Neuromorphic Computing Market Projected to reach $550,593 thousand by 2026

The neuromorphic computing market is expected to be valued at USD 22,743 thousand in 2021 and is projected to reach USD 550,593 thousand by 2026; it is anticipated to grow at a CAGR of 89.1% during the forecast period.

The major factors driving the growth of the neuromorphic computing market are need for better performing ICs, increase in demand for artificial intelligence and machine learning, and increasing number of cross-industry partnerships and collaborations. However, several factors, such as lack of knowledge about neuromorphic computing and complex algorithms increasing complexity of designing hardware of neuromorphic chips are hindering the growth of neuromorphic computing market. Moreover, matching a human's flexibility and ability to learn from unstructured stimuli data can act as a key challenge in the market during the forecast period.

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Hardware segment is expected to hold the biggest market share during the forecast period

Hardware for neuromorphic computing includes microprocessors, such as microcontroller units (MCUs) and field-programmable gate arrays (FPGAs), which are configured like biological brains rather than traditional chips. These chips are designed to process data, such as images and sound, and respond to changes in data without being specifically programmed. The article also notes that a significant amount of computing power is required to run software used for neuromorphic computing, which is why companies in this market are investing in hardware infrastructure to meet growing demand. As a result, the hardware segment is expected to dominate the market during the forecast period.

Cloud Computing segment to grow at the highest CAGR during forecast period.

Cloud computing involves decentralized applications running in data centers. It offers several advantages over edge computing. Cloud services are basically handled in a vendor-managed cloud or a collection of data centers and can be accessed from any device over the Internet. Moreover, COVID-19 pandemic has accelerated the deployment of cloud computing as people are working remotely. Hence, the cloud computing segment is expected to witness the highest growth during forecast period.

Consumer Electronics segment is expected to grow at the highest CAGR during forecast period.

The consumer electronics vertical comprises wearable devices such as smartwatches as well as smart homes, and image and voice recognition for security systems. Smart homes have various real-time applications such as image recognition, signature recognition, and speech recognition based on stored data. To increase the speed of recognition pattern, neuromorphic chips can be deployed, as the neural network executes the command in parallel. Consumer drones and embedded systems are some other examples where the processors can replace their existing chips and deploy these neuromorphic chips instead. As there is an increasing boom for smart wearables, among youth, the market for smart werables is also growing at a tremendous pace. Hence, consumer electronics segment is expected to grow at the highest rate during the forecast period.

North America is expected to hold the largest share of neuromorphic computing market during the forecast period.

North America is expected to hold the largest share in the neuromorphic computing market in 2021, with the US being the major contributor to the market in the region. The higher penetration of devices with unique voice and image identification capabilities in defense, wearables, IoT, and robotics technologies for interactive experience is driving the growth of the neuromorphic computing market in the region. The presence of prominent technology providers, such as IBM (US) and Intel (US), contributes to the market's growth in this region. The growing concerns about the security of critical infrastructure and sensitive data have led to increased government spending in recent years and resulted in the adoption of neuromorphic chipsets in security applications in this region.

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Key Market Players

The neuromorphic computing market was dominated by Intel Corp. (US), IBM Corporation (US), BrainChip Holdings Ltd. (US), Qualcomm (US) and HP Enterprise (US).

News also Covered: https://www.marketwatch.com/press-release/neuromorphic-computing-market-revenues-to-grow-891-cagr-worth-550593-thousand-by-2026-2023-02-07

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This release was published on openPR.