Technological advancements in the open-ended dominion of Artificial Intelligence (AI) are demanding advanced neuromorphic chips to serve as processors from machine learning and automated reasoning operations.

According to a latest research by Future Market Insights, development of AI systems is fuelling the growth of global demand for neuromorphic chips. Scientists and researchers developing diverse AI platforms are integrating neuromorphic chips to improve smart functioning and reasoning abilities of machines.

In 2015, about US$ 1.5 billion worth of revenues were attained through the global sales of neuromorphic chips. Increasing preference for neuromorphic engineering over conventional computing and a large-scale integration of analogue circuits for improving neurological & biological mimicking in smart machines continues to drive the demand in the global market for neuromorphic chips.

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Future Market Insights’ report, titled “Neuromorphic Chips Market: Global Industry Analysis & Opportunity Assessment, 2016-2026,” projects that the global neuromorphic chips market, which is currently valued at an estimated US$ 1.6 billion, will rake in revenues worth US$ 10,814.9 million by 2026 end. According to the report, the size of global neuromorphic chips market will expand exponentially – at 20.7% CAGR.

Key findings assessed while analysing the neuromorphic chips market across several regions in the world include, North America’s neuromorphic chips market is projected to be valued at nearly US$ 3 billion by the end of forecast period. In 2015, Western Europe recorded US$ 304.5 million revenues through sales of neuromorphic chips, rendering it the second-most dominant region in the global market after North America.

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Advanced technologies are being used for development of alternative processing chips that recognize images or 3-dimensionally classify objects while capturing live environments. So, the demand for neuromorphic chips in image recognition is less likely to grow higher over the forecast period. About 37% of global neuromorphic chips market value is currently accounted by image recognition, but is projected to steep below 35% by 2026-end.

In 2016, IBM Research used phase-change materials to advance the data storing & processing capacities of neurons in analog chips. Besides these, companies such as Qualcomm Technologies, Inc., BrainChip Holdings Ltd., HRL Laboratories, LLC, General Vision Inc., Hewlett-Packard Labs, and Knowm Inc., are leading participants shaping up the competitive landscape of global neuromorphic chips market.