Nice to see us mentioned amongst the big players
Neuromorphic Computing Market– Global Industry Analysis and Forecast (2023-2029)
Neuromorphic Computing Market is expected to reach US$ 11.67 Bn. by 2029, at a CAGR of 24.1% during the forecast period.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Neuromorphic Computing Market Definition
Neuromorphic computing is also known as neuromorphic engineering technology which uses VLSI systems to implement features of neuro-biological networks that are present in the neural system as digital or analogue copies on electronic circuits.
To know about the Research Methodology :- Request Free Sample Report
Neuromorphic Computing Market Dynamics
Growing technological advancements in artificial intelligence technology and the increasing popularity of the neural network, machine learning, and deep learning technology is impelling the growth of the market. Growing requirements for improved neuromorphic integrated circuit chips, rising neuromorphic applications in automation, rapid adoption of neuromorphic computing technology for security purposes, increasing demand of neuromorphic computers, and increased development of cognitive applications are expected to improve the growth of the market during the forecast period.
However, lack of awareness regarding neuromorphic computing and the need for more research and development investments and activities in the field of neuromorphic engineering is a major restraining factor that could hamper the growth of the market.
Neuromorphic Computing Market Segment Analysis
By application, the image processing segment dominated the market in 2022 and is expected to maintain its dominance at CAGR of xx% during the forecast period. Increasing adoption of neuromorphic computing technology in digital cameras and in other imaging devices is attributed to the growth of the market. The growing adoption of neuromorphic imaging technology by researchers to manufacture smart vision sensors and the rising adoption of these sensors by various electronics product manufacturing companies in mobile phones and tablets is driving the growth of the market.
Growing competition between two leading companies such as Sony and Samsung for neuromorphic image sensors is propelling the growth of the market. For instance, in Nov 2019, Samsung Electronics has filed a trademark application for its Dynamic Vision Sensor technology intended for tablet and mobile applications. On the other hand, in Dec 2019, Sony Corporation has silently acquired Insightness Company which is based in Zurich, whose neuromorphic vision sensor enables motion detection within a few milliseconds and the company also made partnership with Paris-based Prophesee to grow the market for neuromorphic image sensors.
Neuromorphic Computing Market Regional Analysis
Region-wise, North America dominated the market in 2022 and is expected to maintain its dominance at CAGR of 17.2% during the forecast period. The US and Canada are major key contributors to the growth of the market. The growth is attributed to the rising adoption of neuromorphic technology for a variety of end-user applications.
Increasing initiatives taken by the leading market players such as General Vision, Intel, and IBM to produce neuromorphic chips to use them in various applications such as in big data analytics, data centres, servers and others is driving the growth of the market in the region. Growing knowledge about neuromorphic computing technology in medical, electronics, military, and defence industries is further propelling the growth of the market in the region.
According to research, the United States Air Force Research Lab is working towards the development of neuromorphic computing technology to use it on a drone in the coming years, for military applications. Also, in the present year, the United States department of energy has unveiled a plan to provide US$2 Mn funding for essential research to develop neuromorphic computing technology.
Neuromorphic Computing Market Key Development
In Oct 2019, BrainChip Holdings Ltd a leading provider of ultra-low-power, high-performance edge AI technology announced that the company is introducing its Akida named Neuromorphic System-on-Chip.
The objective of the report is to present a comprehensive analysis of the Global Neuromorphic Computing Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Neuromorphic Computing Market dynamics, structure by analyzing the market segments and projects the Global Neuromorphic Computing Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Neuromorphic Computing Market make the report investor’s guide.
