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Global Neuromorphic Computing Market to Grow at a CAGR of 20% During 2021-2026, Driven by Technological Advancements and Innovations

According to a new report by EMR titled, ‘Global Neuromorphic Computing Market Report and Forecast 2021-2026’, the industry is expected to grow at a CAGR of 20% in the forecast period of 2021-2026 to reach a value of USD 8.02 billion by 2026.

The neuromorphic computing industry is being aided by the rising demand to handle all the computing powers and eliminate data transfers to servers while allowing on-demand activity. Neuromorphic computing uses mathematics, physics, computer science, neuroscience, biology, and electronic engineering fundamentals to mimic the functions of a mammal brain. The development of organic electrochemical transistors, which can have both long- and short-term memory and form a new connection like the human brain, is expected to boost the industry growth. Moreover, neuromorphic computing can also create artificial retinas and increase human productivity, consequently augmenting the market growth. Additionally, recent researches in the field of neuromorphic computing reveal its excellent usage in redefining and personalising the health care industry, which is expected to propel the market growth in the forecast years.

Intel Corporation (NASDAQ: INTC), one of the leading players, developed Intel’s Pohoiki Beach in 2019. It is an eight million neuron neuromorphic system comprising 64 Loihi research chips, which applies the principles found in biological brains to computer architecture. Moreover, it enables users to process information up to 1,000 times faster and 10,000 times more efficiently than the central processing units for specialised applications like graph search, sparse coding, and constraint satisfaction problems. In addition, it demonstrates the benefits of a specialised architecture for emerging applications, which increases the efficiency and speed for real-world applications ranging from autonomous vehicles to smart homes to cybersecurity. Additionally, Intel announced in July 2019 that the neuromorphic computing system is available to the broader research community. The system delivered breakthrough results in the research test; this will not only promote the development of the products but also further facilitate the overall market growth in the forecast period.

Market Analysis by Component, Application, End Use and Region:

  • The market, on the basis of component, can be divided into hardware and software.
  • Based on application, the industry can be divided into signal processing, image processing, data processing, and object detection, among others.
  • The end use for neuromorphic computing include consumer electronics, automotive, healthcare, and military and defence, among others.
  • The regional markets for neuromorphic computing include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing demand for autonomous systems to be used in Industry 4.0 is catalysing the industry growth.
  • The rising use of neuromorphic computing in defence and military service for image processing and cognitive communication is fuelling the industry growth.
  • Increasing technological advances such as edge computing and Internet of things (IoT) are accelerating the demand for efficient neuromorphic computing chips, which is propelling the market growth.
  • Increasing research and development (R&D) in computing is aiding the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global neuromorphic computing market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the components, applications, end uses, and regions of neuromorphic computing.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for neuromorphic computing are Intel Corporation, BrainChip Holdings Ltd, General Vision Inc., and IBM Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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