Neural Processor Market Expected to Reach $849.8 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Neural Processor Market," The neural processor market was valued at $162.07 million in 2021, and is estimated to reach $849.8 million by 2031, growing at a CAGR of 18.1% from 2022 to 2031.

Neural processors are a set of neurons which act as a structure having a defined input and output function. Neural net processors decrease the requirement for the brain-like computer processing from the whole network of the computers. As a result, neural processors excel in very complex applications like artificial intelligence, computer vision or machine learning down to one multi-cored chip.

Growing demand for adaptive learning to do the tasks based on a given data for initial experience or training in sectors like retail and banking is acting as a major growth driver for the neural processor market. Therefore, the growing need for neural processors in real time operations in case of parallel and special hardware device which are being designed and manufactured for the purpose of taking advantage of system capability is also one of the key factors anticipated to catalyze the growing demand for neural processors during the forecast period. In addition, fault tolerance using the redundant information coding and industrial process control is also anticipated to increase the demand for neural processors in the upcoming years. In turn this is also projected to affect the market of neural processing unit in a positive manner during the forecast period.

According to neural processor market analysis, the hardware diagnostics segment was the highest contributor to the market in 2021. The retail and BFSI segments collectively accounted for around 42.2% market share in 2021. The research and development and rapid innovations in the machine learning field are significant factors contributing to the neural processor market growth. The machine learning algorithms are widely used in applications for self-driving cars, system monitoring, and healthcare infrastructure.

Machine learning has several benefits such as they are used for accelerating computation, adequate resource utilization, and automation. They are widely used in the electronics, retail, automotive, and manufacturing sectors.

The neural processor market key players profiled in the report include Applied Brain Research Inc., Aspinity, Inc., Bitbrain Technologies, BrainCo, Inc., BrainChip Inc., General Vision Inc, Halo Neuroscience, HRL Laboratories, LLC., Hewlett Packard Enterprise Development LP, and Samsung Electronics. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the neural processor market.

KEY FINDINGS OF THE STUDY  

• By application, the market  is fragmented into fraud detection, hardware diagnostics, financial forecasting, image optimization, and other applications. The hardware diagnostics segment was the highest revenue contributor to the neural processor market size and is estimated to grow at a CAGR of 14.74%. 
• By end user, the market is analyzed across BFSI, healthcare, retail, defense agencies, media, logistics, and others. The BFSI and retail together account for 42.2% of the global neural processor market share in 2021.
• According to neural processor market trends, region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2021. 

The neural processor industry key players profiled in the report include Applied Brain Research Inc., Aspinity, Inc., Bitbrain Technologies, BrainCo, Inc., BrainChip Inc., General Vision Inc, Halo Neuroscience, HRL Laboratories, LLC., Hewlett Packard Enterprise Development LP, and Samsung Electronics. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the chip antenna market.