The neuromorphic chips market is projected to expand at a healthy CAGR of 19.1% during the forecast period between 2015 and 2023. Thus, rising at this growth rate is has been estimated that the valuation of the market will reach US$1.801 bn by the end of 2023.

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.

The neuromorphic chip market is driven primarily due to the increasing demand of artificial intelligence. Artificial intelligence is a machine learning technology that provides the skill to machines to learn with partial programming. This involves the advancement of computer programs and machines which are competent enough to update themselves when being exposed to real time data.

Moreover, an innovation in the field of miniaturization of integrated circuits has increased the scope of applications for neuromorphic chip. The neuromorphic chips are small and scalable enough to get easily implemented in different end use products.

Rising demand of neuromorphic chip in the field of Internet of Things (IoT) technology is driving the growth of the market. The chips are likely being planted in large supercomputers to enhance the speed of machine learning along with some other neural network-based computations. 

Request Exclusive Sample of this Report @  https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=9446