ID: MRFR/ICT/3674-CR | January 2020 | Region: Global | 113 pages
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Frequently Asked Questions (FAQ) :
The market gained a valuation of USD 42.08 Million in 2018.
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.
The market is going to grow during the years of 2019–2025.
The rising demand for AI-based applications are assisting the market towards its growth graph.