Portland, OR, Feb. 08, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global neural processor market generated $162.1 million in 2021, and is estimated to reach $849.8 million by 2031, witnessing a CAGR of 18.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $162.1 Million |
| Market Size in 2031 | $849.8 Million |
| CAGR | 18.1% |
| No. of Pages in Report | 207 |
| Segments Covered | Application, End User, and Region |
| Drivers | 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 |
| Increasing adoption of machine learning in various sectors such as BFSI, healthcare, retail, and others | |
| Surge in applications of neural processors in the automotive industry | |
| Rapid transition in the information industry | |
| Rapid adoption of AI to improve consumer services and reduce operational cost | |
| Opportunities | Introduction of AI to edge devices |
| Restraints | Lack of skilled AI workforce acts as a prime barrier for early adoption |
Covid-19 Scenario:
- The neural processor market was negatively impacted by the outbreak of the COVID-19 pandemic. Due to extended lockdowns and unavailability of workforce, the production and manufacturing facilities worldwide were shut down. Furthermore, the global supply chain was disrupted thereby creating a significant gap in the supply chain.
- Major players operating in the neural processor industry witnessed a slowdown due to lack of availability of skilled professional to develop neural processor market solutions, thereby leading to a decline in revenues for the financial year 2020 to 2021.
- However, the market started recovering since 2021 and is expected to remain in the growth stage during the forecast period.
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The report offers a detailed segmentation of the global neural processor market based on application, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on application, the hardware diagnostics segment held the largest share in 2021, accounting for more than one-fourth of the global neural processor market. However, the image optimization segment is expected to dominate the market in terms of revenue during the forecast period. The financial forecasting segment, however, is estimated to witness the fastest CAGR of 21.49% during the forecast period. The report also discusses the fraud detection, financial forecasting, and others segments.
By end user, the retail segment captured the largest market share of nearly one-fourth of the global neural processor market in 2021. However, the healthcare segment is expected to lead the market in terms of revenue during the forecast period. On the other hand, the media segment is likely to achieve the fastest CAGR of 22.63% through 2031. The report also studies the BFSI, defense agencies, logistics, and others segment.
Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global neural processor market. However, the market in Europe is likely to maintain its leadership status during the forecast period. On the other hand, the market in Asia-Pacific is expected to manifest the highest CAGR of 20.71% from 2022 to 2031. The other region analyzed in the study include North America.
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Leading players of the global neural processor market analyzed in the research include Hewlett Packard Enterprise Development LP, Samsung Electronics Co. Ltd., HRL Laboratories, LLC, Applied Brain Research, Aspinity, Inc., Bitbrain Technologies, Halo Neuroscience, General Vision, Inc., BrainChip, Inc., and BrainCo, Inc.
The report analyzes these key players of the global neural processor market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits for Stakeholders
- This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall neural processor market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global neural processor market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the neural processor market.
- The report includes the market share of key vendors and global neural processor market trends.
Neural Processor Market Key Segments:
Application
- Fraud Detection
- Hardware Diagnostics
- Financial Forecasting
- Image Optimization
- Other Applications
End User
- BFSI
- Healthcare
- Retail
- Defense Agencies
- Media
- Logistics
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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