Neuromorphic Computing Market Trends

Growth Drivers

Rising Application of Artificial Intelligence and Machine Learning – The growing demand for artificial intelligence and machine learning in robotics, language processing, image processing, interpretation, and nonlinear regulation is dominating the market value. Furthermore, there has been the utilization of neuromorphic technology in the acceleration, transmission, and implementation of next-generation semiconductors and sovereign systems. The performance of an AI neuromorphic chip is 1000 times faster compared to central and graphic processing units.
Increasing Use of Cognitive and Brain Robotics – The implementation of neuromorphic engineering technology in electronic devices supports cognitive decisions such as the detection of fraud, credit scoring, speech recognition, image classification, and language translation. Artificial intelligence and machine learning technologies also help in building robotic systems with high performance, less energy consumption, efficiency, and advanced features such as self-driving automobiles. Worldwide, over 32% use Siri, 30% use Alexa and over 24% use google assistant as of 2022 reports.
Growing Applications in Drones, Medical Devices, and Chatterbots – The adoption of neuromorphic chips in drone cameras with a chip that intakes the signals from the camera and processes the data similar to the human brain enhances the sensing of the drones much faster. This technology is hugely implemented in the military and defense sector to provide processing power and hasten the decision-making time during the war by assisting the soldiers with analytical results.

Challenges

Less Research and Development Activities and Decreased Deployment Opportunities – Neuromorphic development needs extensive hardware and software manufacturing research and development to reach a market value. The presence of many restrictions for these developments due to limited funds, lack of skilled personnel, and availability of advanced hardware and software technologies are hampering the market growth. The dearth of algorithm void in the new advancements and the slow rise in the neuromorphic computing sector is hindering the market share.
Increase in the Complexity of Algorithms and Backend Operations
Lack of Knowledge of Neuromorphic Technology

Neuromorphic Computing Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~92%
Base Year Market Size (2022)	~ USD 1.04 Billion
Forecast Year Market Size (2035)	~ USD 2626.4 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Rising application of AI and ML, and the increasing use of cognitive and brain robotics are the major factors driving the market growth.

The market size of neuromorphic computing is anticipated to attain a CAGR of ~92% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are IBM Corporation, Intel Corporation, Brainchip Holdings Limited, Qualcomm Technologies, HP Enterprise, HRL Laboratories LLC, Flow Neuroscience AB, Innatera Nanosystems B.V., Aspinity, Inc., Samsung Electronics Limited, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by offering, deployment, application, end users, and by region.

The hardware segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

An increase in the complexity of algorithms and backend operations, and a lack of knowledge of neuromorphic technology are estimated to be the growth-hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Neuromorphic Computing Market Trends