According to a new market research report published by sheer analytics and insights, “The Global Neuromorphic Computing Market was $29.9 Mn in 2020, and it is expected to reach $780.0 Mn by 2028. It is eventually growing at a commendable high compound of annual growth rate CAGR of 50.3% between 2020-2028”, as per the latest market research report titled Global Neuromorphic Computing Market (By Offerings – Hardware, and Software. By Application – Signal Processing, Data Processing, Image Processing, Object Detection, and Others. By End-User – Consumer Electronics, Automotive, Healthcare, Military & Defense, and Others. By Geography – North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa) – Global industry analysis, size, share, growth, trends, and forecast, 2020-2028.
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Neuromorphic computing is referred to as the use of large incorporation of systems comprising numerous analog circuits enabling the duplication of neuro-biological performances existing in a human’s nervous system. The neuromorphic computing system comprised of two dynamic systems based on customized hardware architecture. Such systems are constructed to program neural microcircuits by applying brain-like thought processes in cognitive computing and the machine learning process. This procedure empowers a machine to learn, adapt, and function like a human brain rather than just working as a simple computer. The Neuromorphic Computing Market is majorly driven by increasing demand for artificial intelligence and brain chips used in cognitive and brain robots. These robots have the capability to respond like a human brain. Numerous advanced embedded system providers are developing these brain chips with the help of the advancement of artificial intelligence (AI) and machine learning (ML) that acts as thinks and responds as the human brain. This increased demand for Neuromorphic chips and software for signal, data, and image processing in automotive, electronics, and the robotics verticals is projected to further fuel the market. The need for better performing ICs and rising demand for neuromorphic computing in video monitoring, machine vision, and voice identification is also projected to further accelerate the market growth over the forecast period. However, the absence of R&D and significant Investments for the development of Neuromorphic technology is restricting market growth to some extent. Apart from this, emerging applications pertaining to automation across multiple industry verticals projected to offer a lucrative opportunity for market growth during the forecast period from 2020 to 2028.
Geographically, The Neuromorphic Computing Market is divided into global regions like Europe, North America, Asia- Pacific, Latin America, Middle East, and Africa.
The primary key players in the Neuromorphic Computing Market include Hewlett-Packard, Samsung Electronics Co. Ltd., Intel Corporation, HRL Laboratories, Vicarious FPC, Inc., Numenta, Inc., CEA-Leti, IBM Corporation, Qualcomm Technologies Inc., BrainChip Holdings Ltd, General Vision Inc., Knowm Inc., and Applied Brain Research Inc.
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The Global Neuromorphic Computing Market Has Been Segmented Into:
By Offerings Type
By Application Type
- Signal Processing
- Data Processing
- Image Processing
- Object Detection
By End-User Type
- Consumer Electronics
- Military & Defense
By Geography Type
- North America
- Asia Pacific
- Latin America
- Middle East & Africa