Global Neuromorphic Chip Market: Snapshot
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.
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Applications across Industrial Sectors to Lead to Most Promising Returns on Investment
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.
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.
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