Joey Moore
Member
Market Overview
The Latin America neuromorphic chip market reached a size of USD 255.50 Million in 2024 and is forecasted to grow to USD 1,177.22 Million by 2033. This growth is expected at a CAGR of 17.70% during the forecast period 2025-2033. Growth is driven by rising demand for AI and machine learning applications, advancements in AI research, and increased investments in smart, energy-efficient technologies.
Study Assumption Years
- Base Year: 2024
- Historical Years: 2019-2024
- Forecast Period: 2025-2033
- Current Market Size (2024): USD 255.50 Million
- CAGR (2025-2033): 17.70%
- Forecast Period: 2025-2033
- The market is propelled by the increasing utilization of AI and machine learning across robotics, automotive, and healthcare sectors.
- Initiatives like the Santiago Declaration in 2023 emphasize governance and ethical AI development in Latin America and the Caribbean.
- Technological advances such as Intel's Hala Point neuromorphic system highlight improved performance and research capabilities.
- The report segments the market by offering (hardware, software), application (image recognition, signal recognition, data mining), end use industry, and region.
- Brazil, Mexico, Argentina, Colombia, Chile, and Peru are the key regional markets.
Market Growth Factors
The Latin American neuromorphic chip market growth is primarily driven by the escalating demand for artificial intelligence (AI) and machine learning (ML) technologies. These technologies require high-performance, energy-efficient computational systems, which neuromorphic chips provide. The sectors utilizing these technologies include robotics, automotive, and healthcare. The 2023 Santiago Declaration, an initiative by senior officials from Latin America and the Caribbean, supports this trend by fostering cooperation to develop AI governance frameworks prioritizing ethical considerations and human rights.
Significant technological advancements also contribute to market growth. For example, in April 2024, Intel announced its creation of Hala Point, the world's largest neuromorphic system, which utilizes the Loihi 2 processor. This system offers over ten times neuron capacity and up to twelve times improved performance compared to previous systems. It aims to facilitate advanced brain-inspired AI research and tackles sustainability and efficiency challenges in AI.
Investments in smart technologies and innovations further encourage adoption of neuromorphic chips. The ability of these chips to perform complex computations with enhanced energy efficiency and real-time data processing supports their increased use in various applications. This rising investment landscape fosters continuous research, supporting the market's robust projected growth rate of 17.70% CAGR through 2033.
Market Segmentation
Offering:
- Hardware: Physical components of neuromorphic chip systems.
- Software: Programs and operating systems that control neuromorphic hardware and enable applications.
- Image Recognition: Use of neuromorphic chips to interpret and identify images.
- Signal Recognition: Processing and analyzing various electronic signals.
- Data Mining: Extracting valuable information from large datasets using neuromorphic computing.
- Aerospace and Defense: Application in defense technologies and aerospace systems requiring efficient data processing.
- IT and Telecom: Utilization in information technology and telecommunications for enhanced computing capabilities.
- Automotive: Use in vehicles for autonomous driving and intelligent systems.
- Medical: Application in healthcare technologies for diagnostics and treatment.
- Industrial: Use in manufacturing and process control.
- Consumer Electronics: Integration into electronic devices for improved performance.
- Others: Other industries adopting neuromorphic technology.
Brazil, Mexico, Argentina, Colombia, Chile, and Peru constitute the major regional markets for neuromorphic chips in Latin America. These countries represent the primary hubs for growth driven by increasing AI adoption and investments in smart technologies. Specific market share and CAGR data for these individual countries are not provided in source. The regional momentum is also supported by developments such as Intel's Guadalajara Design Center in Mexico, enhancing Latin America's position in the global chip supply chain.
Recent Developments & News
In April 2024, Intel's Guadalajara Design Center in Mexico announced its partnership to develop the world's largest neuromorphic computing system, contributing to sustainable AI advances. Intel Costa Rica, responsible for 60% of the nation's R&D exports, has strengthened Costa Rica's role in the global value chain and reinforced Latin America's importance in the global chip supply chain.
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, considerations studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.