Press release
Neuromorphic Computing Market: Exploring Market Segments, Growth Projections, and Competitive Landscape in Advanced Computing
Neuromorphic Computing Market
The Business Research Company presents an extensive market research report on the Neuromorphic Computing Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The neuromorphic computing market size has grown exponentially in recent years. It will grow from $1.15 billion in 2023 to $1.44 billion in 2024 at a compound annual growth rate (CAGR) of 25.8%. The growth in the historic period can be attributed to advancements in artificial intelligence (AI), the rise of cognitive computing applications, collaborations between the neuromorphic computing industry, real-time processing requirements, increased investment and funding.
The neuromorphic computing market size is expected to see exponential growth in the next few years. It will grow to $3.4 billion in 2028 at a compound annual growth rate (CAGR) of 23.9%. The growth in the forecast period can be attributed to rise of edge computing, applications in autonomous vehicles, ongoing innovations in neuromorphic hardware, continued research initiatives and academic collaborations, growing demand for brain-inspired computing. Major trends in the forecast period include technological innovation and advancement, advancements in quantum computing technology, advancements in semiconductor technology, competition from established technologies, automated machine learning.
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Key Market Players:
Major companies operating in the neuromorphic computing market report are Intel Corporation, The International Business Machines Corporation (IBM), Samsung Electronics, Qualcomm Technologies Inc., GrAI Matter Labs S.A., SK Hynix Inc., Hewlett Packard Enterprise Ltd, NVIDIA Corporation, Halo Neuroscience Inc., HRL Laboratories LLC, Defense Advanced Research Projects Agency, Perplexity Lab.Inc., Brain Corporation, Cerebras Systems Inc., General Vision Inc., Innatera Nanosystems B.V., Vicarious FPC Inc., Cortical.io, BrainChip Holdings Ltd., aiCTX AG, Knowm Inc., Prophesee S.A., Numenta Inc., Applied Brain Research Co. Ltd., Flow Neuroscience AB
Market Drivers:
The rising demand for automated systems in industries is expected to propel the growth of the neuromorphic computing market going forward. Automated systems refer to the use of various technologies and control systems to operate and monitor industrial processes without human intervention. Neuromorphic computing technology can be used in autonomous systems such as robotics, drones, self-driving cars, and artificial intelligence. Neuromorphic computing technology can be used to improve automation and efficiency in large-scale operations, product customization, and factories. For instance, in December 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union, around 28% of large EU enterprises used artificial intelligence technologies, and 8% of EU enterprises had implemented artificial intelligence technologies in 2021. Additionally, around 53% of EU enterprises implemented ready-to-use commercial artificial intelligence software or systems in 2021. Therefore, rising demand for automated systems in industries is driving the growth of the neuromorphic computing market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/neuromorphic-computing-global-market-report
The neuromorphic computing market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Deployment: Edge Computing, Cloud Computing
3) By Application: Signal Processing, Image Processing, Data Processing, Object Detection, Other Applications
4) By End Use: Consumer Electronics, Automotive, Healthcare, Military And Defense, Other End Uses
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