Research Inc., BrainChip Holdings Ltd., General Vision Inc., GrAI Matter Labs Inc., Hewlett Packard Enterprise Development LP, HRL Laboratories LLC, Intel Corporation, International Business Machines Corporation, Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., and SK Hynix Inc.

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