A neuromorphic chip is an analog data processor inspired by the biological brain. The word neuromorphic itself derives from the words neuro, which means relating to nerves or the nervous system, and morphic, which means having the shape, form or structure. This concept of design allows these chips to interpret sensory data and respond in ways that are not specifically programmed. Stemming from the field of neuromorphic engineering, researchers apply biology and physics to mathematics, computer science and electronic engineering to create technology that mimics an artificial neural network (ANN). The concept of a neuromorphic computing chip was coined by Carver Mead in the 1980’s and has sparked research and interest from universities and companies such as Intel, IBM, and Qualcomm.
Neuromorphic engineering, also known as neuromorphic computing, was developed describing the use of very-large-scale integration (VLSI) systems containing electronic analog circuits to mimic neuro-biological architectures present in the nervous system. This means that chips made using those technologies are smart and can represent the human brain. The usage of those chips makes the instrument not only more reliable but also increases its performance. The reason why voice- and gesture-controlled devices work effectively is because of those chips. The usage of these chips is not only limited to one or two functions. High tech robots, future concepts of cars, and others are anticipated to use this technology.

Increase in dependency of software in industries such as aerospace & defence, IT & telecom, and medical and modernization of industries drive the growth of the neuromorphic computing software market. Adoption of speech or biometric recognitions also boost the market. With the increase in wearable devices, IoT is also projected to fuel the growth of the market. However, the complexity in implementing and concerns over security & privacy are some of the restraints in the path of its growth.

The market for global neuromorphic chip market is segmented on the basis of offering, application, and industry. Based on offering, the market is bifurcated into hardware and software. By application segment, it is classified into image recognition, signal recognition, and data mining. The various industrial segments are aerospace & defence, IT & telecom, automotive, medical, industrial and others. The key players mentioned include Applied Brain Research, Inc., BrainChip Holdings Ltd., General Vision, HRL Laboratories, LLC, HP Development Company L.P., IBM Corporation, Intel Corporation., Lockheed Martin Corporation, Qualcomm Technologies, Inc., and Samsung Electronics Co., Ltd.