New York, United States , April 05, 2023 (GLOBE NEWSWIRE) -- The Global Neuromorphic Computing Market Size is to grow from USD 31.2 million in 2021 to USD 8,275.9 million by 2030, at a Compound Annual Growth Rate (CAGR) of 85.73% during the forecast period. The increasing adoption of Artificial Intelligence (AI) and automation systems in various industries such as industrial, medical, IT & telecommunication, aerospace, military & defense, automotive, consumer electronics, and other sectors will boost the demand for the neuromorphic computing market during the forecast period.
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Neuromorphic computing technology is designed to be used in a variety of applications, including deep learning applications, next-generation semiconductors, and autonomous systems such as robotics, drones, self-driving cars, and artificial intelligence. This technology's other potential applications include smart home devices, driverless cars, robots, drones, data analytics, and many more. Additionally, the steadily rising need for neuromorphic chips in the automotive industry is expected to create new opportunities in the neuromorphic computing market. One of the most important and rapidly growing markets for neuromorphic transistors is the automotive industry. This is expected to result in a significant increase in demand for AI-powered neuromorphic transistors. Alternatively, with the help of AI and machine learning, neuromorphic computing significantly improved information processing and allowed computer systems to deal with higher and broader technologies. Moreover, the adoption of neuromorphic computing for security purposes, as well as the research, development, and implementation of neuromorphic chips for brain-based robotics and intelligent robotic systems, will provide market participants with advantageous opportunities over the forecast timeframe. As a result, the neuromorphic computing market will continue to grow over the forecast period.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Neuromorphic Computing Market Size, Share, and COVID-19 Impact Analysis, By Offering (Hardware, Software, Services), By Application (Signal Processing, Image Processing, Data Processing, Object Detection, Others), By End-Use (Industrial, Medical, IT & Telecommunication, Aerospace, Military & Defense, Automotive, Consumer Electronics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The laser scanner segment is dominating the market with the largest revenue share over the forecast period.
On the basis of offering, the global neuromorphic computing market is segmented into hardware, software, and services. Among these, the laser scanner segment is dominating the market with the largest revenue share of 75% over the forecast period. The growing deployment and incorporation of machine learning algorithms on embedded devices, as well as the increased adoption of neuromorphic hardware to accelerate computing in hardware platforms, are driving market expansion in the hardware segment.
The image processing segment accounted the largest market share over the forecast period.
On the basis of application, the global neuromorphic computing market is segmented into signal processing, image processing, data processing, object detection, and others. Among these, the image processing segment is dominating the market and is going to continue its dominance over the forecast period. Advances in image sensors and other processing technologies are expected to drive revenue growth in the image processing industry during the forecast period. In addition, artificially developed neural network architectures are rapidly expanding in image processing, where fast computing and parallel architectures are critical.
The consumer electronics segment accounted the largest revenue share of more than 48% over the forecast period.
On the basis of end-use, the global neuromorphic computing market is segmented into industrial, medical, IT & telecommunication, aerospace, military & defense, automotive, consumer electronics, and others. Among these, the robotic vehicle is dominating the market with the largest revenue share of 48% over the forecast period. The market for neuromorphic chips in the consumer electronics industry is increasing as the market for various electronic devices such as laptops, PCs, and tablets grows. Alexa and Siri, for example, use cloud computing and the internet to process and respond to spoken orders and inquiries. Furthermore, advances in artificial intelligence are expected to broaden the applications of smart wearable sensing devices.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 42.5% market share over the forecast period. North America has been home to several market behemoths, such as IBM Corporation and Intel Corporation. The regional market for neuromorphic computing is growing as a result of a variety of factors such as government efforts, portfolio investment, and others. In contrast, Europe is expected to grow the fastest during the forecast period. The field of neuromorphic computing has the potential to make significant advances in a variety of application industries throughout the European Union.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Neuromorphic Computing Market include BrainChip Holdings Ltd., General Vision Inc., Qualcomm Technologies, Inc., HP Enterprise, Numenta, IBM Corporation, Intel Corporation, Samsung Electronics Ltd., Applied Brain Research Inc., Vicarious FPC, Inc., CEA-Leti, SK Hynix Inc., Hewlett Packard Company, HRL Laboratories, LLC, GrAI Matter Labs, Innatera Nanosystems B.V., Halo Neuroscience, Flow Neuroscience AB, and many others.
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Key Market Developments
On January 2023, IBM unveiled an energy-efficient AI chip based on 7nm technology. The AI hardware accelerator chip accommodates an extensive variety of model types while accomplishing ultra-low power consumption. By bringing training closer to the edge and data closer to the source, the chip technology can be scaled and used for commercial applications such as training large-scale models in the cloud to security and privacy efforts.
In July 2022, nViso SA announced the availability of an Evaluation Kit (EVK) for its Human Behavioural AI SDK, which runs on the BrainChip AkidaTM neuromorphic processing platform. NVISO will commercialize its Human Behaviour AI as an Evaluation Kit (EVK) and Software Development Kit (SDK) optimized for neuromorphic processors, aimed at innovators interested in implementing AI-driven human-machine interfaces to detect human behavior in real-time at the edge. Both companies will promote the EVK and SDK jointly, and the first evaluation with a Japanese semiconductor manufacturer has begun.
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