Neuromorphic Computing Market Outlook 2031
The global neuromorphic computing market size was valued at USD 4.23 Billion in 2022 and is likely USD 23.87 Billion by 2031, expanding at a CAGR of 21.2% during the forecast period, 2023-2031. The growth of the market is attributed to the rising digitalization and urbanization. Additionally, the expansion of biotechnology sector is driving neuromorphic component market.
Neuromorphic computing, also known as neuromorphic engineering, refers to the use of integration systems containing various analog circuits. Neuromorphic computing uses innovative algorithmic approach that emulate how the human brain interrelates with the world to deliver abilities closer to human understanding.
These systems assist in the replication of neuro-biological behaviors present in a human’s nervous system. This platform comprises of two dynamic systems constructed on the custom hardware architecture.
Such system architecture are designed to program neural microcircuits by relating brain-like thought process in computing. Neuromorphic chips can be designed analog, digitally, or in a mixed way. Neuromorphic computing empowers computers to work on low energy, with high speed, and accuracy.
The COVID-19 pandemic outbreak has brought positive impact on the market. During pandemic, the neuromorphic chips are being used in medical devices, which is driving the demand of neuromorphic chips.
The lockdown and social distancing norms imposed by government bodies resulted in adoption of work from home policy by organizations, which is increasing demand of neuromorphic computing in IT sector.
Neuromorphic Computing Market Trends, Drivers, Restraints, and Opportunities
- Rising need of better performing integrated circuits (ICs) is one of the key factor driving the market growth.
- Emerging penetration of artificial intelligence and rising number of machine-to-machine connection is projected to drive the market expansion during the forecast period.
- Increasing complexity in designing the chips due to complex algorithms acts as a major challenge that can restrict the market growth in the coming years.
- Decreasing substantial investment in R&D can hamper the market growth during the projected timeline.
- Growing number of application in the area of automation is projected to create significant growth opportunities for the market.
Scope of Neuromorphic Computing Market Report
The report on the global neuromorphic computing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report
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Attributes
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Details
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Report Title
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Neuromorphic Computing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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End-users (Military & Defense, Automotive, Consumer Electronics, Healthcare, and Others) and Applications (Image Processing, Object Detection, Signal Processing, Data Processing, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Hewlett-Packard Enterprises; Intel Corp.; Brain Corp.; HRL Laboratories; CEA-Leti, Knowm Inc.; IBM Corp.; Samsung Electronics Co. Ltd.; Qualcomm Inc.; General Vision Inc.; Numenta; and Vicarious
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Neuromorphic Computing Market Segment Insights
Military & defense segment is estimated to expand at robust growth rate
On the basis of end-users, the global neuromorphic computing market is divided into military & defense, automotive, consumer electronics, healthcare, and others.
The military & defense segment is estimated to expand at robust growth rate during the forecast period due to neuromorphic computing process information with rapid speed than any other processor, this helps the military & defense sector in processing sensitive data, including resources and weapon management and battlefield data.
However, the automotive segment is projected to expand at a considerable CAGR during the forecast period attributed to the increasing investment by key players in smart vehicles and autonomous cars.
Rising trend of using digital cameras drive the image processing segment
Based on applications, the market is fragmented into image processing, object detection, signal processing, data processing, and others. The image processing segment is expected to grow at a rapid pace during the forecast period due to rising trend of using digital cameras and imaging systems.
Moreover, image sensing technology is used in military & defense sector for aerial images, which is major driver of the segment. On the other hand, the signal processing segment is anticipated to expand at a substantial CAGR in the coming years owing to increases adoption of acoustics signals and processing audios.
Neuromorphic Computing Market Regional Outlook
North America is anticipated to constitute a key market share
In terms of region, the global neuromorphic computing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to government initiatives coupled with presence of key players in the region, which manufactures neuromorphic chips.
However, the Asia Pacific market is anticipated to grow at a rapid pace during the forecast period due to the increasing demand for automation in emerging economies in the region.
Segments
End-Users
- Military & Defense
- Automotive
- Consumer Electronics
- Healthcare
- Others
Applications
- Image Processing
- Object Detection
- Signal Processing
- Data Processing
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Hewlett-Packard Enterprises
- Intel Corp.
- Brain Corp.
- HRL Laboratories
- CEA-Leti, Knowm Inc.
- IBM Corp.
- Samsung Electronics Co. Ltd.
- Qualcomm Inc.
- General Vision Inc.
- Numenta
- Vicarious
Competitive Landscape
Key players competing in the global neuromorphic computing market are Hewlett-Packard Enterprises; Intel Corp.; Brain Corp.; HRL Laboratories; CEA-Leti, Knowm Inc.; IBM Corp.; Samsung Electronics Co. Ltd.; Qualcomm Inc.; General Vision Inc.; Numenta; and Vicarious Companies are investing in R&D for development of advanced neuromorphic chips.
Furthermore, companies are widely engaging in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in March 2020, Intel Corp. announced the launch of its more powerful and latest neuromorphic research system Pohoiki Springs. This system provides a computational capacity of 100 million neurons.
In April 2021, Biotome Pty Ltd. precision immunology company collaborated with Brainchip Research Institute in Perth. Biotome is developing most sensitive antibody tests for infections. By this collaboration Brainchip's Akida neuromorphic processor chip is used to interpret sensor responses and in discovery of most representative response for protective antibodies.
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