Neuromorphic Computing Market is expected to reach a revenue of USD 55.6 Bn by 2033, at 26.4% CAGR: Dimension Market Research

New York, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Overview:

The Neuromorphic Computing Market size is expected to reach USD 6.7 billion by 2024 and is further anticipated to reach USD 55.6 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 26.4% from 2024 to 2033.

Neuromorphic computing is the development of computing systems modeled after the architecture & functions of the human brain. These systems attempt to replicate neurological processes to conduct computations more effectively & adaptively. Unlike standard computing models that depend on von Neumann architectures, neuromorphic computing processes information in a biologically inspired manner using neural networks, analog circuits, and specialized hardware, which is mainly beneficial in applications that need pattern recognition, sensory processing, and real-time decision-making.

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The US Overview

The Neuromorphic Computing Market in the US is projected to reach USD 2.3 billion in 2024 at a compound annual growth rate of 24.7% over its forecast period.

The US neuromorphic computing market is expanding due to developments in AI, robotics, and key sectors like the military, healthcare, and AI-driven speech recognition. Government funding, research, & industry-academic collaboration drive innovation. However, high development costs, hardware complexity, and a lack of standardized frameworks create challenges to adoption and integration into existing systems.

Important Insights

• The Neuromorphic Computing Market is expected to grow by USD 47.3 billion by 2033 from 2025 with a CAGR of 26.4%.
• The hardware segment is anticipated to dominate in 2024 with a majority & is projected to lead throughout the forecasted period.

• The image processing segment is set to be leading the market in 2024.
• The consumer electronics segment is projected to get the biggest revenue share in 2024 in the Neuromorphic Computing Market.
• North America is set to have a 38.5% share of revenue share in the Global Neuromorphic Computing Market in 2024.

Global Neuromorphic Computing Market: Trends

• AI-Driven Applications: The growing integration of neuromorphic chips in AI-powered technologies such as speech and image recognition.
• Energy-Efficient Computing: The increasing focus on low-power, high-efficiency neuromorphic systems for energy-constrained environments.
• Autonomous Systems Adoption: The growth in deployment of neuromorphic solutions in autonomous robots, drones, and vehicles.
• Biometric Advancements: The higher use of neuromorphic computing in biometric applications, improving facial recognition and security systems.

Neuromorphic Computing Market: Competitive Landscape

Neuromorphic computing, inspired by the brain, is developing rapidly as research labs and tech companies develop energy-efficient chips to improve AI. With applications in robotics, smart sensors, and autonomous systems, competition is very strong. While progress is promising, broader adoption remains in its early stages as companies explore practical uses that surpass traditional AI methods.

Some of the major players in the market include IBM Corp, Intel Corp, Qualcomm Technologies, General Vision Inc, Brain Corporation, Samsung Electronics, and more.

Some of the prominent market players:

• IBM Corp
• Intel Corp
• Qualcomm Technologies
• General Vision Inc
• Brain Corporation
• Samsung Electronics
• Known Inc
• Hewlett Packard Company
• Vicarious
• Applied Brain Research
• Other Key Players

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Neuromorphic Computing Market Scope

Segment Analysis:

The neuromorphic computing market spans industries including automotive, healthcare, consumer electronics, manufacturing, aerospace & defense, and others. Among these, consumer electronics is anticipated to hold the largest market share due to the broad usage of laptops, smartphones, tablets, and wearables. In addition, in the automotive sector, the highest growth rate is projected, as neuromorphic technology improves AI and machine learning applications like autonomous driving and image recognition, driving innovation in smart vehicles.

Neuromorphic Computing Market Segmentation

By Offering

• Hardware
  • Processor
  • Memory
• Software
• Services

 By Deployment

• Edge Computing
• Cloud Computing

By Application

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

By End User

• Consumer Electronics
• Automotive
• Military & Defense
• Healthcare
• Others

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Global Neuromorphic Computing Market: Driver

• AI Advancements: Growth is driven by innovations in AI, improving neuromorphic computing’s potential in tasks like speech & image recognition.
• Energy Efficiency: Neuromorphic systems provide significant energy savings, appealing to industries demanding efficient data processing.
• Autonomous Systems: Higher demand for autonomous technologies, like robotics and self-driving vehicles, fuels market growth.
• Government Support: Funding & research initiatives from governments and collaborations with academia are accelerating development and commercialization efforts.

Global Neuromorphic Computing Market: Restraints

• High Development Costs: The complexity & expense of developing neuromorphic hardware impact the broad adoption.
• Lack of Standardization: The absence of standardized frameworks complicates integration with existing systems.
• Hardware Complexity: Neuromorphic systems require specialized hardware, making development and scaling more challenging.
• Limited Commercial Applications: Neuromorphic computing is still in its early stages, with limited proven commercial applications compared to traditional AI technologies.

Global Neuromorphic Computing Market: Opportunities

• AI Integration: The increase in opportunities for improving AI applications like speech and image recognition through neuromorphic computing.
• Autonomous Systems: Large use in robotics, autonomous vehicles, and smart sensors presents a major market opportunity.
• Healthcare Innovations: Neuromorphic computing provides potential breakthroughs in medical diagnostics and brain-computer interfaces.
• Biometric Technologies: The growing demand for advanced biometric systems, main in security and authentication, drives opportunities in neuromorphic computing.

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Regional Analysis

North America is expected to dominate the neuromorphic computing market, accounting for about 38.5% of revenue in 2024. The US and Canada, leading adopters, dominate in integrating neuromorphic systems, driven by the growth of AI-based voice and speech recognition technologies that improves accuracy. As a result, the need for neuromorphic computing is increasing across the region. Europe is also set for major growth, with higher adoption of biometric technologies, mainly in image processing. Research & development efforts are increasing the use of neuromorphic systems, positioning Europe as a key player globally.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Recent Developments in the Neuromorphic Computing Market

• September 2024: IISc researchers announced that they designed a brain-inspired analog computing platform with the ability to store & process data in a large 16,500 conductance states within a molecular film.
• July 2024: The European Union & the Republic of Korea reported that they will be supporting four jointly funded projects in semiconductors as a deliverable of the EU-Republic of Korea Digital Partnership, which will develop heterogeneous integration technologies.
• May 2024: SpiNNcloud Systems GmbH launched SpiNNaker2 platform, a supercomputer-level hybrid AI high-performance computer system based on principles of the human brain, by using a large number of low-power processors to compute AI and other workloads efficiently.
• April 2024: Intel announced that it built the world's biggest neuromorphic system called as Hala Point, installed at Sandia National Laboratories, using Intel’s Loihi 2 processor, aimed on assisting research for future brain-inspired artificial intelligence (AI), and resolving challenges related to the efficiency and sustainability of current AI.
• April 2024: KAIST researchers launched the creation of a low-power, affordable phase change memory device that can be used to substitute existing memory or used in implementing neuromorphic computing for next-generation AI hardware for its low processing costs & ultra-low power consumption.

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About Dimension Market Research (DMR):

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts into work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world. We also believe that our clients don’t always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.