New York, US, July 30, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Neuromorphic Computing Market information by Offering, by End-User, by Application and Region – forecast to 2027” the market would touch a valuation of USD 648.40 million, growing at a massive 49.92% CAGR by 2025.
Market Scope:
Increasing adoption of neuromorphic computing platforms across the verticals to increase speed, performance, and scalability positively impacts the market growth.Neuromorphic computing systems are designed to mimic the biological structures of the brain. In the future, this technology is expected to enable robots embedded with computing hardware to make decisions on their own. Besides, neuromorphic computing would provide a neuroscience tool to simplify the dynamic processes of learning and development in the brain, implying brain inspiration to generic cognitive computing.
AI and neuromorphic computing seek to imitate and, more often than not, outperform human intelligence. Yet, both technological approaches are limited by the hardware capabilities on which these systems function. Neuromorphic architectures demonstrate the huge potential for deploying machine learning algorithms in the future.
Dominant Key Players on Neuromorphic Computing Market Covered Are:
- Nvitation 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)
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The approach promises to enhance the overall learning performance for specific tasks and develop algorithms that can learn in real-time, just as biological brains. Machine learning capabilities would further drive the interest in neuromorphic computing. The technology would also deliver a powerful method of creating futuristic computing hardware and revolutionary AI software.
Though neuromorphic computing is relatively new and promises many advantages, many ethical considerations around its usage can restrict its adoption. One of the most significant ethical challenges in neuromorphic computing is public perception. The skepticism among people about the idea of using robots in children and elderly care impedes the growth of the neuromorphic computing market.
Market USP exclusively encompassed:
Market Drivers
Neuromorphic Computing to Change the Technology Game
The neuromorphic computing approach draws inspiration from the human brain, where memory and logic are fused. The technology promises to completely transform the technology industry from programming languages to hardware. Neuromorphic computing holds the potential to emerge as a vital application in industries such as healthcare, manufacturing, and aerospace & defense.
Neuromorphic solutions are witnessing exponential traction from venture capitalists and government bodies. The neuromorphic computing market is witnessing increased funding and support from the public and private organizations. Besides, major OEMs are investing, driving the neuromorphic computing market growth significantly.
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Segmentation of Market covered in the research:
The neuromorphic computing market forecast is segmented into offering, application, end-user, and region.
The offering segment is sub-segmented into software and hardware. The software segment holds a larger market share. The segment is projected to remain dominant, while the hardware segment is estimated to grow at a higher CAGR during the forecast period.
The application segment is sub-segmented into object detection, data mining, signal recognition, image recognition, and others. The image recognition segment is projected to remain dominant, while the data mining segment growth is rise at a higher CAGR during the review period.
The end-user segment is sub-segmented into industrial, IT and telecommunications, aerospace and defense, consumer electronics, automotive, and others. The consumer electronics segment is projected to remain the largest, while the IT and telecommunications segment growth is rise at a higher CAGR during the review period.
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Regional Segmentation
North America dominates the global neuromorphic computing market. The strong presence of major technology providers, such as Qualcomm Incorporated, Intel Corporation, and IBM Corporation, positively impacts the neuromorphic computing market size in the region. Besides, factors such as the augmenting demand for AI-based applications and advanced analytics platforms in the region drive the growth of the neuromorphic computing technology market.
Booming industry verticals like consumer electronics, robotics technology, and aerospace & defense, alongside the consumer acceptance for new technologies, add to the region’s neuromorphic computing market growth. Mexico, Canada, and the US are major neuromorphic computing markets in the region. The North American neuromorphic computing market is predicted to retain its dominance over the global market, registering a massive 50.06% CAGR throughout the forecast period.
Europe holds the second-best position globally in terms of neuromorphic computing market revenue. Factors such as the growing adoption of AI, machine learning, and IoT-based systems and the rising demand for better efficiency and productivity of overall processes influence the market growth. Additionally, the spurring rise in industries including aerospace & defense, IT & telecom, automotive, and others boost the region’s neuromorphic computing market share.
The Asia Pacific is witnessing significant growth in the neuromorphic computing market value. The market growth is driven by the increasing adoption of AI, IoT, data analytics, and other technologies & solutions in various industries. Moreover, the demand for automated systems and fast networks & processors with high computing power drives the neuromorphic computing industry in the region. Growing investments in the development of computing technology foster the growth of the regional market.
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Industry Trends
Rising demand for artificial intelligence and machine learning is predicted to continue to bolster market growth in future years. Additionally, the growing adoption of effective neuromorphic computing platforms in industries such as automotive, healthcare, aerospace & defense, and consumer electronics boosts the market size. Increasing applications in voice identification, machine vision, and video monitoring, influence market growth.
Moreover, the rapidly growing sensors market, the need for better performing ICs, and growing demand for neuromorphic quantum computers & chips are major industry trends defining the growing market landscape. The growing use of software in different applications would offer robust opportunities. The rising adoption of software in applications like data modeling, predictive analysis, real-time data streaming, and constant online learning may offer robust opportunities to market players.
Competitive Analysis:
The neuromorphic computing market is estimated to witness several strategic partnerships, alongside other strategic initiatives such as expansion, collaboration, mergers & acquisitions, and product & technology launches. Leading industry players make strategic investments in research and development activities and fostering their expansion plans.
For instance, on Mar. 04, 2021, EMD Performance Materials announced further investments in its electronics business, and the name changed to EMD Electronics. This move demonstrates the company’s expanded focus on the US electronics business. EMD Electronics, a business of Merck KGaA, Germany, includes a broad portfolio of semiconductor materials, semiconductor delivery systems & services, display, and surface solutions.
EMD Electronics has launched a program to enable new inventions for start-ups and early-stage companies looking to advance their technologies in the areas of neuromorphic computing, displays, semiconductor materials, AI-enabled materials development, and smart manufacturing. The EvoNexus MarketLink Program is expected to go live by Mar. 12.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.