The Neuromorphic Computing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Neuromorphic Computing Global Market Report 2024, 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.
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.
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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
Major companies operating in the neuromorphic computing market are focusing on innovative technology, such as neuromorphic processors, to mimic the human brain. Neuromorphic processors are designed to mimic the structure and function of the human brain and nervous system. For instance, in January 2022, BrainChip, an Australia-based artificial intelligence company, launched Akida, a neural networking processor designed to provide low-power artificial intelligence for edge devices. The Akida Neuromorphic ML Framework is a complete machine learning framework that enables the seamless creation of neuromorphic applications. The Akida Neural Processor SoC (System on Chip) is a fully digital, event-based AI processor that employs a Spiking Neural Network (SNN) model, a type of artificial neural network that mimics how neurons communicate in the brain. SNNs use spikes or pulses of information to represent and transmit data, contributing to the efficiency of event-based processing.
The neuromorphic computing market report table of contents includes:
- Executive Summary
- Neuromorphic Computing Market Characteristics
- Neuromorphic Computing Market Trends And Strategies
- Neuromorphic Computing Market - Macro Economic Scenario
- Global Neuromorphic Computing Market Size and Growth
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- Global Neuromorphic Computing Market Competitive Benchmarking
- Global Neuromorphic Computing Market Competitive Dashboard
- Key Mergers And Acquisitions In The Neuromorphic Computing Market
- Neuromorphic Computing Market Future Outlook and Potential Analysis
- Appendix
Top Major Players:
- Intel Corporation
- The International Business Machines Corporation (IBM)
- Samsung Electronics
- Qualcomm Technologies Inc
- GrAI Matter Labs S.A
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Neuromorphic Computing Market HighlightsGlobal Neuromorphic Computing Market was valued at USD 42.08 Million in 2018 and is estimated to reach a market value of USD 648.40 Million by 2025 growing at a CAGR of 49.92% during the forecast period 2019–2025.The report covers valuable insights on Neuromorphic Computing market revenue, SWOT Analysis, market share, profit estimation, and regional landscape of this business vertical.The Global Neuromorphic Computing Market is growing at a significant rate, and the trend is expected to continue during the forecast period.
The key players operating in the global neuromorphic computing market are heavily investing to offer enhanced computing capabilities and lower the power consumption with the help of neuromorphic chips.Get Free Sample copy at: https://www.marketresearchfuture.com/sample_request/5110Regional AnalysisGlobally, the Neuromorphic Computing Market has been categorized into four different regions, namely North America, Europe, Asia-Pacific, and the rest of the world (the Middle East and Africa and South America).North America accounted for the largest market share in 2018, with a market value of USD 36.39 Million; the market is expected to register the highest CAGR of 50.06% during the forecast period.
The North American region, based on country, has been segmented into the US, Canada, and Mexico.Europe is expected to register steady growth in the global neuromorphic computing market during the forecast period owing to the rising adoption of AI, machine learning, and IoT-based systems in various industries such as automotive, IT & telecom, aerospace and defense, and others.
The region by country has been segmented into the UK, Germany, France, Spain, Italy, and the rest of Europe.The Asia-Pacific region accounted for a significant share in the neuromorphic computing market due to the increasing adoption of AI, data analytics, IoT, and other technologies and solutions; reduce human efforts; and increase the efficiency of the process.
The increasing demand for these technologies has increased the requirement of fast processors and networks with high computing power resulting in the growing demand for neuromorphic computing.
Based on the country, the region has been segmented as China, Japan, India, Australia, and the rest of Asia-Pacific.The rest of the world accounted for the fourth position in 2018 in the global neuromorphic computing market.
