North America region to stretch the periphery of the global neuromorphic chip market
The global neuromorphic chip market is expected to witness a significant surge by the end of 2026. The market will record a CAGR of 20.7% within the forecast period (2016 – 2026). The value of the global neuromorphic chip market crossed US$ 1,420 Mn in 2015 and is expected to touch an approximate value of US$ 10,810 Mn by the end of 2026. The market is likely to showcase an incremental dollar opportunity of more than US$ 9,170 Mn during the period of forecast. In terms of revenue the North America neuromorphic chip market is projected to be the most attractive region. The North America neuromorphic chip market was valued at more than US$ 400 Mn in 2015 and is expected to surpass the value of US$ 2,700 Mn by the end of 2026. The market will expand at a CAGR of 19.7% in terms of value over the forecast period. This booming regional market is expected to represent an incremental dollar opportunity of more than US$ 2,300 Mn during the period of assessment.
Recent trends in North America include convergence of new and advanced technologies with existing technologies to enhance operations in different verticals such as automobiles and aerospace & defence. Neuromorphic chips, built with hundreds of neurons, are being tested for application in unmanned drones. A chip that works on a complex pattern matching algorithm is being developed to be able to identify and store the signal patterns emitted from the surroundings of any defined space. Using this information, the chip will enable the drone to recognise the space the next time it is at the same location.
For applications in the automotive industry, with the help of other technologies such as signal processing etc., the chip is expected to help drivers in taking better informed decisions by offering data and information about their immediate surroundings. In the U.S., the government is taking initiatives to promote research and development of advanced technologies, which can replace or enhance existing non-efficient ones. Moreover, the U.S. government is taking advantage of the presence of established players for conducting research and development studies for neuromorphic chips. Furthermore, companies are focussing on agreements and collaborations in order to develop neuromorphic chips with advanced features. In 2013, DARPA started a project with the objective to develop neuromorphic chips technology, which would be comparable to a mammal’s brain. DARPA signed on established players such as IBM Corporation and HRL Laboratories, LLC, for this project.
North America neuromorphic chip market: Segment wise performance report
In terms of value, image recognition segment is estimated to be the most attractive in the North America neuromorphic chip market over the forecast period. In terms of revenue, image recognition segment is projected to be the most lucrative segment in the North America neuromorphic chip market during the forecast period. However, signal recognition segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 21.2% during the forecast period.
In terms of value, the consumer electronics segment is expected to expand at a CAGR of 25.0% during the forecast period. The aerospace & defence segment is expected to be the most attractive segment in the neuromorphic chip market in North America. In 2015 the automotive segment was valued at more than US$ 80 Mn and it is expected to be valued close to US$ 530 Mn by the end of 2026, expanding at a CAGR of 18.4 % between 2016 and 2026.
Leading market players are planning to dominate the global and regional markets through new strategic tie-ups and innovations
IBM was awarded 7,355 patents in the US in 2015, putting it in the leading position for the 23rd consecutive year
Intel Corporation invested US$ 12.1 Bn on R&D in 2015. Such high R&D investments allow the company to develop leading proprietary technologies and attain a strong leadership position.
In September 2016, General Vision collaborated with Mando-Hella Electronics Corp. – a tier1 South Korean automotive systems manufacturer, to develop advanced driver assistance and monitoring systems integrated with NeuroMem technology, enabling advanced image recognition and multisensory pattern recognition
Hewlett Packard Labs focusses on transferring advanced technologies into innovative products in order to propel the company’s growth, maintain industry leadership and competitive advantage
HRL Laboratories focusses on widening its products portfolio reach into new application areas, which helps the company gain a competitive edge
Future Market Insights tables a comprehensive study of the global Neuromorphic Chip Market in a new publication titled “Neuromorphic Chip Market: Global Industry Analysis and Opportunity Assessment, 2016-2026”. As the name suggests, we have predicted the global neuromorphic chip market across different geographical regions and on the basis of various market segments and provided a critical analysis of the scope available to all the companies operating in the global neuromorphic chip market over a 10-year forecast period 2016-2026. This market insight focusses on multiple developments that are expected to impact the fabric of the global neuromorphic chip market. Our analysts have studied minutely and identified several drivers, restraints and trends that are likely to shape the destiny of the global neuromorphic chip market. Through extensive research, our team of analysts has studied how different market dynamics are likely to impact the current and future growth of the global neuromorphic chip market.
The report on the global neuromorphic chip market reviews the market for a decade. The report is packed with some very important chapters that throw light on important aspects of the global neuromorphic chip market. The report opens with the executive summary followed by definitions and taxonomy. The executive summary of the report provides a 360-degree view of the revenue forecast of the global neuromorphic chip market. This is followed by the taxonomy section where we have segmented the global neuromorphic chip market on the basis of application, vertical and region. In the following chapter, we have dived deep and talked about the market dynamics and presented our independent analysis on various drivers, restraints and market trends that will probably define the market economics in the forthcoming years. In the market forecast section, we analyse the growth of the market in terms of market volume and market value by the end of the assessment period.
The last section of the report gauges the market strategies and investment policies of some of the prime shareholders operating in the global neuromorphic chip market. In this section, we have profiled some of the key players and presented a detailed analysis of their overall business performance and also revealed their short-term and long-term strategies that are likely to influence the organic growth of the global neuromorphic chip market. This section is aimed at providing a dashboard view of the competitive landscape of the global neuromorphic chip market.
Global Neuromorphic Chip Market: Market Segmentation
Our research methodology
In-depth secondary research is used to ascertain overall market size, top industry players, top products and industry associations. Our skilled team of analysts has fetched relevant data from industry insiders. They have conducted one on one interviews of some of the top industry players, distributors and retailers. The accumulated data is then validated through the triangulation method and further scrutinised with the help of special tools to obtain qualitative and quantitative insights about the global neuromorphic chip market.
In this report on the global neuromorphic chip market, we have encapsulated the key metrics that accurately describe the global neuromorphic chip market and used this data to compare market performance across the various segments and regions. We understand that the nature of the global economy is very volatile and hence besides estimating the Compound Annual Growth Rate (CAGR) for the global and regional markets, we have also analysed the global neuromorphic chip market on the basis of growth parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities likely to emerge in the global neuromorphic chip market.
Further, we have studied the different market segments by conducting a Basis Point Share (BPS) analysis to understand the relative contribution of individual segments to overall market growth. We feel this detailed level of information is important to identify the many key trends governing the global neuromorphic chip market. Another notable feature of our report is an analysis of the revenue forecast of the global neuromorphic chip market in terms of absolute dollar opportunity. While this is usually overlooked when forecasting the market, we believe absolute dollar opportunity analysis is critical in assessing the level of opportunity that market providers can look to achieve and also to identify potential resources in the global neuromorphic chip market.
Finally, we know the importance of dissecting the different market segments in terms of their growth and performance in the global neuromorphic chip market, and towards this end, we have developed a market attractiveness index to help market players identify current and future market opportunities.
Our report on global neuromorphic chip market showcases a complete overview of the market and analyses the development potential of neuromorphic chips in the global as well as in regional markets. Top-down approach has been used to assess market numbers for each product type. Bottom-up approach has been used to counter-validate the reached numbers and end-use application-wise market numbers. Macroeconomic indicators such as GDP, residential sector growth, commercial sector growth, per capita income, urban population growth, etc. have been considered to arrive at the indicated market numbers. Economic fluctuations have been considered while forecasting market numbers. The global neuromorphic chip market forecast has been estimated on the basis of the current market scenario. However, in future, several new startups are anticipated to enter the market, which can change overall market dynamics.