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The Neuromorphic Chip Market is valued at USD 1.952 Billion in 2020, and is expecetd to reach USD 7.388 Billion in 2026, registering a CAGR of 24.51% over the forecast period 2021 - 2026. Keeping the pace of advancement of disruptive technologies, such as artificial intelligence (AI) and machine learning (ML), various embedded system providers are keen to develop brain chips, where not only the chips will be processed fast, but will have also responses like human brains for those systems to think and act in a human way.
Data analytics, the Internet of Things (IoT), and smart sensors are considered as major applications for the neuromorphic chip market, as these chips are embedded into hardware used for image recognition, data mining, etc.