Neuromorphic Chips Global Market Report 2024

The neuromorphic chips market size has grown rapidly in recent years. It will grow from $0.59 billion in 2023 to $0.68 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth observed in the historic period can be attributed to several factors, including the development of better-performing integrated circuits, increased adoption of speech recognition and biometric recognition technologies, advancements in artificial intelligence (AI) and machine learning techniques, and improvements in energy efficiency leading to more efficient power consumption.

The neuromorphic chips market size is expected to see rapid growth in the next few years. It will grow to $11.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The anticipated growth in the forecast period can be attributed to the surging demand for neuromorphic computing in defense and aerospace sectors, alongside escalating investment in research and development by companies, and the expanding adoption of Internet of Things (IoT) and Machine-to-Machine (M2M) communication technologies. Additionally, there is a rising need for edge computing and neuromorphic hardware in robotics applications. Major trends expected during this period encompass new technological advancements, progressions in Artificial Intelligence (AI) and Machine Learning (ML), increasing investments, and a surge in mergers and acquisitions. These trends signify a dynamic landscape characterized by innovation, strategic collaborations, and a focus on leveraging cutting-edge technologies to meet evolving industry demands.

The anticipated surge in demand for robotics and automation is poised to drive the growth of the neuromorphic chips market in the foreseeable future. Robotics and automation entail the utilization of computers, control systems, and information technology to manage industrial processes and machinery efficiently. Neuromorphic chips play a vital role in this domain by leveraging brain-inspired computing concepts to enhance the capabilities of automated systems and robots. For example, in December 2022, as reported by the European Commission, the global installation of new industrial robots in companies reached a record high of 517,385 units, marking a notable 31% increase from 2020. Consequently, the escalating demand for robotics and automation is fueling the expansion of the neuromorphic chips market.

Major players in the neuromorphic chips market are advancing their product offerings through the utilization of cutting-edge AI neuromorphic chip technologies to provide customers with enhanced features. AI neuromorphic chips integrate artificial intelligence (AI) with neuromorphic computing principles, representing a significant advancement in computer hardware. For example, in September 2021, Intel Corporation, a renowned US-based technology company, unveiled Loihi 2, its second-generation neuromorphic research chip, alongside Lava, an open-source software framework tailored for developing neuro-inspired applications. Notably, Loihi 2 boasts processing capabilities that are 1,000 times faster while consuming substantially less power compared to conventional processors such as CPUs and GPUs. This remarkable energy efficiency renders the technology well-suited for a diverse array of applications spanning cybersecurity, smart homes, and industrial equipment.

In April 2022, BrainChip Holdings Ltd., an Australian technology company, forged a partnership with NVISO, a leading group specializing in AI-enabled human behavioral analysis. This collaboration holds significant implications for the neuromorphic chip market, as it combines BrainChip's pioneering fully digital, event-based AI processor, Akida, designed on neuromorphic principles to emulate the human brain and efficiently analyze patterns. NVISO, based in Belgium, is renowned for developing software that analyzes facial expressions and eye movements to discern human emotions. This partnership promises to advance the capabilities of neuromorphic chips in understanding and interpreting human behavior, thereby opening up new avenues for applications in various sectors.

Major companies operating in the neuromorphic chips market report are Samsung Electronics Limited, Lockheed Martin Corporation, Intel Corp., International Business Machine Corporation, IBM Corporation, SK Hynix Inc., Qualcomm, Hewlett Packard Enterprise, Cadence Design Systems Inc., Nepes Corp., Nepes Corporation, CEA Leti, HRL Laboratories LLC, Altium LLC, SynSense AG, Innatera, Brain Corporation, Vicarious FPC Inc., GrAI Matter Labs, Gyrfalcon Technology Inc, Ceryx Medical, Brain chip Holdings Ltd., Numenta, Inc., Koniku, Applied Brain Research, Inc., General Vision Inc., Knowm Inc.

North America was the largest region in the neuromorphic chips market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neuromorphic chips market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the neuromorphic chips market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Neuromorphic chips are specialized computer hardware engineered to emulate the structure and functionality of the human brain, utilizing artificial neurons and synapses for information processing. These chips excel in problem-solving, pattern recognition, and decision-making tasks, outperforming traditional computers in speed and efficiency. They boast collocated processing and memory, along with massively parallel processing capabilities, enabling concurrent execution of multiple functions.

The primary components of neuromorphic chips encompass both software and hardware. Software comprises programs, algorithms, and codes tailored to operate on or interact with these chips, facilitating various functions such as signal processing, data processing, image recognition, and process optimization. These chips find applications across diverse industries including aerospace and defense, automotive, healthcare, industrial, consumer electronics, among others.

The neuromorphic chips market research report is one of a series of new reports that provides neuromorphic chips market statistics, including the neuromorphic chips industry global market size, regional shares, competitors with a neuromorphic chips market share, detailed neuromorphic chips market segments, market trends and opportunities, and any further data you may need to thrive in the neuromorphic chips industry. This neuromorphic chip market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The neuromorphic chips market consists of sales of spiking neural networks (SNNs) chips, truenorth chips, loihi chips, memristor-based chips, and mixed-signal neuromorphic chips. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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