“Global Neural Processor Market to reach a market value of USD 798.2 Million by 2031 growing at a CAGR of 17.8%”
The Global Neural Processor Market size is expected to reach $798.2 million by 2031, rising at a market growth of 17.8% CAGR during the forecast period.
Neural processors power chatbots and virtual assistants’ banks and insurance companies use to handle customer inquiries, provide support, and offer personalized recommendations. Consequently, the BFSI segment would generate approximately 17.8% share of the market by 2030. By comprehending natural language and delivering pertinent responses, these systems enhance the consumer experience. Thus, these factors can assist in the growth of the segment.
Edge computing entails processing data in proximity to the point of generation, as opposed to centralized data centers. This approach reduces latency and bandwidth usage while enabling real-time data analysis and decision-making, making it crucial for applications requiring quick responses and efficient resource utilization. Thus, these factors can assist in the expansion of the market.
Additionally, Deep learning methods, distinguished by their multi-layered, sophisticated neural network architectures, have been extensively implemented in various fields, including computer vision, natural language processing (NLP), and autonomous systems. Therefore, owing to these factors, the market will witness increased demand in the coming years.
However, While neural processors exhibit superior performance in accelerating specialized AI tasks, they often struggle to match the versatility of general-purpose processors such as CPUs and GPUs. Developing neural processors that efficiently handle various AI workloads while maintaining scalability across various applications poses formidable engineering hurdles. Therefore, these factors can lead to reduced demand in the market.
On the basis of end user, the market is divided into BFSI, healthcare, retail, defense agencies, media, logistics, and others. The retail segment recorded a 24.21% revenue share in the market in 2023. As AI becomes more pervasive in consumer electronics, the demand for neural processors in retail products is expected to rise. Manufacturers are integrating AI capabilities into devices such as smartphones, cameras, smart speakers, and wearables, which drives the demand for efficient neural processing units (NPUs).
Based on application, the market is segmented into fraud detection, hardware diagnostics, financial forecasting, image optimization, and others. In 2023, the financial forecasting segment garnered a 14.9% revenue share in the market. Neural networks excel at capturing intricate patterns and relationships within financial data, leading to more accurate forecasting models. As neural processors become more powerful and specialized for financial applications, they contribute to further improvements in prediction accuracy. Thus, these aspects will propel the growth of the segment.
Free Valuable Insights: Global Neural Processor Market size to reach USD 798.2 Million by 2031
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe segment acquired a 29.56% revenue share in the market. Europe has been actively investing in AI research and development, with countries like the UK, Germany, France, and Switzerland being prominent hubs for AI innovation. European companies and research institutions have been at the forefront of developing neural processors for various applications, including data centers, autonomous vehicles, healthcare, and consumer electronics. Hence, the segment will grow rapidly in the upcoming years.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 217.9 Million |
| Market size forecast in 2031 | USD 798.2 Million |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 17.8% from 2024 to 2031 |
| Number of Pages | 238 |
| Number of Tables | 320 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Application, End User, Region |
| Country scope |
|
| Companies Included | Applied Brain Research, Inc., BrainChip Holdings Ltd, Intel Corporation Samsung Electronics Co., Ltd., Hewlett Packard Enterprise Company, NVIDIA Corporation, Bit&Brain Technologies S.L, BrainCo, Inc., General Vision Inc., Aspinity, Inc. |
By Application
By End User
By Geography
The Market size is projected to reach USD 798.2 million by 2031.
Ongoing Advancements In Artificial Intelligence And Machine Learning Technologies are driving the Market in coming years, however, Challenges In Scalability And Flexibility restraints the growth of the Market.
Applied Brain Research, Inc., BrainChip Holdings Ltd, Intel Corporation Samsung Electronics Co., Ltd., Hewlett Packard Enterprise Company, NVIDIA Corporation, Bit&Brain Technologies S.L, BrainCo, Inc., General Vision Inc., Aspinity, Inc.
The expected CAGR of this Market is 17.8% from 2024 to 2031.
The Hardware Diagnostics segment is leading the Market by Application in 2023 thereby, achieving a market value of $221.9 million by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $288.6 million by 2031.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 