Authored By: Sarah
18 Jun 2024

 Neuromorphic Computing Market to grow by USD 96.18 million between 2024-2028

According to a research report “ Neuromorphic Computing Market” by Component (Hardware, Software) Type (Edge computing, Cloud computing) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 96.18 million at a CAGR of  24.13% during the forecast period. The neuromorphic computing market is experiencing significant growth due to the rising demand for memory-intensive applications, including big data analytics, artificial intelligence, and IoT. Memristors, a type of non-volatile memory device, are a popular solution due to their high-density memory and fast processing speeds, making them ideal for image recognition, data mining, and other applications. Furthermore, the increasing adoption of cloud computing, which necessitates large memory capacities for data storage and processing, is driving market expansion. Additionally, the need for energy-efficient and cost-effective memory solutions is being met by memristors, which consume less power compared to DRAM and flash memory..

Browse market data tables, figures, and in-depth TOC on “Neuromorphic Computing Market” by Component (Hardware, Software) Type (Edge computing, Cloud computing) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028.

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By Component, the Hardware segment is projected to dominate the market size in 2024.

In the Neuromorphic Computing Market, organizations opt for on-premises installation and management of neuromorphic systems due to cost efficiency and scalability limitations associated with cloud solutions. This edge computing approach delivers benefits such as streamlined workflows, enhanced control, improved speed, robust security, and stringent governance. The ownership and management of neuromorphic servers by businesses ensure superior data security compared to public cloud alternatives.

By Type, Edge computing  segment is expected to hold the largest market size for the year 2024.

The neuromorphic computing market's hardware segment experiences significant growth due to increasing demand for high-performance devices and advanced AI and ML applications. Neuromorphic computing chips, modeling neurological networks, are increasingly adopted by industries. Manufacturers are responding to intense competition by developing technologically superior chips, integrating edge and quantum computing, and robotics for synchronized functionality.

North America is forecasted to hold the largest market size by region in 2024.

The North American market holds significant importance in the neuromorphic computing industry due to substantial R&D investments from local businesses and a highly skilled integrator base. With key market players based in the US, this region has been a major contributor to memristor applications, including neuromorphic computing. The increasing demand for advanced consumer electronics, such as smartphones, PCs, and intelligent home gadgets, further bolsters the market growth. As neuromorphic computing advances towards cost-effective distributed sensing and processing solutions, the demand for neuromorphic computing memory devices is anticipated to surge during the forecast period. Keywords: Neuromorphic Computing Market, North America, R&D Investment, Integrator Base, Memristor Applications, Consumer Electronics, Intelligent Home Gadgets, Distributed Sensing, Processing Solutions, Neuromorphic Computing Memory Devices.

The Neuromorphic Computing Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Accenture Plc
  • BrainChip Holdings Ltd
  • CEA
  • General Vision Inc.
  • GrAI Matter Labs Inc.
  • Hewlett Packard Enterprise Co.
  • Intel Corp.
  • International Business Machines Corp.
  • Knowm Inc.
  • Numenta Inc.
  • Samsung Electronics Co. Ltd.
  • SK hynix Co. Ltd.
  • The Boeing Co.
.

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Research Analysis Overview

The Neuromorphic Computing Market is experiencing significant growth due to the increasing demand for next-generation semiconductors and accelerators that can deliver brain-like processing abilities. Companies like Tenstorrent are leading this innovation with their AI-based chips, designed using In-memory computing and Spiked Neural Networks. These advanced processing units are capable of mimicking the human brain's functionality, making them ideal for various applications, including In-speech recognition, Continuous e-learning, Real-time data streaming, and more. The Neuromorphic Computing Market is expected to make a substantial impact on several industries, such as Healthcare, Consumer Electronics, Aerospace and Defense, and more. Applications of this technology include advanced Self-driving cars, Drones, Robotics, and Autonomous Systems. The Department of Energy is also investing in this technology to develop energy-efficient NeuRRAM, which can revolutionize deep learning applications. Intel and other industry leaders are also exploring piping and transistor technologies to enhance the capabilities of Neuromorphic Computing. Overall, the Neuromorphic Computing Market is set to transform the way we process information and solve complex problems.

Market Research Overview

The Neuromorphic Computing Market encompasses the development and implementation of AI-based chips, such as those using In-memory computing and Spiked Neural Networks. These components are gaining significant attention in various industries, including Consumer Electronics, Healthcare, Aerospace and Defense, and the IT industry. Neuromorphic chips, also known as neuromorphic systems or neuromorphic hardware, are designed to mimic the biological brain's processing abilities. They can be found in smartphones for In-speech recognition and biometrics, data centers for continuous e-learning and real-time data streaming, and edge devices for automated machine learning and data processing. Neuromorphic computing also plays a crucial role in advanced robotic systems, energy consumption reduction, and performance enhancement for complex algorithms. Key players in this market include Intel, Alibaba, and Graphen, among others, who are investing in next-generation semiconductors, accelerators, and transistors for deep learning applications. Neuromorphic chips are also essential for autonomous systems in consumer electronics, such as self-driving cars and drones, and in defense systems for wartime decision-making. Neuromorphic computing is poised to revolutionize the hardware segment with its energy-efficient, portability, endurance, and mobility features. Other applications include image sensors for medical imaging and computer vision, wearables, and edge devices. Neuromorphic computing is a game-changer in the IT industry, offering advanced processing power and analytical results for various AI applications.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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