Neuromorphic Computing Market Analysis
Neuromorphic Computing Market is predicted to touch USD 8,351 Million at a whopping 21% CAGR between 2020- 2030, reveals the latest Market Research Future (MRFR) report.
Demand for artificial intelligence and machine learning is expected to drive market growth over the forecast period. AI is used in robotics, nonlinear controls, translation and chatterbots, image processing, computer vision, and language processing, among other areas.
Other factors contributing to the neuromorphic computing industry size include the adoption of effective computing solutions in various end-use industries like automotive and industrial automation, healthcare, aerospace and defense, and consumer electronics, the rising sensors market, the need for better performing ICs, and the growing demand for neuromorphic quantum computer & neuromorphic computing chip, increasing applications in voice identification, machine vision, and video monitoring.
However, the lack of awareness regarding neuromorphic computing may act as a market restraint over the forecast period.
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Neuromorphic Computing Market Summary
The global neuromorphic computing market is set to touch USD 648.40 million at a whopping 49.92% CAGR from 2019- 2025 (forecast period). Demand for artificial intelligence and machine learning is anticipated to push market growth over the forecast period. AI is used as applications in robotics, nonlinear controls, translation and chatterbots, image processing, computer vision, and language processing.
COVID-19 Impact on the Global Neuromorphic Computing Market
The COVID-19 outbreak has affected global markets and industries in unprecedented ways, but it has also pushed businesses to consider a very different future. It is undeniable that companies need a reset, not just because of the outbreak but also because technical advances necessitate it. The ongoing pandemic has not deterred organizations from continuing their research, with several companies predicting that commercially available neuromorphic chip technology will take off in the coming years. Traditional computing technologies will reach a digital wall by 2025, necessitating a transition to cutting-edge computing paradigms such as neuromorphic computing systems. This is expected to boost market growth over the forecast period.
Silicon processors are approaching economic, efficiency, and sustainability limits, restricting innovation and digital initiatives, stifling market development. They will be replaced by new computing technologies such as neuromorphic computing, which is a computer that acts and thinks like a human. As this technology matures, it will be more readily available and less expensive for companies to begin experimenting.
Neuromorphic Computing Market Segmentation
The global neuromorphic computing market has been bifurcated based on offering, application, and end-user.
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Based on offering, the global neuromorphic computing market has been segmented into software and hardware. Of these, the software segment will lead the market over the forecast period, while the neuromorphic computing hardware segment is projected to grow at the highest CAGR by 2025.
Based on application, the global neuromorphic computing applications has been segmented into object detection, data mining, signal recognition, image recognition, and others. Of these, the image recognition segment will lead the market over the forecast period.
By end-user, the global neuromorphic computing market has been segmented into industrial, IT and telecommunications, aerospace and defense, consumer electronics, automotive, and others. Of these, consumer electronics will lead the market over the forecast period.
The global neuromorphic computing industry report includes the opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World.
During the forecast period, North America will lead the industry. It is expected to rise at a CAGR of 50.06% by 2025. The presence of key players like Qualcomm Incorporated, Intel Corporation, and IBM Corporation, as well as the growing need for AI-based applications, the adoption in Mexico, Canada, and the United States, booming industry verticals such as consumer electronics, robotics technology, aerospace and defense, and consumer acceptance for new technologies, are all contributing to the global neuromorphic computing market growth.
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Neuromorphic Computing Market Key Players
Invitation AG (Switzerland), aiCTX AG (Switzerland), Aspinity Inc (US), Numenta (US), Vicarious (US), General Vision (US), Qualcomm Incorporated (US), HRL Laboratories (US), Hewlett Packard Development LP (US), BrainChip Holdings Ltd (Australia), SAMSUNG (South Korea), Applied Brain Research (Canada), Intel Corporation (US), IBM Corporation (US).
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Table Of Content
1 EXECUTIVE SUMMARY
1.1 GLOBAL NEUROMORPHIC COMPUTING MARKET, BY OFFERING 14
1.2 GLOBAL NEUROMORPHIC COMPUTING MARKET, BY APPLICATION 15
1.3 GLOBAL NEUROMORPHIC COMPUTING MARKET, BY END-USER 16
1.4 GLOBAL NEUROMORPHIC COMPUTING MARKET, BY REGION 17
2 MARKET INTRODUCTION
2.1 DEFINITION 18
2.2 SCOPE OF THE STUDY 18
2.3 RESEARCH OBJECTIVE 18
2.4 MARKET STRUCTURE 19
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 20
3.2 PRIMARY RESEARCH 21
3.3 SECONDARY RESEARCH 22
3.4 MARKET SIZE ESTIMATION 22
3.5 FORECAST MODEL 24
3.6 LIST OF ASSUMPTIONS 25
4 MARKET DYNAMICS
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