Jack danielAccording to MarkNtel Advisors study the Global Neuromorphic Computing Market is estimated to grow at a CAGR of around 81.1% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Neuromorphic Computing market
Global Neuromorphic Computing Market Driver:
Rising Demand for High-performance Integrated Circuits (ICs) – The limitations of reducing the size & number of transistors on integrated circuits (ICs) have been creating the demand for new-generation and highly effective neuromorphic chips across the globe. End-user industries like consumer electronics, automotive, etc., have been observed to prefer neuromorphic chips as they offer a substantial boost in processing power, enabling more complex computations & data handling in comparison to traditional chips
Further, the IT industry, in recent years, has started looking for computing technologies that enable self-learning capacity & require minimum manual input. This has further led market players to introduce computing chips to better processing features to the IT industry. For instance:
- In 2023, BrainChip Holdings Ltd teamed up with VVDN Technologies, a prominent electronics engineering and manufacturing firm, to introduce the industry’s inaugural Edge box based on neuromorphic technology. This Edge box harnesses BrainChip’s Akida™ processors, which mimic the human brain’s structure & functionality.
Therefore, with the increasing requirement for high-performance ICs, especially across the IT & Telecom sectors, neuromorphic chips are projected to witness improved demand in coming years as well.
Global Neuromorphic Computing Market Challenge:
Complexity in the Integration of Neuromorphic Computing Software in Existing Infrastructure – The limited availability of suitable hardware & software solutions capable of running neuromorphic computing has been a substantial hindrance to the progress of algorithmic and application development for neuromorphic systems. This challenge has primarily arisen from the fact that traditional systems operating on CPUs are inadequate for supporting the functions of neuromorphic chips. To run neuromorphic computing, there is a need for updated solutions like CPUs and other emerging neuromorphic hardware systems, whose availability is limited, especially across the Middle Eastern, African, and South American regions.
Hence, the transition toward the neuromorphic computing system on a large scale has been restricted due to the unavailability of supporting hardware. Further, this transition is projected to take a significant time, as upgradation to a completely new hardware solution requires a large amount of capital investment. Therefore, the complexity of integration of neuromorphic computing software in existing infrastructure is projected to pose a challenge to the Neuromorphic Computing Market in the coming years as well.
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Scope of the Report and Neuromorphic Computing Market Segmentation:
By Component
- Hardware- Market Size & Forecast 2019-2030, USD Million
- Processor- Market Size & Forecast 2019-2030, USD Million
- Memory Modules- Market Size & Forecast 2019-2030, USD Million
- Software- Market Size & Forecast 2019-2030, USD Million
- Services- Market Size & Forecast 2019-2030, USD Million
By Deployment
- Cloud Computing– Market Size & Forecast 2019-2030, USD Million
- Edge Computing– Market Size & Forecast 2019-2030, USD Million
By Application
- Image Recognition- Market Size & Forecast 2019-2030, USD Million
- Signal Recognition- Market Size & Forecast 2019-2030, USD Million
- Data Mining- Market Size & Forecast 2019-2030, USD Million
- Others (Cognitive Computing, Neuroscience Research, etc.) – Market Size & Forecast 2019-2030, USD Million
By End User
- Consumer Electronics- Market Size & Forecast 2019-2030, USD Million
- IT & Telecommunication- Market Size & Forecast 2019-2030, USD Million
- Aerospace & Defense- Market Size & Forecast 2019-2030, USD Million
- Healthcare- Market Size & Forecast 2019-2030, USD Million
- Industrial Manufacturing- Market Size & Forecast 2019-2030, USD Million
- Automotive- Market Size & Forecast 2019-2030, USD Million
- Others (BFSI, Education, etc.) – Market Size & Forecast 2019-2030, USD Million
Consumer Electronics accounts for the potential share of the Global Neuromorphic Computing Market.
Neuromorphic Computing Market Development:
- 2023: BrainChip Holdings Ltd. teamed up with Lorser Industries Inc., a prominent system-level manufacturing & integration provider to utilize BrainChip’s Akida™ technology in developing AI-powered solutions for software-defined radio (SDR) devices.
- 2022: International Business Machines Corporation scientists have introduced a breakthrough in neuromorphic computing, using “memtransistive” synapses, enabling AI hardware to mimic human-like object recognition & tackle complex mathematical problems across various applications. This advancement allows AI systems to efficiently handle tasks like recognizing dynamically changing objects, which can be challenging for traditional neural networks.
Geographical Analysis:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Asia-Pacific has dominated the Global Neuromorphic Computing Market during the historical years.
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