The Neuromorphic Computing Market size is expected to reach USD 6,480.1 million by 2024 according to a new study by Grand View Research, Inc. The global neuromorphic computing market is expected to gain traction, owing to the rising demand for artificial intelligence. The prominent industry vendors are focusing on the development of neural processing units that can be incorporated into the processor chip for the reverse-engineering of the human brain.
The rising demand for cognitive and brain robots is projected to impel growth in the industry. Neuromorphic chips facilitate users with several benefits such as high-performance speed, cognitive computing, optimum usage of memory, and low power consumption. The escalated demand in diverse industrial verticals, including consumer electronics, automotive, and robotics is instrumental in keeping the industry prospects upbeat.
The rise in the demand for aerial surveillance and satellite imagery is impelling growth in the industry. The growth in the audio and signal processing application segments is further presumed to positively impact the industry.
The growing demand in end-use segments, such as the automotive and military & defense sectors, is creating new avenues for industry expansion. However, the vendors need to make substantial investments in the research and development activities of neuroscience and computing before foraying into the industry. Replicating the neural patterns on chips requires the use of complex algorithms, which makes the design process more intricate.
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Further key findings from the study suggest:
- The consumer electronics end-use segment dominated the global neuromorphic computing industry, accounting for over 62% of the market share in 2016. The emerging trend of using brain computers and smart consumer wearable devices is favorably impacting the industry growth.
- The North American regional market accounted for 34% of the global revenue share in 2016. The strong presence of neuromorphic chip vendors in this region is expected to contribute to the industry growth in the region.
- The signal processing application segment accounted for 30% of the global revenue share in 2016. The increasing demand for processing acoustic and audio signals is strengthening the demand for this segment.
- The key industry participants include Brain Corporation (U.S.), CEA Leti (France), General Vision, Inc. (U.S.), Hewlett Packard (U.S.), HRL Laboratories LLC (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Knowm Inc. (U.S.), Numenta, Inc. (U.S.), Qualcomm Inc. (U.S.), and Vicarious FPC, Inc. (U.S.). Industry vendors are emphasizing on product development for new applications and forming technology alliances to gain a competitive edge in the industry.
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Grand View Research has segmented the global neuromorphic computing market on the basis of application, end-use, and region: