Straits Research: Neuromorphic Computing Market to Reach USD 36.31 Billion by 2031, Growing at a CAGR of 25.7%

The global neuromorphic computing market, valued at USD 4.76 billion in 2022, is expected to grow significantly, reaching USD 36.31 billion by 2031. This expansion is driven by a compound annual growth rate (CAGR) of 25.7% during the forecast period from 2023 to 2031. Neuromorphic computing, inspired by the human brain, is revolutionizing technology by enabling advanced computational capabilities with low power consumption.

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Market Definition

Neuromorphic computing refers to a technology that mimics the human brain's neural structure and functioning using artificial neural networks and hardware designed for efficient processing. This computing approach aims to replicate the brain’s ability to process information, recognize patterns, and learn from experience, paving the way for breakthroughs in artificial intelligence (AI) and machine learning (ML). It finds applications in diverse fields, including signal processing, image recognition, and autonomous systems.

Latest Trends in the Neuromorphic Computing Market

  1. Integration of Neuromorphic Chips in Consumer Electronics: Consumer devices such as smartphones and wearables increasingly incorporate neuromorphic processors to enhance AI and ML capabilities.

  2. Adoption of Neuromorphic Technology in Autonomous Vehicles: The automotive industry is leveraging neuromorphic systems to enhance real-time object detection and decision-making in autonomous vehicles.

  3. Collaborations Between Academia and Industry: Partnerships between academic institutions and tech companies are accelerating advancements in neuromorphic computing research and development.

3 Growth Factors Driving the Market

  1. Rising Demand for AI and ML Applications: The rapid adoption of AI-driven solutions in industries such as healthcare, automotive, and consumer electronics is fueling the demand for neuromorphic computing.

  2. Increased Focus on Energy Efficiency: Neuromorphic processors are designed to consume significantly less power compared to traditional chips, making them ideal for energy-constrained applications.

  3. Advancements in Brain-Inspired Computing: Continuous innovations in mimicking human brain functionalities are enhancing the performance and efficiency of neuromorphic systems.

3 Key Market Opportunities

  1. Emerging Applications in Healthcare: Neuromorphic computing has the potential to revolutionize areas like medical imaging, diagnostics, and personalized medicine.

  2. Expansion in Emerging Markets: Developing regions, particularly in Asia-Pacific, are adopting advanced technologies at a rapid pace, creating opportunities for market growth.

  3. Development of Robust AI Ecosystems: Collaborations among chip manufacturers, software developers, and AI companies can foster an ecosystem that supports widespread adoption of neuromorphic computing.

Market Segmentation

By Applications

  1. Signal Processing

  2. Image Processing

  3. Data Processing

  4. Object Detection

  5. Others

By End-User

  1. Consumer Electronics

  2. Automotive

  3. Healthcare

  4. Military and Defense

  5. Others

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Regional Insights

  • Dominated Region: North America leads the neuromorphic computing market, attributed to robust technological infrastructure and early adoption of advanced AI solutions.

  • Fastest Growing Region: Asia-Pacific is emerging as the fastest-growing region, driven by the expanding consumer electronics industry and increasing investments in AI technologies.

Key Players in the Neuromorphic Computing Market

  1. Brain Corporation

  2. Hewlett Packard Company

  3. HRL Laboratories LLC

  4. CEA-Leti

  5. General Vision, Inc

  6. International Business Machines Corporation

  7. Knowm Inc

  8. Qualcomm Technologies, Inc

  9. Intel Corporation

  10. Samsung Electronics Co., Ltd

  11. Numenta

  12. Vicarious FPC, Inc.

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