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Forecast Year
The global neuromorphic computing market is expected to grow in the forecast period of 2024-2032 at a CAGR of 20% to reach nearly USD 23.95 billion by 2032.
Global Neuromorphic Computing Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 4.6 |
Market Size 2032 | USD Billion | 24.0 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 20.0% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 25.9% |
CAGR 2024-2032 - Market by Country | China | 24.8% |
CAGR 2024-2032 - Market by Country | Brazil | 21.9% |
CAGR 2024-2032 - Market by Component | Hardware | 22.0% |
CAGR 2024-2032 - Market by Application | Data Processing | 22.8% |
Market Share by Country 2023 | Saudi Arabia | 1.1% |
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The increasing demand for autonomous systems, which are capable of making a suitable decision, is aiding the neuromorphic computing industry. Neuromorphic computing systems need lower power consumption while supporting dynamic learning of complex and unstructured data. Moreover, neuromorphic computing is used to analyse the data produced from climate models, predict maintenance needs for accelerator magnets, and recognising features in large-scale cosmology data. The rising demand for artificial intelligence in nonlinear control and robotics, language processing, image processing, and computer vision, among others, is also contributing to the market growth for neuromorphic computing.
The increasing demand for data and data analytics, miniaturisation of sensors, and cost-effectiveness are further accelerating the market growth. Moreover, neuromorphic computing is increasingly used in the military to collect and process large-sized data efficiently. It is further applicable for the development of cognitive communication system and image processing of unmanned vehicles. Regionally, North America holds the major share of the market for neuromorphic computing owing to the dominant presence of the leading companies and the various initiatives undertaken by them to promote its use in large-scale applications like data centres and server, among others. The Asia Pacific region is expected to witness robust growth due to the rising automated services and increasing technological advancements in countries such as South Korea and Japan, consequently contributing to the overall growth of the market.
Neuromorphic computing, variously known as neuromorphic engineering, is the use of very large scale integration systems containing electronic analogue circuits to model the neuro-biological architects present in the human nervous system. It applies the functionality of a brain to generic cognitive computing and has various advantages, such as energy efficiency and high execution speed.
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The major components of neuromorphic computing are:
The market can be broadly categorised on the basis of its applications into:
Based on the end use, the market is divided into:
The EMR report looks into the regional markets of neuromorphic computing like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
CAGR 2024-2032 - Market by | Country |
China | 24.8% |
Brazil | 21.9% |
Canada | 18.9% |
Mexico | 18.6% |
Australia | 17.6% |
USA | 16.3% |
UK | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
India | XX% |
Saudi Arabia | XX% |
Japan | 15.5% |
Various technological advancements such as edge computing and the Internet of things (IoT) are increasingly used in several industries and businesses. With the increasing digitisation, technologies such as drones, smart healthcare, smart cities, and autonomous cars are becoming more prevalent and hence are increasing the demand for neuromorphic computing chips, which can combat the challenge of increasing data and processing. Moreover, increasing research and development (R&D) in the field of both neurology and computing are expected to aid the market growth. The development of neuromorphic chips which functions like a human brain by using artificial neurons is further propelling the market growth. Additionally, neuromorphic computing can create cognitive computing and systems which can reason or learn like a human.
Neuromorphic computing can further improve therapeutic procedures, develop more precise medical imaging, enhance surveillance, improve data mining and pattern recognition systems, and assist in military and security issue which is expected to augment the industry growth in the forecast period. The use of neuromorphic computing in automated vehicles can reduce latency, increase energy costs, and increase the autonomy of the vehicle while improving cybersecurity, consequently lubricating the market growth. The increasing research for neuromorphic computing to improve machine learning, remote sensing, and intelligence analysis is further driving the market. In addition, favourable government schemes and investments are also fuelling the market growth. For example, the U.S. Department of Energy (DOE) announced $2million in funding for five projects in basic research to advance neuromorphic computing in September 2020.
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The report presents a detailed analysis of the following key players in the global neuromorphic computing market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Component |
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Breakup by Application |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global neuromorphic computing market is projected to grow at a CAGR of 20% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach nearly USD 23.95 billion by 2032.
The major market drivers include the technological advancements and innovations, increasing demand for autonomous systems, the rising deployment of artificial intelligence (AI), and the surging demand for data and data analytics.
The key trends propelling the market demand include the increasing R&D activities in the field of neurology and computing and the growing use of neuromorphic computing in automated vehicles to reduce latency.
The major regions in the neuromorphic computing market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major components of neuromorphic computing in the market are hardware and software.
The significant applications of neuromorphic computing are signal processing, image processing, data processing, and object detection, among others.
The various end uses of neuromorphic computing are consumer electronics, automotive, healthcare, and military and defence, among others.
The major players in the market are Intel Corporation, BrainChip Holdings Ltd, General Vision Inc., and IBM Corporation, among others.
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