Fort Collins, Colorado, April 05, 2024 (GLOBE NEWSWIRE) -- The Neuromorphic Computing Market size was valued at USD 6.8 Billion in 2023 and is expected to reach a market size of USD 82.1 Billion by 2032 with a CAGR of 31.8%.
The industry is poised to gain significant momentum as neuromorphic computing chips rapidly replace the traditional Von Neumann architecture. This market growth is further propelled by the exceptional features offered by these chips, including optimal memory usage, increased speed, and high power efficiency. Moreover, the rising demand for brain-like computing in various industrial verticals, such as robotics and consumer electronics, stimulates market growth prospects.
The expanding size of the neuromorphic computing market is driven by the widespread adoption of artificial intelligence (AI) across different sectors. AI systems are anticipated to experience widespread implementation across various verticals, including automotive, banking and finance, law, retail, and agriculture. This adoption is fueled by the self-learning capabilities of machine learning and deep learning software operating on AI systems. According to projections by Goldman Sachs, investment in artificial intelligence is forecasted to surpass USD 200 billion by 2025.
Neuromorphic chips feature a parallel architecture designed to mimic the information-processing capabilities of the human brain. This enables the creation of platforms necessary for machine learning software to process information effectively. Neuromorphic processors are well-suited to meet the demands for AI services across multiple verticals, requiring substantial computing capacity and high efficiency. Consequently, the neuromorphic computing market is expected to experience significant growth in the coming years.
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Segmentation Overview:
The global neuromorphic computing market has been segmented into component, deployment, application, end-use, and region. Based on application, the neuromorphic computing market segmentation comprises signal processing, image processing, data processing, object detection and others. The image processing segment held a substantial market share in 2023 and is expected to exhibit remarkable growth during the forecast period.
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Neuromorphic Computing Market Report Highlights:
- The global neuromorphic computing market growth is anticipated at a CAGR of 31.8% by 2032.
- Neuromorphic computing focuses on developing computer systems identical to the structure and functionality of the human brain.
- North America accounted for a significant share in 2023 as government investments encouraged research in neuromorphic computing. For instance, in September 2022, the Department of Energy renewed its funding of USD 12.6 million to the University of California San Diego’s Quantum Materials for Energy Efficient Neuromorphic Computing center to develop materials for neuromorphic computing.
- Some prominent players in the Neuromorphic computing market report include Intel Corporation, SK Hynix Inc., IBM Corporation, Samsung Electronics Co. Ltd, GrAI Matter Labs, HP Enterprise, Nepes Corporation, General Vision Inc., Qualcomm Technologies, Gyrfalcon Technology Inc., BrainChip Holdings Ltd, Vicarious FPC Inc., and SynSense AG.
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Neuromorphic Computing Market Segmentation:
By Component: Hardware, software, services
By Deployment: Cloud, Edge
By Application: Signal processing, image processing, data processing, object detection, others
By End-use: Military & defense, automotive, consumer electronics, industrial, medical, IT & Telecommunication, others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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