Neuromorphic Chip Market 2021 Size, Share, Growth, and Covid-19 Impact by 2026

The global neuromorphic chip market is anticipated to be worth US$ 3,834.6 million in 2021 and to grow at a CAGR of 22.3% over the forecast period (2021-2028). The demand for better-performing ICs, the rise in artificial intelligence and machine learning demand, and the growing number of cross-industry alliances and collaborations are all propelling the market forward. Medical, media, entertainment, telecom, utilities, aerospace, military, consumer products, food & drinks, and pipelines are all using artificial intelligence (AI).

With smart decisions, a mix of AI technologies and machine learning is expected to alter the commercial environment. However, various limitations, such as a lack of awareness about neuromorphic computing and sophisticated algorithms that make building hardware for neuromorphic chips more difficult, are impeding the market's growth. Furthermore, matching a human's adaptability and ability to learn from unstructured stimulus data could be a major market issue during the foreseeable period.

Covid-19's impact on the neuromorphic computing market:

The global Neuromorphic Chip Market has been influenced by the COVID-19 epidemic in numerous verticals. In the year 2020, neuromorphic chips were first employed in medical equipment. The IBM Corporation developed a tool called Watson that analyzes data. (US), is intended to be connected with neuromorphic circuits and used for medical imaging analytics. Watson functions like a human analytical system. The medical industry's market is predicted to develop as a result of this.

Work from home (WFH) has become the new trend as a result of the pandemic, resulting in an increase in supply and demand for IT peripherals, which is driving the neuromorphic computing market in the IT & telecommunication sector forward.

Intel Corporation is a multinational corporation based in California (US)

In 2020, Intel Corporation was the market leader in neuromorphic computing. Intel began working on the creation of the neuromorphic semiconductor in partnership with Purdue University. Intel announced in 2012 that their spin-based neuromorphic microchips were the ultimate parallel processor and that it was working on system-level modeling of large-scale neuromorphic architectures using the proposed device–circuit methodology. The business started in June 2019 that it has made an 8 million-neuron neuromorphic system with 64 Loihi research chips available to the broader scientific community.