Neuromorphic Computing Market Trends and Analysis segmented by Applications, Future Trends and Growth Prospects to 2023


Posted July 10, 2020 by mandar

The global neuromorphic computing market is expected to exhibit a robust 49% CAGR over the forecast period from 2017 to 2027, according to the latest research report from Market Research Future (MRFR).
 
Neuromorphic Computing Market – Overview

The global neuromorphic computing market is expected to exhibit a robust 49% CAGR over the forecast period from 2017 to 2027, according to the latest research report from Market Research Future (MRFR).

The global neuromorphic computing market is mainly driven by the growing demand for product development in the artificial intelligence sector to iron out the drawbacks of the first generation of AI software and products and produce new, improved versions.

The report provides a close look at the historical development scenario of the global neuromorphic computing market, analyzing the leading drivers and restraints operating on the market. The key microeconomic and macroeconomic factors affecting the neuromorphic computing market are also profiled in the report to familiarize readers with the operating environment of the market.

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Neuromorphic computing utilizes connections and processes that mimic the natural neural structure in the brain and the rest of the nervous system. This can be used to provide artificial intelligence devices with increased sensory perception, intelligence, and resilience, making them more capable and efficient than first-generation devices. The increasing demand for robotic and AI tools in the industrial sector, including the automotive, consumer electronics, defense, and healthcare industries, is likely to be a major driver for the global neuromorphic computing market over the forecast period.

The rising use of AI-driven implements in the manufacturing sector has made end users more aware of the limitations and benefits of AI systems. This has resulted in the creation of neuromorphic computing devices, which are enhanced with the ability to learn from past experiences and develop a plasticity regarding local changes, leading to increased resistance against damage and a steady evolutionary progress path for further, automatic development and refining of the software operating the machinery. This results in progressively better operational performance on all parameters as the machines learn and understand more about their environment and objective.

Competitive Analysis:

Leading players in the global neuromorphic computing market include BrainChip Holdings Ltd., Applied Brain Research Inc., General Vision Inc., HRL Laboratories LLC, Intel Corp., Samsung Group, HP, and IBM.

At the DARPA ERI summit in July 2019, Intel launched a new neuromorphic computing system, named Pohoiki Beach. The new system is made up of 64 of the company’s previous Loihi chips, along with neuromorphic enhancements that allow the chips to interact in a manner similar to neurons. The resultant product is said to have the computing power of 8 million neurons.

Segmentation:

The global neuromorphic computing market is segmented on the basis of offering, application, end use, and region.

By offering, the global neuromorphic computing market is segmented into hardware and software. The software segment is expected to exhibit the highest growth rate over the forecast period due to the increasing demand for neuromorphic programming in IT and telecom, aerospace and defense, and healthcare, among other industries.

By application, the global neuromorphic computing market is segmented into image recognition, data mining, signal recognition, object detection, and others.

By end use, the global neuromorphic computing market is segmented into automotive, consumer electronics, defense, and healthcare. Consumer electronics, followed by automotive, are likely to remain the leading end-use sectors for the neuromorphic computing industry over the forecast period. The growing demand for smart cars is likely to be a key driver for the neuromorphic computing market over the forecast period.

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Regional Analysis:

North America is likely to dominate the global neuromorphic computing market over the forecast period due to the strong presence of manufacturers in the neuromorphic computing sector and the increasing demand for smart robotic implements that don’t endanger their human colleagues or the setup in which they are installed. The growing adoption of industrial robotics in North America is likely to remain the key driver for the neuromorphic computing market in the region over the forecast period.

Asia Pacific and Europe are also expected to exhibit steady growth in the neuromorphic computing market over the forecast period. The increasing demand for smart automotive technology in both these regions is likely to remain the major driver for the global neuromorphic computing market.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Tags neuromorphic computing market
Last Updated July 10, 2020