Global Neuromorphic Computing Market Size Forecasted to Reach USD 29.54 Billion By 2032, at 21.1% CAGR Rise: Polaris Market Research
[115+ Pages Research Study] According to Polaris Market Research, the global neuromorphic computing market Size & share was valued at USD 4.34 Billion in 2022 and is predicted to increase at a CAGR of 21.1%, to reach USD 29.54 Billion By 2032. Image processing segment is leading the global market for neuromorphic computing owing to the advances in image sensors and other processing technologies. Some of the key players covered are International Business Machines Corporation (IBM), Intel Corporation, BrainChip, Qualcomm Technologies, Samsung Electronics, General Vision, Applied Brain Research and others.
New York, NY, March 15, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Neuromorphic Computing Market Share, Size, Trends, Industry Analysis Report, By End-use (Consumer Electronics, Automotive, Healthcare, Military & Defense, Others); By Component; By Application; By Deployment; By Region; Segment Forecast, 2023 – 2032” in its research database.
“According to the latest research study, the global neuromorphic computing market size/share is anticipated to be valued at approximately USD 4.34 Billion in 2022 and is projected to hit a revenue of around USD 29.54 Billion By 2032, at a CAGR of around 21.1% between 2023 and 2032.”
What is Neuromorphic Computing? How Big is the Size & Share of Neuromorphic Computing Market?
- Report Overview
Neuromorphic computing is an approach of AI-led technology in which computer elements are designed that is based on the systems found in the human brain and the nervous system. This model, sometimes called neuromorphic engineering, refers to the design of both the hardware and software components of computers. Neuromorphic computing-based computers take less space and have the ability to perform tasks more quickly and effectively.
Other features of neuromorphic computing include a rapid response system, low consumption of power, higher adaptability, fast-paced learning, and others. Another fundamental feature of neuromorphic computing is its mobile architecture. Growing demand for artificial intelligence and machine learning technology and the rise in the use of software in this sector is majorly driving the neuromorphic computing market size. Also, increasing demand for better-performing integrated circuits (ICs) is fueling industry growth.
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What Does the Market Report Include?
- The report covers the top vendors in the market.
- The future growth rate and expected growth of the industry and your business.
- The study recognizes the drivers and restraints of the market.
- The risk and uncertainties that may arise in the market.
- The segments or regions that have extreme growth potential and are projected to experience. tremendous during the forecast period are featured in the report.
- The report gives a perspective of the market and its performance.
Some of the Top Companies Are:
- International Business Machines Corporation (IBM)
- Intel Corporation
- Qualcomm Technologies
- Samsung Electronics
- General Vision
- Applied Brain Research
- Hewlett Packard Enterprise
- HRL Laboratories LLC
- Brain Corporation
- Halo Neuroscience
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Key Growth Driving Factors
- Rise in demand for neuromorphic chips in the automotive sector to push the market growth
The rising use of neuromorphic technology in deep learning applications, accelerators, transistors, and next-generation semiconductors is fueling market growth. Increased demand for neuromorphic chips in the automotive sector is anticipated to create growth opportunities in the neuromorphic computing market. A rise in demand for AI and ML across various areas, including media and entertainment, aerospace, utility, consumer electronics, food & beverage, and military, is propelling the neuromorphic computing market sales. Increasing technological developments in neuromorphic computing are further expected to boost market growth.
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Recent Trending influencing the market
- The market is expanding as a result of an increase in the use of neuromorphic chips over the Von-Neumann architecture due to its intrinsic advantages in terms of speed, efficiency, and power consumption.
- Furthermore, major industry firms are increasingly investing in R&D activities and focusing on launching new products to advance new research technology. This is one of the key factors supporting the neuromorphic computing market growth. For instance, In December 2022, Polyn Technology announced that it has made its neuromorphic analog signal processing models available on Edge Impulse, a machine learning platform for low-power edge devices used in wearables and the Industrial IoT.
- Image Processing segment accounted for the largest neuromorphic computing market share in 2022
On the basis of application, in 2022, the image processing category held the largest revenue share as neuromorphic computing systems is commonly used in image processing. These systems are particularly useful for functions like object recognition, scene understanding, and facial recognition because they have the ability to evaluate and extract information from photos in real-time.
- Consumer Electronics segment dominated the market in 2022
By end-use, consumer electronics witnessed the highest market share in 2022. This growth can be attributed to the increasing demand for neuromorphic processors from the consumer electronics sector owing to the growing adoption of various electronic devices, such as laptops, PCs, and tablets. Image recognition software for cameras and smartphones has been developed using neuromorphic computing in consumer devices. These systems utilize neuromorphic algorithms to identify and interpret visual information.
- In 2022, the hardware segment captured the major share of the market
In terms of component neuromorphic computing market segmentation, the hardware category witnessed the greatest revenue share owing to the growing use of machine learning methods and their integration with embedded systems. Also, a surge in the use of neuromorphic hardware to enhance computing in embedded devices is fostering segment growth. The underlying structure of brain networks is mimicked by computing architectures used in neuromorphic technology.
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Neuromorphic Computing Market: Report Scope
|Revenue forecast in 2032||USD 29.54 Billion|
|Market size value in 2023||USD 5.25 Billion|
|Expected CAGR Growth||21.1% from 2023 – 2032|
|Forecast Year||2023 – 2032|
|Top Market Players||International Business Machines Corporation (IBM), Intel Corporation, BrainChip, Inc., Qualcomm Technologies, Inc., Samsung Electronics Co. Ltd., General Vision, Inc., Applied Brain Research, Hewlett Packard Enterprise Development LP, HRL Laboratories, LLC, Knowm Inc, Brain Corporation and Halo Neuroscience|
|Segments Covered||By Application, By Deployment, By End-use, By Component, By Region|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
- North America registered the highest revenue share in 2021
By geography, the neuromorphic computing market in North America held the largest market share in 2021 due to the industries of Canada and the United States. The market is also expanding because of The development of data centers in numerous locations throughout the area, and the rise in the number of countries utilizing ML and Al technologies will both support market expansion. Another prominent factor contributing to the regional market growth is the use of AI-powered voice and speech recognition technology.
Further, Europe is likely to generate a substantial CAGR during the foreseen period due to the growing need to miniaturize loT devices which has led to an increase in the demand for Al develops and a consumer shift toward smaller product sizes.
Browse the Detail Report “Neuromorphic Computing Market Share, Size, Trends, Industry Analysis Report, By End-use (Consumer Electronics, Automotive, Healthcare, Military & Defense, Others); By Component; By Application; By Deployment; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/neuromorphic-computing-market
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- In November 2022, Researchers from the Autonomous University of Barcelona created a novel substance that can resemble the synapses in the human brain. A magneto-ionic material, this novel substance mimics cerebral activity by displacing ions, which modifies the magnetic characteristics of the substance.
Important Questions Answered by Report
- What is the present size of the market?
- What are the names of key players working in the market?
- What are trending strategies utilized by market enterprises to expand their businesses?
- What are the key regions of the market?
- Which product type of the market is in high demand?
- What is the projected size of the market at the end of the forecast period?
Polaris Market Research has segmented the Neuromorphic Computing market report according to application, end-use, deployment, component, and region:
By End-use Outlook
- Consumer Electronics
- Military & Defense
By Component Outlook
By Application Outlook
- Signal Processing
- Image Processing
- Data Processing
- Object Detection
By Deployment Outlook
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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