Press release
Global Neuromorphic Computing Market Size To Grow At A CAGR Of 20% In The Forecast Period Of 2023-2028
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 20%
Neuromorphic computing is a new field that is gaining traction in numerous applications including consumer electronics, automotive, and military and defence, among others. Its unique characteristics makes it a great tool for innovation. Neuromorphic chips are expected to witness a high demand for the manufacturing of luxury and sports automobiles in the forecast period. Hence, the increasing demand for smart cars, supported by rising disposable incomes and increasing awareness pertaining to newer technologies are further fuelling the neuromorphic computing market growth.
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Neuromorphic computing is witnessing a heightened application in drones, which are facing a growing demand in the military and defence sector. Neuromorphic computing incorporates numerous features into aerial attack and defence systems such as good decision making, higher energy efficiency, and adaptive learning, among others. Over the forecast period, the anticipated increase of military and defence expenditure across the emerging sovereign military powers is expected to bolster the neuromorphic computing market growth.
Furthermore, neuromorphic computing bridges the gap between the modern computing requirements of smart workers and inability of computers to perform advanced tasks such as signal processing. In this regard, neuromorphic computing is expected to witness a decent demand in the modern computing systems to improve the operational efficiency of various end use sectors.
Neuromorphic Computing Industry Definition and Major Segments
An Neuromorphic computing, also known as neuromorphic engineering, is a model of computer engineering which designs computing hardware and software using scientific concepts of biology, mathematics, and physics in order to apply the human brain functionality to cognitive computing. Neuromorphic computing aims at developing computer designs that are inspired by human nervous system and brain functioning. It utilises large-scale integration systems that are modelled upon neuro-biological systems of the human nervous system.
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Based on component, the market is bifurcated into:
Hardware
Software
On the basis of application, the market is divided into:
Signal Processing
Image Processing
Data Processing
Object Detection
Others
By end use, the market is segmented into:
Consumer Electronics
Automotive
Healthcare
Military and Defence
Others
On the basis of region, the market is categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Neuromorphic Computing Market Trends
The key trends in the global neuromorphic computing market include the technological advancements in the healthcare sector leading to a heightened demand for neuromorphic computing in advanced medical computing systems. Neuromorphic computing can offer various advantages which can improve drug delivery systems and increasing the efficiency of body condition sensing. Meanwhile, neuromorphic computing is likely to witness a healthy demand from prosthetics in the forecast period.
Rapid automation across various sectors such as consumer electronics, military and defence, and automotive, among others, is further fuelling the demand for neuromorphic computing models. For instance, self-driving cars are a new concept which are already gaining traction among the young population, leading to a greater scope of neuromorphic computing.
The emergence of data analytics is another crucial driving factor of the neuromorphic computing market. This can be attributed to the fact that neuromorphic computing can efficiently collect and manage data while saving costs.
In geographical terms, regions like North America and Europe are expected to witness a heightened growth in the forecast period, owing to the favourable digitalisation policies by the governments in the region which are escalating the application of neuromorphic computing across various end use sectors. Investments in research and development are also supporting regional growth of the neuromorphic computing market in North America and Europe.
Key Market Players
The major players in the neuromorphic computing market report are:
Intel Corporation
BrainChip Holdings Ltd.
General Vision Inc.
Latin America
IBM Corporation
Others
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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