Neuromorphic Computing Sector: Growth Drivers and Challenges
Growth Drivers
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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
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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 |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
89.9% |
|
Base Year Market Size (2024) |
USD 3.69 billion |
|
Forecast Year Market Size (2037) |
USD 15.41 trillion |
|
Regional Scope |
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