The global Neuromorphic Chip Market Growth Accelerated by AI Integration

They are able to perform highly complex tasks such as pattern recognition, classification, prediction and natural language processing for AI applications in a manner similar to the human brain. Neuromorphic chips find wide usage in applications such as robotics, autonomous vehicles, industrial IoT, smart healthcare and military & defense.

The global Neuromorphic Chip Market is estimated to be valued at US$ 44.8 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:

The integration of AI and machine learning capabilities has accelerated growth in the Global Neuromorphic Chip Market Size. AI has witnessed rapid advancements over the past few years and is now being integrated into various industrial and consumer IoT applications. Neuromorphic chips are able to process AI algorithms more power efficiently as compared to traditional CPUs and GPUs. Their capability to simulate large neural networks with high performance at very low power consumption is boosting their adoption for AI workloads. Various chip manufacturers are developing neuromorphic AI chips designed for edge and embedded AI applications. For instance, General Motors has developed neuromorphic chips for performing AI inference in autonomous vehicles. Rising demand for edge AI and embedded intelligence is expected to drive the neuromorphic chip market during the forecast period.

Segment Analysis

The global neuromorphic chip market is dominated by the hardware segment. Hardware includes neuromorphic processors and neuromorphic systems which function like the human brain by mimicking neural networks. These chips typically consist of large number of neurons and synapses interconnected in a similar way to a biological brain which enables them to solve problems such as pattern recognition, prediction and classification much faster and with less power than traditional chips.

Key Takeaways

The global Neuromorphic Chip market is expected to witness high growth. The global Neuromorphic Chip Market is estimated to be valued at US$ 44.8 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.

Regional analysis The North America region currently dominates the neuromorphic chip market due to significant investments by key players such as Intel, IBM and General Motors in the development of neuromorphic computing hardware and research. However, the Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising government funding for research in neuromorphic computing applications and growing semiconductor industry in countries like China and India.

Key players operating in the neuromorphic chip market are General Motors, Intel Corp, IBM, Qualcomm, BrainChip, HRL Laboratories, Vicarious FP, Knowm, Numenta and Samsung Electronics. General Motors has been actively researching neuromorphic technology to develop self-driving vehicles capable of processing vast amounts of real-time sensor data from cameras and LiDARs. Intel has unveiled several prototype neuromorphic chips like Loihi to enable power-efficient artificial intelligence at the edge. IBM has developed TrueNorth, one of the first and largest neuromorphic chips to date, for applications such as pattern recognition and classification.

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