Neuromorphic Computing Market size is anticipated to cross USD 2626.4 Billion by the end of 2035, growing at a CAGR of 92% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of neuromorphic computing was surpassed USD 1.04 Billion. Increasing demand for the automation of functions in various sectors using artificial intelligence and machine learning tools to improve the quality and efficiency of end products is estimated to boost market expansion. The growing need for integrated circuits with high performance is estimated to propel the market expansion. In 2021, globally more than 350 integrated circuit units are shipped with a growth rate of 20% from the year 2020.
The rising application of neuromorphic technology in the healthcare sector to develop medical devices, and medical imaging analytics to get a clear view of the diagnosed diseases is driving the market size. The rising automation of automobiles across the world to enhance profits and growing investment from automobile owners to achieve level 5 automation of vehicles is fueling the size of the neuromorphic computing market. It was observed that by the end of 2025, level 2 cars are expected to occupy 60% of car sales around the world. Also, the demand for cognitive technology in media, entertainment, food and beverages industry, and consumer devices is promoting market value.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~92% |
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Base Year Market Size (2022) |
~ USD 1.04 Billion |
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Forecast Year Market Size (2035) |
~ USD 2626.4 Billion |
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Regional Scope |
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The hardware segment is anticipated to register significant growth in the coming years. The increasing use of hardware for neuromorphic computing such as microcontroller units (MCUs), and field programmable gate arrays (FPGAs) is expected to fuel the market segment gain. The neuromorphic chips are configured as biological brains, processing data, images, and sound to respond to the changes without a special program that is anticipated to hike the progression of the market segment. The rising adoption of neuromorphic hardware in the hardware platforms to speed up computing and increasing deployment, and incorporation of machine learning algorithms is likely to boost the market extension.
The consumer electronic segment is projected to reach a substantial growth rate between 2023 and 2035. The increasing demand for electronic devices and other electronics including smartphones, laptops, computers, and tablets, will be forecast to augment the market segment expansion. The increasing adoption of wearable devices with advancements in technology contributes to the well-being of the economy and neuromorphic engineering that hikes the neural networks in hardware and is estimated to hike the market segment expansion.
Our in-depth analysis of the global market includes the following segments:
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Offering
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Deployment
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Application
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North American Market Forecast
The North American neuromorphic computing market is estimated to garner significant revenue by the end of 2035. The growing demand for artificial-based voice speech recognition technology, along with rising government investments and efforts to enhance the use of neuromorphic technology is fueling market gain. The increasing demand for the integration of neuromorphic computing in the region in various end-user sectors such as physical science, nanotechnology, electrical engineering, computer engineering, and neuroscience is propelling the market size expansion in the countries such as the United States. The increasing need for energy-efficient, portable technology with endurance and mobility enhancement for soldiers in the military is anticipated to drive the market share.
APAC Market Analysis
The Asia Pacific neuromorphic computing market is anticipated to achieve notable progress during the coming years. The growing use of artificial intelligence, data analytics, the Internet of Things (IoT), and other technologies is driving the market share. The increasing efforts by people to apply neuromorphic technology in electronic devices, and the use of neuromorphic chips in the computing architecture to resemble the structure of neural networks are set to influence the neuromorphic computing market in the Asia Pacific region. is hiking the market size.
Author Credits: Abhishek Verma, Hetal Singh
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