Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
neuromorphic computing market is undergoing dynamic changes, driven by the increasing demand for advanced computing solutions that mimic the human brain's neural architecture. Neuromorphic computing, inspired by the functioning of the human brain, is gaining traction as a revolutionary approach to processing information. The market dynamics of neuromorphic computing are shaped by several key factors.
One of the primary drivers of the neuromorphic computing market is the escalating need for efficient and intelligent computing systems. Traditional computing architectures face limitations in handling complex tasks such as pattern recognition, image processing, and real-time decision-making. Neuromorphic computing, with its ability to emulate the brain's parallel processing and learning capabilities, offers a promising solution to address these challenges. As a result, industries ranging from healthcare and finance to automotive and robotics are increasingly adopting neuromorphic computing to enhance their computational capabilities.
The continuous advancements in artificial intelligence (AI) and machine learning (ML) are also influencing the market dynamics of neuromorphic computing. The increasing complexity of AI algorithms and the growing volumes of data require more sophisticated and efficient computing solutions. Neuromorphic chips, designed to process information in a manner similar to the human brain, enable faster and more energy-efficient computations. This aligns with the industry's pursuit of developing AI models with improved performance and reduced power consumption, driving the demand for neuromorphic computing solutions.
Furthermore, research and development activities play a pivotal role in shaping the neuromorphic computing market. As technology evolves, researchers and engineers are exploring innovative ways to enhance neuromorphic architectures, making them more scalable, adaptable, and applicable to diverse use cases. Collaborations between academia and industry players contribute to the development of cutting-edge neuromorphic technologies, fostering a competitive landscape in the market. The continuous influx of new ideas and breakthroughs in neuromorphic computing research further propels the market's evolution.
In addition to technological advancements, the market dynamics are influenced by factors such as government initiatives, regulatory policies, and investments. Governments worldwide are recognizing the strategic importance of neuromorphic computing in maintaining a competitive edge in the global technology landscape. Funding programs and initiatives aimed at supporting research and development in neuromorphic computing are contributing to the growth of the market. Moreover, regulatory frameworks that promote the responsible and ethical use of AI technologies are shaping the market by establishing guidelines for the deployment of neuromorphic computing solutions.
However, challenges such as high development costs, limited standardization, and the need for specialized expertise in neuromorphic computing pose hurdles to market growth. Overcoming these challenges requires collaboration between industry stakeholders, the development of cost-effective solutions, and the establishment of industry standards to facilitate widespread adoption.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Deployment and Region |
Neuromorphic Computing Market Highlights:
Neuromorphic Computing Market Overview
Neuromorphic Computing Market is projected to grow from USD 2.77 Billion in 2024 to USD 10.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.12% during the forecast period (2024 - 2032). Additionally, the market size for Neuromorphic Computing was valued at USD 2.29 billion in 2023.
Increased adoption of neuromorphic computing technology and demand for machine learning and AI-integrated system are the key market drivers enhancing the growth of the market.
Figure 1: Neuromorphic Computing Market Size, 2024-2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Neuromorphic Computing Market Trends
Growing adoption of neuromorphic computing is driving the market growth.
Market CAGR for neuromorphic computing is being driven by the rising adoption of neuromorphic computing. The growing application of the artificial intelligence and the machine learning in robotics image processing, language processing, interpretation, and nonlinear regulation is dominating the market revenue. There is rising use of neuromorphic technology in the transmission, acceleration and implementation of next-generation semiconductors and execution of next-generation semiconductors and sovereign systems.
The performance of the AI neuromorphic chip is a thousand times faster than graphic and central processing units. The execution of neuromorphic engineering technology in electronic devices helps cognitive decisions like credit scoring, detection of fraud, image classification, speech recognition and language translation. Machine learning and AI technologies assist in creating robotic systems with high performance, efficiency, low energy consumption and advanced features like self-driving automobiles. Further, the growing applications in drones, chatterbots and medical devices, for instance, the adoption of neuromorphic chips in drone cameras with chips that take signals from the cameras and process the data the same as the human brain, improve the sensing of the drones rapidly. The technology is largely deployed in defense and military sections in order to offer processing power and fasten the decision-making time throughout the war by helping the soldiers with analytical results.
The growing demand for global neuromorphic computing is due to the requirement for high-performance Integrated Circuits. This technology can highly minimize the transportation times increased by a conventional CPU by storing and processing data in the same chip. This ability to include processing and storage largely minimizes the shuttling time. Further, the requirement for better-performing ICs for the purpose of efficient computing in assisting the expansion of the market globally. Thus, driving the Neuromorphic Computing market revenue.
However, neuromorphic development requires deep hardware and software manufacturing research and development in order to meet the market value. The limited funds and absence of skilled personnel, and the presence of advanced software and hardware technologies are causing restrictions on the development, hence hampering the growth of the market. The lack of algorithm void in the novel advancements and dim growth in the neuromorphic computing section is restraining the market growth.
Neuromorphic Computing Market Segment Insights
Neuromorphic Computing Component Insights
The global Neuromorphic Computing market segmentation, based on components, includes Hardware, Software and Services. The hardware segment dominates the market, accounting for the largest market revenue due to the growing utilization of neuromorphic hardware for speeding the computation in embedded devices and the rising integration and implementation of the machine learning algorithms on embedded devices. There are several companies offering these solutions, which can be utilized by researchers and organizers in order to develop and test neuromorphic computing applications. Further, the software segment is expected to be the fastest-growing segment due to surging software requirements in multiple industries.
Neuromorphic Computing Deployment Insights
The global Neuromorphic Computing market segmentation, based on deployment, includes Edge and Cloud. The edge segment dominated the market due to the expansion of wireless networking interest in the evolving computer paradigm of edge computing. The rising application of edge computing in order to identify all body gestures for automobiles with sensitive voice controls, touchless interfaces, and internal intelligence for assistant robots is boosting the market segment growth. Further, the cloud computing segment is anticipated to be the fastest growing segment because of its multiple technological advantages, like delivering a large volume of data and a one-stop platform for security storage for any enterprise.
Figure 1: Global Neuromorphic Computing Market, by Deployment, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Neuromorphic Computing Regional Insights
By region, the study gives market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American Neuromorphic Computing market area dominates the market due to the surging the demand for artificial-based voice speech recognition technology and rising investment by the government, and efforts to improve the utilization of neuromorphic technology. The growing demand for integrating neuromorphic computing in the North American region. The US is the largest contributor to the growth of the market in this region.
Further, the prime countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.
Figure 2: GLOBAL NEUROMORPHIC COMPUTING MARKET SHARE BY REGION 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Neuromorphic Computing market accounts for the second-largest market share, as there are various organizations and initiatives focusing on advancing the development and adoption of neuromorphic technologies in this region. Further, the German Neuromorphic Computing market held the largest market share, and the UK Neuromorphic Computing market was the rapid-growing market in European region.
The Asia-Pacific Neuromorphic Computing Market is expected to grow at the rapid CAGR from 2023 to 2032. This is due to the increasing use of the artificial intelligence, the Internet of Things, data analytics and other technologies in this region. Moreover, China’s Neuromorphic Computing market held the largest market share, and the Indian Neuromorphic Computing market was the rapid-growing market in Asia-Pacific region.
Neuromorphic Computing Key Market Players & Competitive Insights
Leading market players are investing hugely in research and development in order to expand their product lines, which will help the Neuromorphic Computing market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including new product launches, mergers and acquisitions, contractual agreements, higher investments, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Neuromorphic Computing industry must offer cost-effective items.
Manufacturing locally to reduce the operational costs is one of the key business tactics utilized by the manufacturers in the global Neuromorphic Computing industry to benefit clients and increase the market sector. In recent years, the Neuromorphic Computing industry has offered some of the most significant advantages to technologically advanced businesses. Major players in the Neuromorphic Computing market, including Intel Corporation, Polyn Technology, IBM Corporation, Samsung Electronics Co. Ltd., SK Hynix Inc., GrAI Matter Labs, Hewlett Packard Development LP, Qualcomm Incorporated, BrainChip Holdings Ltd, Numenta, General Vision, and others, are trying to increase market demand by investing in the research and development operations.
IBM Corporation, founded in the year 1911, and headquartered in Armonk, New York, is a multinational technology company. The company is known for its software and hardware products, inclusive of servers, computers, networking equipment, and storage systems. The company also offers technology, consulting and business services like cloud computing, artificial intelligence, and data analytics. The R&D efforts of the company have helped various technological innovations. In January 2023, the company launched an energy-efficient AI chip with 7nm technology. The AI hardware accelerator chip supports different types of models when attaining leading-edge power efficiency. This technology can be escalated and utilized in commercializing applications to train large-scale models in the cloud to privacy and security efforts by bringing training closer to the edge and the data closer to the source.
Intel Corporation, headquartered in Santa Clara, California, is an American multinational corporation and technology company. The company is the globally largest manufacturer of semiconductor chips and is one of the developers of the x86 series of instruction sets available in most personal computers. The company provides microprocessors for computer system manufacturers like Lenovo, HP, Acer and Dell. The company also manufactures network interface controllers, motherboard chipsets, integrated circuits, graphic chips, and other devices associated with communications and computing. In October 2022, the company declared a three-year agreement with Sandia National Laboratories in order to explore the value of the neuromorphic computing for scaled-up computational problems. This agreement incorporates continued large-scale neuromorphic research on the upcoming next-generation neuromorphic architecture of the company.
Key Companies in the Neuromorphic Computing market include
-
-
Polyn Technology
-
-
Samsung Electronics Co. Ltd.
-
SK Hynix Inc.
-
GrAI Matter Labs
-
Hewlett Packard Development LP
-
Qualcomm Incorporated
-
BrainChip Holdings Ltd
-
-
General Vision
Neuromorphic Computing Industry Developments
December 2022: The latest AI neuromorphic chip was launched by Intel in order to perform data-crunching tasks a thousand times faster than standard processors like GPUs and CPUs with minimum power usage. It being energy efficient, the technology is best for several applications like cybersecurity, industrial equipment and smart homes.
December 2022: An Israel-based Fabless semiconductor company, Polyn Technology, announced the accessibility of neuromorphic analog signal processing models for Edge Impulse. It is a machine learning development platform for edge devices offering ultra-low power on sensor solutions for wearables and the Industrial IoT.
April 2021: A global leader in next-generation audio, sensing and imaging technology, DTS, a fully-owned subsidiary of Xperi Holding Corporation, announced a world-first neuromorphic driver monitoring solution powered by Prophesee Metavision- Event-Based Vision sensor.
Neuromorphic Computing Market Segmentation
Neuromorphic Computing Component Outlook
-
Hardware
-
Software
-
Services
Neuromorphic Computing Deployment Outlook
-
Edge
-
Cloud
Neuromorphic Computing Regional Outlook
-
North America
-
US
-
Canada
-
Europe
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
