Neuromorphic Computing Market Growth Worth USD 29.54 Billion By 2032 | CAGR: 21.20%

Neuromorphic Computing Market Size Worth $29.54 Billion By 2032 | CAGR: 21.20%

The global neuromorphic computing market size is expected to reach USD 29.54 billion by 2032, according to a new study by Polaris Market Research. The report “Neuromorphic Computing Market Share, Size, Trends, Industry Analysis Report, By End-use (Consumer Electronics, Automotive, Healthcare, Military & Defense, Others); By Component; By Application; By Deployment; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Significant aspects influencing the market development include the rising need for Al technologies used in chatter-bots or translations, computer vision & image analysis, language comprehension, non-linear controls, & the robotics offered by the neuromorphic computing such as low energy consumption, increased speed, & optimal memory utilization.

Over the course of the forecast period, the use of neuromorphic computing for security purposes as well as the development and use of neuromorphic chips for brain-based robotics and cognitive robots will open attractive opportunities for market participants. In August 2022, Intel and Accenture are funding a project by Open university of Israel to develop a robotic arm to help patients with the spinal injuries. The project will be supported by the Intel’s neuromorphic technology “Applied Brain Research.”

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For space applications, mission success depends on quick and autonomous interpretation of a wide variety of incoming information from numerous sources. Neuromorphic systems have the potential to make space activities both more autonomous and agile. While deep-learning algorithms and Neuromorphic computing are now used to give satellites autonomous control capabilities, they may offer additional benefits including the ability for real-time learning. In March 2022, Western Sydney University & the U.S Air Force Academy received neuromorphic data from neuromorphic cameras installed on the International Space Station.

Neuromorphic processors in the automobile sector are gaining traction. Many automotive makers, and transportation and MaaS providers are facing complex AI hurdles. To run high-fidelity AI simulation for autonomous with virtually infinite scenarios, neuromorphic technology is being used. In January 2023, Socionext, unveiled its automotive custom SoC technology having a wide range of application in ADAS sensors, in-cabin monitoring, and others. It has partnered with BrainChip to develop optimized, intelligent sensor data based on neuromorphic, event-based computation.

Neuromorphic Computing Market Report Highlights

  • Image processing segment is leading the global market for neuromorphic computing owing to the advances in image sensors and other processing technologies.
  • Consumer electronics segment accounted for highest revenue share in the global market because of their increasing demand for several consumer electronics products such as laptops, tablets & PCs.
  • Cloud Computing segment is expected to exhibit the highest market growth during the forecast period owing to their flexibility to scale resources up or down as necessary, and lower hardware and software startup costs
  • Europe region is estimated to grow at a stable CAGR during the projected period on account of the various projects and groups working to further the creation.
  • The global players include IBM, Intel Corporation, BrainChip, Inc., Qualcomm Technologies, Samsung Electronics, General Vision, Applied Brain Research, and Hewlett Packard Enterprise.

Polaris Market Research has segmented the Neuromorphic Computing market report according to application, end-use, deployment, component, and region:

Neuromorphic Computing, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Signal Processing
  • Image Processing
  • Data Processing
  • Object Detection
  • Others

Neuromorphic Computing, End-use Outlook (Revenue - USD Billion, 2019 - 2032)

  • Consumer Electronics
  • Automotive
  • Healthcare
  • Military & Defense
  • Others

Neuromorphic Computing, Deployment Outlook (Revenue - USD Billion, 2019 - 2032)

  • Edge Computing
  • Cloud Computing

Neuromorphic Computing, Component Outlook (Revenue - USD Billion, 2019 -2032)

  • Hardware
  • Software

Neuromorphic Computing, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

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