Global Neuromorphic Computing Market Report and Forecast 2024-2032

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Increasing Automation Systems Boosting the Growth of Neuromorphic Industry

The increasing demand for autonomous systems, which are capable of making a suitable decision, is aiding the neuromorphic computing industry. Neuromorphic computing systems need lower power consumption while supporting dynamic learning of complex and unstructured data. Moreover, neuromorphic computing is used to analyse the data produced from climate models, predict maintenance needs for accelerator magnets, and recognising features in large-scale cosmology data. The rising demand for artificial intelligence in nonlinear control and robotics, language processing, image processing, and computer vision, among others, is also contributing to the market growth for neuromorphic computing.

The increasing demand for data and data analytics, miniaturisation of sensors, and cost-effectiveness are further accelerating the market growth. Moreover, neuromorphic computing is increasingly used in the military to collect and process large-sized data efficiently. It is further applicable for the development of cognitive communication system and image processing of unmanned vehicles. Regionally, North America holds the major share of the market for neuromorphic computing owing to the dominant presence of the leading companies and the various initiatives undertaken by them to promote its use in large-scale applications like data centres and server, among others. The Asia Pacific region is expected to witness robust growth due to the rising automated services and increasing technological advancements in countries such as South Korea and Japan, consequently contributing to the overall growth of the market.

Neuromorphic Computing Market Segmentation

Neuromorphic computing, variously known as neuromorphic engineering, is the use of very large scale integration systems containing electronic analogue circuits to model the neuro-biological architects present in the human nervous system. It applies the functionality of a brain to generic cognitive computing and has various advantages, such as energy efficiency and high execution speed.

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The major components of neuromorphic computing are:

• Hardware
• Software

The market can be broadly categorised on the basis of its applications into:

• Signal Processing
• Image Processing
• Data Processing
• Object Detection
• Others

Based on the end use, the market is divided into:

• Consumer Electronics
• Automotive
• Healthcare
• Military and Defence
• Others

The EMR report looks into the regional markets of neuromorphic computing like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Technological Advancement to Bolster the Growth of Neuromorphic Computing Industry

Various technological advancements such as edge computing and the Internet of things (IoT) are increasingly used in several industries and businesses. With the increasing digitisation, technologies such as drones, smart healthcare, smart cities, and autonomous cars are becoming more prevalent and hence are increasing the demand for neuromorphic computing chips, which can combat the challenge of increasing data and processing.  Moreover, increasing research and development (R&D) in the field of both neurology and computing are expected to aid the market growth. The development of neuromorphic chips which functions like a human brain by using artificial neurons is further propelling the market growth. Additionally, neuromorphic computing can create cognitive computing and systems which can reason or learn like a human.

Neuromorphic computing can further improve therapeutic procedures, develop more precise medical imaging, enhance surveillance, improve data mining and pattern recognition systems, and assist in military and security issue which is expected to augment the industry growth in the forecast period. The use of neuromorphic computing in automated vehicles can reduce latency, increase energy costs, and increase the autonomy of the vehicle while improving cybersecurity, consequently lubricating the market growth. The increasing research for neuromorphic computing to improve machine learning, remote sensing, and intelligence analysis is further driving the market. In addition, favourable government schemes and investments are also fuelling the market growth. For example, the U.S. Department of Energy (DOE) announced $2million in funding for five projects in basic research to advance neuromorphic computing in September 2020.

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Key Industry Players in the Global Neuromorphic Computing Market

The report presents a detailed analysis of the following key players in the global neuromorphic computing market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Intel Corporation
• BrainChip Holdings Ltd
• General Vision Inc.
• IBM Corporation
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report