Pune, India, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The global neuromorphic computing market size is estimated to be worth of USD 0.25 Million in 2021 with a CAGR of 93.775% during the projected period, according to a recent market study by Quince Market Insights. The most current breakthrough in the field of artificial intelligence (AI) is neuromorphic computing, which focuses on pushing AI into areas that mirror human cognition, including autonomous adaptations and interpretations. This is a significant technological breakthrough over AI based on neural networks and algorithms, where outputs were largely determined by the trend that a particular data set had previously observed, and where the issue statement lacked any human context. As a conclusion, the next generation of AI is striving towards a system that can cope with complex circumstances in a human-like manner.
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The market is being propelled by the need for higher-performing integrated circuits (ICs), the growth in AI and machine learning (MI) demand, and the rising number of cross-industry partnerships and collaborations. As a result, the sector is being propelled ahead by the growing need for AI and cognitive and brain robots. A significant industrial objective is the development of neural processing units that can be incorporated into a processor chip to reverse-engineer the human brain.
Furthermore, neuromorphic computers are being tested at the University of Maryland. The demand for higher-performing integrated circuit will be a driving factor of the neuromorphic computing market during the forecast period.
COVID-19 Impact on Global Neuromorphic Computing Market
The COVID-19 pandemic has had an impact on the worldwide neuromorphic computing industry. Neuromorphic chips were first used in medical devices in the year 2020. Watson, an IBM Corp. (US) analytical tool, is expected to be coupled with neuromorphic circuits and used in medical imaging analytics. Watson works in the same way as a human analytic system. As a consequence of this, the medical industry's market is expected to grow positively. As a result of the pandemic, work from home (WFH) has become the new trend, resulting in an increase in market pressures for IT devices, which is fueling the growth of the neuromorphic computing sector in the IT & telecoms industry during the forecast period.
Global Neuromorphic Computing Market, By Offering
Based on offering, the market is segmented into hardware and software and others. Software segment hold the largest market share in 2021, and anticipated to remain largest during the forecast period.
The factors attributed to the growth of market include neuromorphic computing software is driving worldwide market expansion due to the continuous online learning, real-time data streaming, prediction, and data modelling, to name a few applications.
Additionally, rising software usage in industries such as aerospace and military, IT & telecom, and medical is driving the market for neuromorphic computing software.
Global Neuromorphic Computing Market, By Deployment
Based on deployment, the market is divided into edge computing, cloud computing, and others. Edge computing captures the largest market share in global neuromorphic computing market in 2021, and is anticipated to remain largest during the forecast period.
The segment's growth can be attributed to increasing use of edge computing in applications such as responsive voice control for vehicles, full-body gesture recognition for touchless interfaces, and on-board intelligence for assistive robots.
Global Neuromorphic Computing Market, By Application
Based on application, the market is segmented into signal processing, image processing, data processing, object detection, and others.
Image processing has the largest market share in the global neuromorphic computing market in 2021, and anticipated to remain largest during the forecast period. Image processing application sector led the market, accounting for more than half percent of total revenue. Due to increased demand for processing audio and acoustics signals, the market is expected to develop significantly.
Global Neuromorphic Computing Market, By End Users
Based on end users, the market is segmented into aerospace, military & defense, automotive, medical, and other end users make up the market. The military & defense hold the largest market share in 2021, and is anticipated to remain largest during the forecast period. The factors attributed to the growth of market include worldwide neuromorphic computing market, and this trend is anticipated to continue throughout the forecast period.
The driving factor of military and defense is increasing and growing requirement for signal testing and transmission to securely code and transmit data from one end to the other in order to reduce the risk of security breaches.
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Global Neuromorphic Computing Market, By Region
North America, Europe, Asia Pacific, the Middle East and Africa, and South America are the five areas that make up the market. North America hold the largest share of the worldwide neuromorphic computing market in 2021 and it is anticipated to continue to do so throughout the forecast period.
The broad awareness of the benefits of neuromorphic computing in industries such as aerospace, military & defense, and medical is a key driver for the North American region's dominance. Across North America, the United States dominates the sector, having embraced artificial intelligence for machine learning, natural language processing (NLP), image processing, and speech recognition in a variety of areas, including medical and financial services.
Recent Developments in Global Neuromorphic Computing Market
October 2020- Intel Federal LLC and Sandia National Laboratories (Sandia) have established a three-year collaboration to study use of such neuromorphic computing for graded computational issues.
March 2020- Pohoiki Springs, Intel's latest and yet most efficient neuromorphic research system, is scheduled to be finished and will have a processing capacity of 100 million neurons.
June 2019- According to Intel, an 8 million-neuron neuromorphic system comprised of 64 Loihi research processors will be made available to the broader research field.
Some Key Findings of the Global Neuromorphic Computing Market Report Include:
- The analysis includes a global neuromorphic computing market study, expansions, and forecasts, along with a country-specific analysis.
- An in-depth analysis of the global neuromorphic computing market comprises segment by offering, by deployment, by application, by end user industry, and by regions with an analysis of trend-based insights and factors.
- Product offering details on competitive benchmarking and evolution approach adopted by the industry players, along with their investments in the last five years in the global market have been provided in the report.
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global neuromorphic computing market.
- The study also offers complex measures of potential market effect during the forecast period and an in-depth overview of the leading companies operating in the global market.
- External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry.
- The research also helps understand the dynamics of the global neuromorphic computing market structure by analyzing market segments and by projecting the size of the market.
- The report helps to understand the effects of covid-19 pandemic on global neuromorphic computing market.
Some major industry players functional in the Global Neuromorphic Computing Market are IBM Corporation; Hewlett-Packard; Samsung Electronics Co. Ltd.; Intel Corporation; Qualcomm Inc.; Brain Corporation; General Vision Inc.; HRL Laboratories; Vicarious; CEA-Leti, Knowm Inc.; and Numenta.
For more information on this topic please visit our website report titled, “Global Neuromorphic Computing Market, By Offering (Hardware & Software), By Deployment (Edge Computing & Cloud Computing), By Application (Signal Processing, Image Processing, Data Processing, Object Detection), By End Users (Aerospace, Military, & Defense, Automotive, Medical), By Region (North America, Europe, Asia Pacific, Middle East and Africa, South America)”— in-depth analysis along with the table of contents (ToC).
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