Neuromorphic Computing Market Outlook – 2030
The global neuromorphic computing market size is expected to reach $8,583.98 million by 2030 from $26.32 million in 2020, growing at a CAGR of 79.0% from 2021 to 2030. Neuromorphic computing refers to designing of computers that are based on systems found in human brain and nervous system. Driven by vast potential and ability of human brain, neuromorphic computing can work as efficiently as human brain without acquiring large room for the placement of software. One of the technological advancements that has regenerated interest of scientists in neuromorphic computing is the development of the Artificial Neural Network model (ANN).
Working of neuromorphic computing-enabled devices begin with the placement of Artificial Neural Networks (ANN) that comprise millions of artificial neurons. These neurons are similar to human brain neurons. Neuromorphic computers are specifically known for their rapid response system as their processing is highly rapid. As compared to traditional computers, neuromorphic computers are built to work like a human brain and so their rapid response system is a major highlight.
Moreover, with the help AI and machine learning, neuromorphic computing has advanced the process of information processing and enabled computers to work with better and bigger technology. One of the most important features of neuromorphic computing is its mobile architecture. Unlike traditional computers that used to consume vast space for working, neuromorphic computers are mobile and handy. They do not require much space and are highly efficient, in terms of space occupancy. Thus, this is anticipated to create growth opportunities for the neuromorphic computing market.
The global neuromorphic computing market size is anticipated to witness significant growth during the forecast period. Factors, such as rise in demand for artificial intelligence and machine learning technology, high usage of software in neuromorphic computing, and rise in demand for better performing integrated circuits (ICs) drive the neuromorphic computing market growth. Several industries are in need to automate their operations with the help of AI and ML in a bid to improve efficiency and quality of their end products. Growth in demand for AI and ML across several industries such as media and entertainment, aerospace, utility, aerospace, consumer devices, food & beverages, and military drive the market growth. These industries regularly encounter problems, which can be efficiently met with SNN, owing to its ability to make flexible and agile decisions keeping not only the past experiences, but also the context of the situation into picture.
However, rise in complexity of algorithms and backend operations is a major restraint in the global market growth. In addition, rise in adoption of neuromorphic chips in the automotive industry is expected to create opportunities for the neuromorphic computing industry. The automotive industry is one of the leading and fastest growing industries for neuromorphic chips. Several car manufacturers are heavily investing to achieve Level 5 of vehicle autonomy. This is anticipated to create huge demand for AI-powered neuromorphic chips.
By Offering
Software segment will grow at a highest CAGR of 83.1% during 2021 - 2030
Segment Overview
The global neuromorphic computing market is segmented on the basis of offering, deployment, application, industry vertical, and region. By offering, the market is bifurcated into hardware and software. By deployment, the market is divided into edge computing and cloud computing. By application, it is fragmented into image recognition, signal recognition, data mining, and others. Depending on industry vertical, it is separated into consumer electronics, automotive, IT & telecom, aerospace & defense, industrial, healthcare, and others.
By Deployment
Edge Computing segment will dominate the market throughout the forecast period
Region-wise, the neuromorphic computing market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market, owing to rise in awareness regarding benefits of neuromorphic computing in industries such as aerospace, military & defense, and healthcare.
By Application
Image Recognition segment will maintain the lead during the forecast period
Top Impacting Factors
Prominent factors that impact the neuromorphic computing market growth include rise in demand for artificial intelligence and machine learning technology, high usage of software in neuromorphic computing, and rise in demand for better performing integrated circuits (ICs). However, rise in complexity of algorithms and backend operations restricts the market growth. On the contrary, increase in adoption of neuromorphic chips in the automotive industry is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the global neuromorphic computing market during the forecast period.
By Industry Vertical
Aerospace & Defense segment will hold the dominant position during 2021 - 2030
Competitive Analysis
Neuromorphic Computing Market
By Region 2030 North America Europe Asia-Pacific LAMEA Asia-Pacific region would exhibit the highest CAGR of 80.80% during 2021 - 2030
By Region
Asia-Pacific region would exhibit the highest CAGR of 80.80% during 2021 - 2030
COVID-19 Impact Analysis
The COVID-19 pandemic has significantly impacted global economies, resulting in workforce & travel restrictions, supply chain & production disruptions, and reduced demand & spending across many sectors. Sudden decline in infrastructure development and installation projects is expected to hamper the market growth. The COVID-19 pandemic has impacted growth of the neuromorphic computing market across the globe. Neuromorphic chips started being used in medical devices in 2020. Watson, an analytical tool developed by IBM Corporation, which works like a human analytical system, is planned to be integrated with neuromorphic chips and is expected to be used for medical imaging analytics. This is expected to drive growth of the market for the healthcare industry.
The COVID-19 outbreak has positively as well as negatively affected major businesses worldwide by disrupting production cycles and supply chains across industries. However, as vaccines roll out across the globe and the pandemic situation is better controlled, especially in North America and Europe, the market is anticipated to witness growth during the forecast period.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global neuromorphic computing market outlook along with the current trends and future estimations to depict the imminent investment pockets.
- The overall neuromorphic computing market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and neuromorphic computing market opportunities with a detailed impact analysis.
- The current neuromorphic computing market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the neuromorphic computing market share of key vendors.
- The report includes the market trends and the revenue share of key vendors.
Neuromorphic Computing Market Report Highlights
| Aspects | Details |
 By OFFERING |
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 By DEPLOYMENT |
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 By APPLICATION |
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 By INDUSTRY VERTICAL |
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 By Region |
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 Key Market Players | Samsung Electronics Ltd, BrainChip Holdings Ltd., Intel Corporation, Qualcomm Incorporated, Numenta, Applied Brain Research Inc., Samsung Electronics Ltd., General Vision Inc., Vicarious, IBM Corporation |
Analyst Review
According to insights of the CXOs of leading companies, the neuromorphic computing market holds high potential in the aerospace & defense, healthcare, and IT & telecom sector. The current business scenario has experienced rapid development in neuromorphic technology. Factors such as rise in demand for artificial intelligence and machine learning technology and high use of software in neuromorphic computing offer growth opportunities for the market. Companies in this industry adopt various innovative techniques to provide customers with advanced and innovative features.
Compared with artificial intelligence (AI), neuromorphic computing allows AI learning and decision-making to become more autonomous. Currently, neuromorphic systems are immersed in deep learning to sense and perceive skills used in speech recognition and complex strategic games such as chess. Next-generation AI will mimic the human brain in its ability to interpret and adapt to situations rather than simply working from formulaic algorithms.
Key players of the market focus on introducing technologically advanced products to remain competitive in the market. Product launch, agreement, collaboration, and partnership are expected to be the prominent strategies adopted by the neuromorphic computing market players.
The Neuromorphic Computing Market is estimated to grow at a CAGR of 79.0% from 2021 to 2030.
The Neuromorphic Computing Market is projected to reach $8.58 billion by 2030.
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Factors, such as rise in demand for artificial intelligence and machine learning technology, high usage of software in neuromorphic computing, and rise in demand for better performing integrated circuits (ICs) drive the neuromorphic computing market growth.
The key players profiled in the report include IBM Corporation (US), Intel Corporation (US), BrainChip Holdings Ltd. (US), Qualcomm Incorporated (US), Hewlett Packard Development LP (US), Samsung Electronics Ltd. (South Korea), General Vision Inc. (US), L Applied Brain Research Inc. (US), Numenta (US), and Vicarious (U.S.) and many more.
On the basis of top growing big corporations, we select top 10 players.
The global neuromorphic computing market is segmented on the basis of offering, deployment, application, industry vertical, and region.
The key growth strategies of Neuromorphic Computing market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Aerospace & Defense Segment holds a dominant position throughout the forecast period.
subsegments of application are image recognition, signal recognition, data mining, and others.
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