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.
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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Defense, aerospace, automotive, and logistics are some of the segments that heavily make use of the neuromorphic chips for image recognitions. Increasing demand for artificial intelligence is also one of the significant drivers of growth in the global neuromorphic chip market. Artificial intelligence is a type of machine learning technology that enables machines or computers to cope with partial programming. It involves use of advanced computing programs which are potent enough to update themselves when exposed to real time information or data. The artificial intelligence enforces these neuromorphic chips to carry out numerous operation in different ways. It leads to the conclusion that the artificial intelligence possibly will perform a specific task in multiple ways instead of sticking to one single way of completing that task. Thus, evolution in artificial intelligence is also projected to bring about a huge development in the global neuromorphic chips over the course of the given forecast period.
On the flipside, there are many complexities involved in designing the hardware of neuromorphic chips. The neuromorphic synapses are highly complicated and are difficult to implement in the established chip design hardware. The reason for this difficulty is the elaborate algorithm and space required to be run in the given structured hardware. Another big challenge is the restriction on the capacity of memory that can be incorporated in these neuromorphic chips. In the coming years, with more technological advancements, these complexities are expected to diminish.