The global neuromorphic chip market is fragmented in nature due to the presence of a large number of players existing in the market. The prominent players are investing heavily investing mergers and acquisitions and collaboration to expand their geographical reach and get a firm hold in the market. These players are also using effective marketing strategies that help in the commercialization of these chips that in turn will open new opportunities for them.
Application of neuromorphic chip is seen in various sectors in which the defense and aerospace sector is leading due to the intensive integration of neuromorphic chip in this sector. In addition, to increase the power of the internet of Things these chips play an important role, which in turn benefits the market growth. On the regional front, North America is leading the market and is projected to continue its dominance in the forthcoming years. The region is leading as it encourages technological advancements in terms of product innovation.
The growth of the neuromorphic chips market is due to its rising application in various sectors such as defense and aerospace, Internet of things, and many others. The rising automation in various sectors is also opening new opportunities for the growth of this market. In addition to that, optimum usage of memory, higher speed, and less power consumption are other growth factors asserting market growth. Another growth factor is the increasing demand for brain-like computing across various industry verticals, which is likely to expand the demand for neuromorphic chips in the near future.
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Despite the growing application of neuromorphic chips, there are certain restraining factors that might hamper the growth of this market. Limited investment in the industry and lack of focus in research and development activities are factors that are likely to obstruct the market from growing at its full potential.
The design of these chips is complex due to software complexity and complex algorithms in the neural processing units, thus, impeding the market growth. Moreover, one of the big challenges is the limited capacity of memory, which can be incorporated in these chips. However, with the growing technological advancements, these complexities are expected to reduce in the coming years and assist the market to grow at its full potential.