Latest Update: Neuromorphic Computing Market Size to Surpass USD 527,604 Thousands by 2027
As per the report by Fortune Business Insights, the global neuromorphic computing market size is projected to reach USD 527,604 Thousands by 2027, at a CAGR of 54.6% during the forecast period.
Neuromorphic Computing Market
Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) — The global neuromorphic computing market size was valued at USD 62,411 Thousands in 2022 and is projected to reach USD 527,604 thousands by 2027, exhibiting a CAGR of 54.6% during the forecast period. Fortune Business Insights™ shares this information in its report titled Neuromorphic Computing Market Forecast, 2023-2027.
Neuromorphic computing is a computer engineering technique motivated by the structure and operation of the human brain. With Spiking Neural Networks (SNNs), the most popular type of neuromorphic hardware, neural networks are dynamically re-mapped to simulate natural learning. Increasing demand for better-performing Integrated Circuits (ICs) is propelling market growth.
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Key Industry Development
Kaspersky partnered with Motive Neuromorphic Technologies to boost its technological ecosystem. The joint venture aims to create novel opportunities for machine learning-based solutions.
Key Takeaways
- Rapid Innovations in Image Sensors Fueled Image Recognition Segment Expansion
- Increased Demand for Neuromorphic Chips amid Pandemic Boosted Market Growth
- Increasing Adoption of Neuromorphic Computing to Revolutionize the Internet of Things (IoT) Bolsters Market Growth
- By Industry Analysis: Consumer Electronics Segment’s Growth Driven by Rising Number of Smartphones and Wearable Devices
Discover the Leading Players Featured in the Report:
“Companies leading the Neuromorphic Computing Market share are Intel Corporation (U.S.), IBM Corporation (U.S.), BrainChip Holdings Ltd. (Australia), Qualcomm (U.S.), General Vision Inc. (U.S.), GrAI Matter Labs (France), Innatera Nanosystems (Netherlands), SynSense AG (Switzerland), Samsung Electronics Co. Ltd. (South Korea), SK Hynix Inc. (South Korea)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2027 |
| Forecast Period 2023 to 2030 CAGR | 54.6% |
| 2027 Value Projection | USD 527,604 Thousands |
| Base Year | 2022 |
| Neuromorphic Computing Market Size in 2022 | USD 62,411 Thousands |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 123 |
| Segments covered | Application, Industry and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/neuromorphic-computing-market-108240
Drivers and Restraints
Increasing Demand for Neuromorphic Computing to Process Information Quickly to Augment Market Growth
The communication between devices is improved and transformed by neuromorphic computing. To handle information quickly and without involving humans, it uses artificial neural networks. It is perfect for applications, such as home automation, autonomous cars, and medical diagnostics, since it can quickly process large amounts of data from numerous IoT devices. Such computing allows structured network architectures and rapid data processing by integrating AI algorithms.
Efficient neuromorphic technology includes a self-driving car that learns from other nearby cars to make quick decisions or an automated home that learns from its occupants to control temperature and lighting. Additionally, implementing such computing also enhances IoT security as the devices can identify suspicious activities using AI algorithms.
On the other hand, a shortage of standardized frameworks and programming languages is hampering market expansion.
Segmentation
By Application
- Signal Processing
- Image Recognition
- Data Mining
- Others
By Industry
- Automotive
- Healthcare
- Consumer Electronics
- Manufacturing & Industrial
- Aerospace & Defense
- Others
By Region
- North America
- Mexico
- Europe
- Asia Pacific
Regional Insights
Presence of High Level of Digital Maturity Driving Market Growth in North America
North America accounts for the largest global neuromorphic computing market share due to the digital maturity of the region. The presence of prominent companies is contributing to market growth in North America.
Asia Pacific is anticipated to increase at the highest CAGR over the projected period. Technological innovations in the semiconductor industry and rapid expansion of the automotive sector are the key factors driving market expansion in the region.
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Competitive Landscape
Major Market Players Collaborate with Similar Companies to Enhance Market Progress
Leading companies are working together with other similar companies to benefit both parties financially. By combining or sharing resources, partnerships help firms grow their revenue and lower costs.
FAQ’s
How large is the Neuromorphic Computing Market?
Neuromorphic Computing Market size was USD 62,411 Thousands.
How fast is the Neuromorphic Computing Market growing?
The Neuromorphic Computing Market will exhibit a CAGR of 54.6% during the forecast period, 2023-2027.
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