The Global Neuromorphic Computing Market was valued at USD 0.25 Million in 2021 and is expected to reach at a CAGR of 93.78% during the forecast period. Neuromorphic computing is the most recent advancement in the field of artificial intelligence (AI), with an emphasis on expanding AI into areas that mimic human cognition, such as autonomous adaptations, and interpretations. This technical advancement over AI based on neural networks and algorithms, where outputs have been primarily dependent on the trend that a certain data set has seen in the past, and where the issue statement lacks any human context.
As a result, the next generation of AI is aiming towards a technology capable of dealing with unique situations using a human-like approach. Neuromorphic computing is focused with duplicating the neural architecture of a human brain, as well as probabilistic computing, both of which would aid in effectively coping with the modern world's uncertainties and complexity.
In addition, due to the desire for higher performing integrated circuit (ICS), the rise in artificial intelligence and machine learning (MI) demand, and the growing number of cross-industry alliances and collaborations are all propelling the market growth.
The medical, media, entertainment, telecom, utilities, aerospace, military, consumer electronics, food & drinks, and pipes are all using AI. With smart judgments, a mix of AI technologies and MI is destined to change the corporate environment.
Neuromorphic chips have the ability to process data in parallel while also storing information on the device. Data transmission uses a lot of power and slows down the processor's ideal rate of operation, lowering the total processing speed of the computer. At the University of Maryland, neuromorphic computers are being tested. During the forecast period, the need for higher-performing integrated circuit ICS will be a major driver of the neuromorphic computing market.
Thus, the increasing need for AI and cognitive and brain robotics is propelling the industry forward. The creation of neural processing units, which may be integrated in a processor chip to reverse-engineer the human brain, is a major industrial priority. Before entering the market, companies are progressively investing heavily in R&D activities related to the development of neuroscience and computers.
COVID-19 Impact on Global Neuromorphic Computing Market
The global neuromorphic computing market has been influenced by the covid-19 pandemic in various verticals. In the year 2020, neuromorphic chips were first utilized in medical equipment. Watson, an analytical tool created by IBM corp. (U.S), is projected to be combined with neuromorphic circuits and utilized for medical imaging analytics. Watson operates like a human analytical system. The medical industry's market is projected to increase as a result of this. Work from home is becoming the new trend as a result of the pandemic, leading in a rise in market forces for it peripherals, which is driving the expansion of the neuromorphic computing sector in the IT & telecommunications market.
Market Segmentation
The global neuromorphic computing market report has been segmented by offering, deployment, application, end users and region.
FIGURE 1: GLOBAL NEUROMORPHIC COMPUTING MARKET
Global Neuromorphic Computing Market, by Offering
Based on offering, the market is segmented into hardware & software, and others. Among these segments, software captures the largest market share in global neuromorphic computing market in 2021 and is anticipated to remain largest during the forecast period.
Due to continuous online learning, real-time data streaming, prediction, and data modelling are some of the prime uses of neuromorphic computing software which drives the market growth globally. Furthermore, the market for neuromorphic computing software is also growing due to increased software usage in areas such as aerospace and military, IT & telecom, and medical.
Global Neuromorphic Computing Market, by Deployment
Based on deployment, the market is segmented into edge computing & cloud computing and others. Among these segments, edge computing captures the largest market share in global neuromorphic computing market in 2021 and is anticipated to remain largest till the forecast period.
The segment's strong development can be attributed to the increasing use of edge computing in applications such as responsive voice control for vehicles, full-body gesture recognition for touchless interfaces, and on-board intelligence for assistive robots.
Furthermore, neuromorphic computing benefits low-power and low-latency applications, as well as on-device flexibility, in the edge computing segment, which is driving market expansion globally.
Global Neuromorphic Computing Market, by Application
Based on application, the market is divided into signal processing, image processing, data processing, object detection, and others. Among all, image processing has the largest market share in the global neuromorphic computing market in 2021 and is expected to stay the largest during the forecast period.
The image processing application sector led the market, accounting for more than half percent of total revenue. The category is expected to stay dominating for the duration of the forecast period, with the quickest growth rate in the future years.
The surge in demand for digital cameras and other image equipment is to blame for this expansion. Furthermore, the signal processing is the second largest market in terms of growth. Due to increased demand for processing audio and acoustics signals, the market is expected to develop significantly in the future years.
Global Neuromorphic Computing Market, by End Users
Based on end user, the market is divided into aerospace, military & defense, automotive, medical, and other end users. Military & defense holds the highest market share in the global neuromorphic computing market in 2021 and is expected to continue to do so throughout the forecast period.
The factors that attributed to the growth include neuromorphic computing has the ability to process information quicker than any other processor, which aids the military and defense sector in processing sensitive data such as battlefield data, weaponry, and resource management. Another factor driving the rise is the increasing need for testing and transferring signals to securely code and transmit data from one end to the other in order to decrease the possibility of security concerns.
Global Neuromorphic Computing Market, by Region
The market is divided into five regions such as North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America has the biggest market share in the global neuromorphic computing market in 2021 and is expected to be the largest during the forecast period. Due to factors such as a significant driver for North America region's domination is widespread knowledge of the benefits of neuromorphic computing in industries such as aerospace, military & defense, and medical.
In addition, United States is dominating the industry in North America, having adopted artificial intelligence for MI, natural language processing (NLP), image processing, and speech recognition across industries such as medical and automotive.
While, Asia Pacific is anticipated to keep the second-largest share of xx% and expand at the fastest CAGR between 2021 and 2030. China, japan, and South Korea are projected to be the largest contributors to the Asia Pacific market. In Asia Pacific, china is the largest market for AI, followed by japan; this makes china a promising market for neuromorphic computing in machine learning and natural language processing applications.
Recent Developments in Global Neuromorphic Computing Market
October 2020- Intel Federal LLC and Sandia National Laboratories (Sandia) have established a three-year collaboration to study use of such neuromorphic computing for graded computational issues.
March 2020- Pohoiki Springs, Intel's latest and yet most efficient neuromorphic research system, is scheduled to be finished, and will have a processing capacity of 100 million neurons.
June 2019- According to Intel, an 8 million-neuron neuromorphic system comprised of 64 loihi research processors will be made available to the broader research field
Major Companies: In this report, the major companies studied are IBM Corporation; Hewlett-Packard; Samsung Electronics Co. Ltd.; Intel Corporation; Qualcomm Inc.; Brain Corporation; General Vision Inc.; HRL Laboratories; Vicarious; CEA-Leti, Knowm Inc.; And Numenta.
Market Segmentation:
By Offering
- Hardware
- Software
By Deployment
- Edge Computing
- Cloud Computing
By Application
- Signal Processing
- Image Processing
- Data Processing
- Object Detection
- Others
By End User
- Aerospace
- Military & Defense
- Automotive
- Medical
- Others
By Region
North America Neuromorphic Computing Market
- North America, by Country
- U.S.
- Canada
- Mexico
- North America, by Offering
- North America, by Deployment
- North America, by Application
- North America, by End Users
Europe Neuromorphic Computing Market
- Europe, by Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest Of Europe
- Europe, by Offering
- Europe, by Deployment
- Europe, by Application
- Europe, by End Users
Asia Pacific Neuromorphic Computing Market
- Asia Pacific, by Country
- China
- India
- Japan
- South Korea
- Australia
- Rest Of Asia Pacific
- Asia Pacific, by Offering
- Asia Pacific, by Deployment
- Asia Pacific, by Application
- Asia Pacific, by End Users
Middle East and Africa Neuromorphic Computing Market
- Middle East and Africa, by Country
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest Of Middle East And Africa
- Middle East and Africa, by Offering
- Middle East and Africa, by Deployment
- Middle East and Africa, by Application
- Middle East and Africa, by End Users
South America Neuromorphic Computing Market
- South America, by Country
- Brazil
- Argentina
- Rest Of South America
- South America, by Offering
- South America, by Deployment
- South America, by Application
- South America, by End Users
Objectives of This Report:
- To estimate the market size for the global neuromorphic computing market on a regional and global basis.
- To identify major segments in the global neuromorphic computing market and evaluate their market shares and demand.
- To provide a competitive scenario for the global neuromorphic computing market with major developments observed by the key companies in the historic years.
- To evaluate key factors governing the dynamics of global neuromorphic computing market with their potential gravity during the forecast period.
- To evaluate the leading company-wise pricing analysis for the mentioned applications.
Key Questioned Answered In The Study:
- What are major growth drivers and market trends that impacting on the global neuromorphic computing market?
- What the market size both in terms of value and volume for global neuromorphic computing market?
- Who are leading market players and who are the new market players that operate in the global neuromorphic computing market with an estimated market share?
- What are the future investment pockets and opportunity in the global neuromorphic computing market?
- Major list of customers and potential futuristic customer list along with an estimated buying volume.
- Impact of covid-19 on global neuromorphic computing market.
Customization:
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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