Neuromorphic Computing Market Research Report - Global Forecast till 2030

Neuromorphic Computing Market Research Report— By Offering (Hardware, Software), By Application (Image Recognition, Object Detection, Data Mining, Signal Recognition), By End-User (Aerospace and Defense, Automotive, Healthcare, Industrial) - Forecast till 2030

ID: MRFR/ICT/3674-CR | January 2020 | Region: Global | 113 Pages         

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Neuromorphic Computing Market

Neuromorphic Computing Market is predicted to touch USD 8,351 Million at a whopping 21% CAGR between 2020- 2030
Market Size
CAGR
Dominating Region
Forecast Period
$8,351 Million
21%
North America
2020- 2030
Segmentation
By Offering
By Application
By End-User
  • Software
  • Hardware
  • Object detection
  • Data mining
  • Signal recognition
  • Image recognition
  • others
  • Aerospace and Defense
  • Automotive
  • Healthcare
  • Industrial
Companies Profiled
Key Players
Invitation AG (Switzerland)
aiCTX AG (Switzerland)
Aspinity Inc (US)
Numenta(US)
Vicarious (US)
General Vision(US)
Qualcomm Incorporated (US)
HRL Laboratories (US)
Hewlett Packard Development LP (US)
BrainChip Holdings Ltd (Australia)
Market Driving Forces
Drivers
Demand for AI and Machine Learning to Bolster Market Growth
Growing Use of Software in Different Applications to offer Robust Opportunities
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Neuromorphic Computing Market Analysis

Neuromorphic Computing Market is predicted to touch USD 8,351 Million at a whopping 21% CAGR between 2020- 2030, reveals the latest Market Research Future (MRFR) report. The strong growth of the market can be accredited to the growing demand for neuromorphic computer AI-based applications.



  • On Sept. 04, 2022, Intel Labs announced that it has improved interactive learning for robots with neuromorphic computing. Intel Labs, in collaboration with the Technical University of Munich and the Italian Institute of Technology, introduced a new approach to object learning based on neural networks. Intel's neuromorphic research chip, Loihi, is used to demonstrate real-time learning that can reach up to a 175x improvement in energy usage, offering more opportunities for more energy-efficient neuromorphic computing systems.


COVID-19 Analysis 


The COVID-19 outbreak has disrupted economies and businesses in unprecedented ways, yet also forced companies to consider a future that is altogether of a different type. It is indeed clear that businesses require a reset, not merely because of the outbreak, yet due to the fact that technological advancements demand it. The on-going pandemic has not deterred organizations from their research progress, with multiple companies having predicted that the neuromorphic chip technology that is commercially available is likely to take off in the upcoming years. Traditional computing technologies by 2025 will hit the digital wall, compelling the shift towards the latest computing paradigms like neuromorphic computing systems. This is likely to have a positive impact on market growth over the forecast period.


Silicon processors approach economic, performance, and sustainability limits, they may limit innovation and digital initiatives, thus hindering the market growth. New computing technologies such as neuromorphic computing, a computer that acts and thinks as humans, will take their place. When this technology matures, it will be widely available and more cost-effective for businesses to start experimentation.



  • On Apr. 06, 2022, Washington State University researchers announced that they have built a proof-of-concept device that includes a crucial circuit for neuromorphic computing - the memristor, developed using honey. This research would pave the way for biodegradable, sustainable, organic-based computing systems that are more efficient than conventional computing architectures.


Market Dynamics



  • Drivers


Demand for AI and Machine Learning to Bolster Market Growth 


Demand for artificial intelligence and machine learning is predicted to bolster market growth over the forecast period. AI is utilized as applications in robotics, non-linear controls, translation and chatterbots, image processing, computer vision, and language processing.


Additional factors adding to the neuromorphic computing market size include the growing adoption in different end use industries like automotive and industrial automation, healthcare, aerospace and defense, and consumer electronics for effective computing solutions, growing sensors market, need for better performing ICs, and growing demand for neuromorphic quantum computer & neuromorphic computing chip, increasing applications in voice identification, machine vision, and video monitoring.



  • Opportunities


Growing Use of Software in Different Applications to offer Robust Opportunities 


The rising adoption of software in applications like data modelling, predictive analysis, real-time data streaming, and constant online learning may offer robust opportunities to market players in the upcoming years.



  • Restraints


Lack of Knowledge to Act as Market Restraint 


The lack of knowledge regarding neuromorphic computing may act as a market restraint over the forecast period.



  • Challenges


Limited R&D and Complexity in Designing to Act as Market Challenges 


Limited neuromorphic computing research and development owing to the need of advanced technologies and huge investment along with complexity in manufacturing and designing of neuromorphic chips may act as major challenges for market players over the forecast period.



  • On Apr. 15, 2022, Polyn Technology (Israel), a fabless semiconductor company, announced that its neuromorphic IC has been successfully packaged and evaluated, taking TinyML technology to another step to becoming more mainstream. Polyn develops Tiny AI chips and synthesized IP blocks for all types of neural networks in Edge AI applications. Polyn's TinyML (tiny machine learning) has evolved as the first Neuromorphic Analog Signal Processor (NASP). TinyML/ TinyAI runs on resource-constrained devices to achieve this ultra-low-power, high-performance computing needs.


Neuromorphic Computing Market Segmentation


Neuromorphic Computing Market has been bifurcated based on Offering, End User, and Application.


Software Segment to Lead Neuromorphic Computing Market 


Based on offering, the neuromorphic computing market is segmented into software and hardware. Of these, the software segment will lead the market over the forecast period, while the neuromorphic computing hardware segment is predicted to grow at the highest CAGR by 2025.


Image Recognition Segment to Dominate Neuromorphic Computing Market 


The global neuromorphic computing applications include object detection, data mining, signal recognition, image recognition, and others. Of these, the image recognition segment will dominate the market over the forecast period. 


Consumer Electronics Segment to Spearhead Neuromorphic Computing Market 


By end user, the global neuromorphic computing market is segmented into industrial, IT and telecommunications, aerospace and defense, consumer electronics, automotive, and others. Of these, consumer electronics will spearhead the market over the forecast period.



  • On Oct. 27, 2022, BrainChip Holdings Ltd./BRNBRCHFBCHPY, a leading global commercial producer of ultra-low power neuromorphic AI IP, announced that it would be presenting "Essential AI, Efficient, Effective, Everywhere" at IoT World & The AI Summit at the Austin Convention Center, to be held on Nov.02. During the event, the company will also demonstrate Akida, the world's first commercial neuromorphic processor.


Regional Analysis


North America to Lead Neuromorphic Computing Market 


By region, the global neuromorphic computing market report covers the opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and Rest of the World. Of these, North America will lead the market over the forecast period. It is predicted to grow at a 50.06% CAGR by 2025. The presence of key players such as Qualcomm Incorporated, Intel Corporation, and IBM Corporation, growing need for AI-based applications, increasing adoption in Mexico, Canada, and US, booming industry verticals like consumer electronics, robotics technology, aerospace and defense, and consumer acceptance for new technologies are adding to the global neuromorphic computing market growth in the region.


Europe to Hold Second-Largest Share Neuromorphic Computing Market 


The global neuromorphic computing market in Europe is predicted to hold the second-largest share over the forecast period. Growing adoption of IoT-based systems, machine learning, and AI, in different industries including aerospace and defense, IT and telecom, automotive, and others, and growing demand for better efficiency and productivity of the overall process are adding to the global neuromorphic computing market growth in the region.


Asia Pacific to Grow at the Fastest Pace 


The global neuromorphic computing market in the APAC region is predicted to grow at the fastest pace over the forecast period. Increasing adoption of AI, IoT, data analytics, and other solutions and technologies, reduce human efforts, need for fast networks and processors with high computing power is adding to the global neuromorphic computing market growth in the region.



  • On Oct.0 5, 2022, The US Department of Energy (DoE) announced renewed funding of US$12.6M to continue exploring next-generation computing. The University of California leads the research of quantum materials for energy-efficient neuromorphic computing (Q-MEEN-C). The DOE has announced this grant through a highly competitive process. 



  • This additional round of funding demonstrates DOE's faith in the work of Q-MEEN-C. The center embodies many of its guiding principles of collaboration and leading-edge research that reflect positively on the researchers, the Department of Physics, and the entire university.


Competitive Analysis


Global Neuromorphic Computing Market is highly fragmented in nature with the presence of several top players. These industry players have adopted several strategies to stay ahead in the competition and also cater to the consumer’s growing needs, such as mergers and acquisitions, joint ventures and partnerships, collaborations, strategic alliances, new product launches, geographic expansions, new product developments, and others.


Key Players 



  • Invitation AG (Switzerland)

  • aiCTX AG (Switzerland)

  • Aspinity Inc (US)

  • Numenta(US)

  • Vicarious (US)

  • General Vision(US)

  • Qualcomm Incorporated (US)

  • HRL Laboratories (US)

  • Hewlett Packard Development LP (US)

  • BrainChip Holdings Ltd (Australia)

  • SAMSUNG (South Korea)

  • Applied Brain Research (Canada)

  • Intel Corporation (US)

  • IBM Corporation (US)


Recent Developments




  • January 2021- CRM has collaborated with Yale University to pioneer breakthroughs in neuromorphic computing and post-quantum cryptography. 


  • November 2020: Penn State researchers have designed a new form of neuromorphic computing with graphene memristors. 


Report Scope


The report highlights on the vital outline covering the market niche, which includes the applications, classifications, industry chain framework, and market definition. It offers an all-inclusive evaluation of the key market dynamics and current trends. The report sheds light on the regional market, the fundamental market dynamics, and the evaluation of the current trends. The objective of this market report is to offer a detailed market overview, comprising each stakeholder. The market’s current and past status, along with the market trends and forecasted market size, has also been offered with complicated data analysis that is written in easy to understand and simple language. The market report throws light on every aspect of the market, coupled with a thorough study of eminent players, which entails new entrants, market leaders, and followers.


By offering



  • Software 

  • Hardware


By Application



  • Object detection

  • Data mining 

  • Signal recognition

  • Image recognition 

  • Others


By End-User



  • Industrial

  • IT and Telecommunication

  • Aerospace and Defense 

  • Consumer Electronics 

  • Automotive 

  • Others


By Region



  • North America 

  • Asia Pacific (APAC)

  • Europe

  • Rest of the World (RoW)



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 8,351 Million By 2030
  CAGR   21% From 2020 to 2030
  Base Year   2019
  Forecast Period   2020 to 2030
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Offering, By Application
  Geographies Covered   North America, Europe, Asia-Pacific
  Key Vendors   Invitation AG (Switzerland) aiCTX AG (Switzerland) Aspinity Inc (US) Numenta(US) Vicarious (US) General Vision(US) Qualcomm Incorporated (US) HRL Laboratories (US) Hewlett Packard Development LP (US) BrainChip Holdings Ltd (Australia)
  Key Market Opportunities   Growing Use of Software in Different Applications to offer Robust Opportunities
  Key Market Drivers   Demand for AI and Machine Learning to Bolster Market Growth


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Frequently Asked Questions (FAQ) :

The Neuromorphic Computing Market is Expected to Reach USD 8,351 Million by 2030, at a CAGR of 21%.

The market will be expanding more with a valuation of USD 8,351 Million by 2030, as per the research.

The market will be expanding with a CAGR of 21% in the future.

Neuromorphic Computing Market including Invitation AG, aiCTX AG, Aspinity Inc, Numenta, Vicarious, General Vision and many more key players.

The rising demand for AI-based applications are assisting the market towards its growth graph.