Neuromorphic Computing Market Expected to Reach $8,583.98 Million By 2030

According to a new report published by Allied Market Research, titled, “Neuromorphic Computing Market By Offering, Deployment, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global neuromorphic computing market size was valued at $26.32 million in 2020, and is projected to reach $8,583.98 million by 2030, registering a CAGR of 79.0%. North America is expected to be the leading contributor to the global market during the forecast period, followed by Asia-Pacific and Europe.       

Neuromorphic computing aims at processing information in a way similar to the human brain. Instead of a conventional von Neumann computer, a neuromorphic system generally relies on a neural network, where memory and processing elements are intimately co-located within the same hardware. Neuromorphic computing takes advantage of computational memories, which can both store and process data via physical laws within the device and the circuit. This summarizes the history and main concepts of neuromorphic computing, including both deep neural networks (DNNs) which are adopted for extensive artificial intelligence tasks, such as driverless cars, and spiking neural networks (SNNs), which aim at a more realistic brain-inspired computation.  

Neuromorphic computing gets its inspiration from human brain’s architecture and dynamics to create energy-efficient hardware for information processing, making it capable of highly sophisticated tasks. Neuromorphic computing includes the production and use of neural networks. It takes its inspiration from the human brain with the goal of designing computer chips that are able to merge memory and processing.

Recently, Intel Corporation has delivered 50 million artificial neurons to Sandia National Laboratories, which is equivalent to the brain of a small mammal. The shipment is first in a three-year series, by the end of which they are expecting the number of experimental neurons in the final model to reach 1 billion or more. This collaboration aims to boost neuromorphic computing solutions to newer heights while prototyping the software, algorithms, and architectures.  

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 industry during 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, Taiwan, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market, due to rising awareness about the benefits of neuromorphic computing in industries such as aerospace, military & defense, and healthcare. The overall neuromorphic computing market analysis is determined to understand the profitable trends to gain a stronger foothold.    

COVID-19 Impact Analysis

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 neuromorphic computing 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. This is expected to boost the recovery of the market.  

Key Findings of the Study

• In 2020, the hardware segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 77.00% during the forecast period. 
• The image recognition segment accounted for more than 40% of the global neuromorphic computing market share in 2020.    
• The consumer electronics segment witness highest growth rate during the forecast period.
• UK was the major shareholder in the Europe neuromorphic computing market revenue, accounting for approximately 26% share in 2020.    

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 Huawei Technologies (China). These players have adopted various strategies, such as partnership, agreement, collaboration, and product launch, to expand their foothold in neuromorphic computing industry.