Traditional computers have already seen their prime, and the time has come for the advent of super-fast quantum computers. The need to improve computing power had been a long-sought goal, and with the introduction of AI-powered neuromorphic chips, the time is not too far when we will see tiny computers operating at lightning speeds in the near future.
Such smart computer chips are equipped with the latest architecture that improves the processing speed and computational power by manifolds. Moore’s law says that there are fitted double the number of transistors in an integrated circuit every two years while the price gets halved. Intel has recently announced the launch of its latest neuromorphic chip, namely Loihi, which signals the arrival of the third wave of AI (Artificial Intelligence).
Prospective Market Size for Neuromorphic Chips
Artificial intelligence chip market size (worldwide) amid 2017 & 2027 (in billion USD)
Amid the coronavirus-led market slowdown, the worldwide market for Neuromorphic Chips is currently valued at USD 2.3 billion in 2020 and is projected to soar to a whopping USD 10.4 billion by the year 2027, thereby registering an impressive CAGR of 24.2%. By the end of 2020, the US market size for neuromorphic chips is forecasted to be USD 682.1 million.
What are Neuromorphic Chips?
They are digitally-processed computer chips that constitute a neural network similar to a human brain. Neuromorphic chips constitute millions of neurons and the surrounding synapses that help them learn as they compute. These highly-advanced and disruptive computer chips are fully capable of manipulating data sourced by the sensors.
What’s Neuromorphic, or Quantum Computing
As per a Morgan Stanley study, while traditional computers are quite good at doing calculus, neuromorphic computers are comparatively much better at simulating molecules, optimization, identifying prime numbers, and sorting. And hence, they can open up a completely new horizon for modern-day computing.
Top 3 Business Applications of Neuromorphic Chips
The AI-powered super-advanced chips do provide for a number of commercial applications, that include low-power sensors, energy-efficient supercomputers, self-learning AI robots, and a lot more. The disruptive technology offers IT, service providers, a competitive edge in the markets by offering next-gen processing chips that are exponentially faster than the existing ones. Provided below are a few potential uses of the neuromorphic chips, across industry verticals:
#1 Enhancing the Processing Speeds of Smartphones
Equipped with AI capabilities, the neuromorphic chips are fast being preferred by smartphone manufacturers to optimize the processing speeds and computational powers. The technologically advanced chips help lessen the response times to connect with the cloud and serve as catalysts to creating a highly efficient processing platform.
Ultimately, with the adoption of neuromorphic chips, smartphone companies can help achieve much-desired capabilities such as reduced energy consumption, and increased battery life in smartphones. Additionally, these chips also help strengthen data security and privacy.
#2 Use in Contemporary Medical Advancements
Artificial Intelligence professionals in the medical world are leveraging the power of neuromorphic chips to help achieve the unachievable. The said chips are fast being adopted by surgeons and doctors to be used with varied kinds of medical devices, such as smart glasses, to significantly improve their usability.
#3 Huge Benefactor to the Fintech Sector
Fintech is one such industry that is benefitting heavily from the use of neuromorphic chips. At present, fintech professionals are busy leveraging AI to take smarter decisions relating to big investments in the financial markets. The mentioned AI chips possess the capability to fight the illegal activities and forgery deeds that take place in the finance trade markets much often. The technologically advanced computer chips can aid finance professionals in record tracking of monetary transactions, and providing evidence, in cases of digital forgeries.