Neuromorphic chips are hardware implementations of neural networks that mimic biological brain structures and functions. These chips provide enhanced computational capability than traditional chips by emulating spiking neural networks with on-chip learning and adaptation. Neuromorphic chips offer advantages like low power consumption and efficient information processing to solve complex problems. With massive growth in artificial intelligence technologies, neuromorphic chips are increasingly being used in applications like image and speech recognition, robotics, and advanced driver-assistance systems.

The global neuromorphic chip market is estimated to be valued at US$ 44.8 billion in 2023 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 Opportunity:

The opportunity of enhanced computational ability offered by neuromorphic chips is expected to drive significant growth of the neuromorphic chip market over the forecast period. Neuromorphic chips function like a biological brain which processes information asynchronously and consumes very low power as compared to traditional chips. This enhanced computational ability allows neuromorphic chips to handle complex workloads related to artificial intelligence and machine learning much more efficiently. For example, neuromorphic chips can power applications like edge computing for IoT devices with improved contextual awareness, cognitive computing, and neural networks for advanced robotics. As more artificial intelligence technologies get adopted across industries, the demand for high performance and low power computing will rise thereby creating lucrative growth opportunities for neuromorphic chip market players.

Porter's Analysis

Threat of new entrants: The Global Neuromorphic Chip Market Size requires high R&D investments for chip designing and development which acts as a barrier for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are several established players offering neuromorphic chips. However, differentiated offerings increase customer loyalty.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple component manufacturers.

Threat of new substitutes: There are limited substitutes for neuromorphic chips currently.

Competitive rivalry: The competitive rivalry is high due to the presence of technology giants focussing on neuromorphic computing.

SWOT Analysis

Strengths: Neuromorphic chips mimic neural networks of human brain and offer low power consumption.

Weaknesses: High R&D costs and limited applications currently are weaknesses.

Opportunities: Growing applications in robotics, AI and IoT present opportunities.

Threats: Alternate low power computing technologies can emerge as threats.

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 billion in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.

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