Neuromorphic Computing Market
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PUBLISHED: 2022 ID: SMRC20700
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Neuromorphic Computing Market Forecasts to 2028 – Global Analysis By Deployment (Cloud Computing, Edge Computing), Application (Data Processing, Image Recognition), End User (Aerospace, Military & Defense, Medical) and By Geography

4.8 (16 reviews)
4.8 (16 reviews)
Published: 2022 ID: SMRC20700

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Neuromorphic Computing Market is accounted for $50.81 million in 2021 and is expected to reach $2,700.50 million by 2028 growing at a CAGR of 76.4% during the forecast period. Neuromorphic Computing is the latest development in the line with technological developments in the field of Artificial Intelligence, with its focus on extending Artificial Intelligence into areas that emulate human cognition, for instance, activities such as autonomous adaptations and interpretations. This is a significant technological improvement over Artificial Intelligence comprised of neural networks and algorithms, where outputs have been largely dependent on the trend which a certain data observes in the past, and lacks any human context to the problem statement. This is why the next generation AI is aimed at a technology capable of addressing the unique situations with an approach that is the replica of a human approach.

Market Dynamics:

Driver:

Need for better-performing ICs


A central processing unit (CPU) has to constantly shuttle information back and forth from the memory store since it stores data and program instructions in a block of memory, which is separate from the processor that carries out the instructions. Thus, data transportation causes excessive power consumption and slows down the optimum speed of the processor operation, thereby limiting its overall processing speed. While. neuromorphic chips can process data in parallel, and information can be stored in the chip itself. Integration of processing and storage avoids data shuttling, and hence, computing can be more efficient. The need for better performing ICs will be a significant driver to the neuromorphic computing market during the forecast period.

Restraint:

Complex algorithms increase the complexity of designing hardware of neuromorphic chips


Neuromorphic chips are expected to have a huge growth potential in markets such as mobile and embedded systems. However, at this stage, it will be critical to attaining performance equivalent to graphics processing units (GPUs) in industrial machine learning, as backend server/data center applications need extensive learning of algorithms. Therefore, due to the limitations of hardware fabrication capabilities, it would be difficult to enable neuromorphic hardware to learn complex algorithms for large-scale implementations. This can occur as a hindering factor in the growth of the neuromorphic computing market.

Opportunity:

Increase in demand for artificial intelligence and machine learning


The rising number of machine-to-machine connections and the growing penetration of artificial intelligence are driving the need for having more solutions at the edge using neuromorphic computing. Artificial intelligence (AI) has applications in industries such as medical, media, entertainment, telecom, utility, aerospace, military, consumer devices, food & beverages, and piping. A combination of AI systems and machine learning is set to drive business environments with smart decisions. Such systems would have applications in image classification, question-answering medical diagnostics systems, fraud detection, credit scoring, speech recognition, language translation, and self-driving automobiles.

Threat:

Lack of R&D and investments


However, several factors, such as lack of knowledge about neuromorphic computing and complex algorithms increasing complexity of designing hardware of neuromorphic chips are hindering the growth of the neuromorphic computing market. Moreover, matching a human’s flexibility and ability to learn from unstructured stimuli data can act as a key challenge in the market during the forecast period.

The software segment is expected to have the highest CAGR during the forecast period

The software segment is growing at the highest CAGR in the market. The neuromorphic computing software has applications such as continuous online learning, real-time data streaming, prediction, and data modeling. Increasing adoption of software in industries such as aerospace & defense, IT & telecom, and medical is also driving the growth of the market for neuromorphic computing software.

The hardware segment is expected to be the largest during the forecast period

The hardware segment is expected to be the largest share in the market. Neuromorphic hardware uses specialized computing architectures that reflect the structure (morphology) of neural networks from the bottom up: dedicated processing units emulate the behavior of neurons directly in hardware, and a web of physical interconnections (bus-systems) facilitate the rapid exchange of information.

Region with highest share:

Asia Pacific is projected to hold the largest share in the market. Countries such as China, Japan, and South Korea are expected to be the major contributors to market in APAC. China is the largest market for AI, followed by Japan, in APAC; this makes the country an attractive market for neuromorphic computing for machine learning and NLP applications.

Region with highest CAGR:

North America is projected to have the highest CAGR during the forecast period. Extensive awareness about the benefits of neuromorphic computing in industries such as aerospace, military & defense and medical is a major driver for the dominance of this region. The US, being the leading adopter of artificial intelligence for machine learning, natural language processing (NLP), image processing, and speech recognition across industries such as medical and automotive, is driving the growth of the market in North America.

Key players in the market:

Some of the key players profiled in the Neuromorphic Computing Market include aiCTX AG, Applied Brain Research, Inc., Aspinity Inc, Brainchip Holdings Ltd, General Vision Inc., Hewlett Packard Enterprise, HRL Laboratories, LLC, IBM Corporation, Intel Corp., Invitation AG, Numenta, Qualcomm Inc., Samsung Electronics Limited, Sony, and Vicarious.

Key developments:

In March 2020: Intel announced the readiness of Pohoiki Springs, its latest and most powerful neuromorphic research system providing a computational capacity of 100 million neurons. The cloud-based system is made available to members of the Intel Neuromorphic Research Community (INRC), extending their neuromorphic work to solve larger, more complex problems.

In June 2019: Intel announced that an 8 million-neuron neuromorphic system comprising 64 Loihi research chips is available to the broader research community. With Pohoiki Beach, researchers can experiment with Intel’s brain-inspired research chip, Loihi, which applies the working mechanism of biological brains to computer architectures.

Deployments Covered:
• Cloud Computing   
• Edge Computing

Offerings Covered:
• Software
• Hardware   

Applications Covered:
• Data Mining   
• Data Processing    
• Image Recognition   
• Object Detection   
• Price Prediction   
• Signal Recognition   
• Surveillance   
• Trading Pattern Detection   
• Vision Guided Robotic

End Users Covered:
• Aerospace, Military & Defense    
• Medical    
• Automotive    
• Industrial    
• Consumer Electronics    
• Information Technology (IT) & Telecommunication    
• Smart Infrastructure    
• Education

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Key Questions Answered In The Report

The Global Neuromorphic Computing Market is majorly driven by Increase in demand for artificial intelligence and machine learning, cross-industry partnerships and collaborations and need for better-performing integrated circuits (ICs).

The software segment is growing at a highest CAGR owing to applications such as real-time data streaming, prediction, continuous online learning and data modelling.

North America dominated with a significant market share due to the factors such as Extensive awareness about the benefits of neuromorphic computing in industries such as aerospace, military & defense and medicalacross the region.

Asia Pacific market is growing at a highest CAGR owing to countries such as China, Japan, and South Korea which are expected to be the major contributors to market in this region.

Key players in Neuromorphic Computing Market include aiCTX AG, Applied Brain Research, Inc., Aspinity Inc, Brainchip Holdings Ltd, General Vision Inc., Hewlett Packard Enterprise, HRL Laboratories, LLC, IBM Corporation, Intel Corp., Invitation AG, Numenta, Qualcomm Inc., Samsung Electronics Limited, Sony and Vicarious.

Table of Contents

1 Executive Summary        
         
2 Preface    
    
 2.1 Abstract       
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology       
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources      
  2.5.2 Secondary Research Sources      
  2.5.3 Assumptions      
         
3 Market Trend Analysis        
 3.1 Introduction       
 3.2 Drivers       
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats       
 3.6 Application Analysis       
 3.7 End User Analysis       
 3.8 Emerging Markets       
 3.9 Impact of Covid-19       
         
4 Porters Five Force Analysis        
 4.1 Bargaining power of suppliers       
 4.2 Bargaining power of buyers        
 4.3 Threat of substitutes       
 4.4 Threat of new entrants       
 4.5 Competitive rivalry       
         
5 Global Neuromorphic Computing Market, By Deployment        
 5.1 Introduction       
 5.2 Cloud Computing           
 5.3 Edge Computing       
         
6 Global Neuromorphic Computing Market, By Offering        
 6.1 Introduction       
 6.2 Software       
 6.3 Hardware           
  6.3.1 Memory         
  6.3.2 Processor         
         
7 Global Neuromorphic Computing Market, By Application        
 7.1 Introduction       
 7.2 Data Mining           
 7.3 Data Processing            
 7.4 Image Recognition           
 7.5 Object Detection           
 7.6 Price Prediction           
 7.7 Signal Recognition           
 7.8 Surveillance           
 7.9 Trading Pattern Detection           
 7.10 Vision Guided Robotic       
         
8 Global Neuromorphic Computing Market, By End User        
 8.1 Introduction       
 8.2 Aerospace, Military & Defense           
 8.3 Medical           
  8.3.1 Physical Simulation and Computation Biology         
  8.3.2 Diagnostic Imaging         
 8.4 Automotive           
  8.4.1 Advanced Driver Assistance System (ADAS)         
  8.4.2 Autonomous Vehicle         
 8.5 Industrial           
  8.5.1 Manufacturing & Utilities         
  8.5.2 Machine Vision         
 8.6 Consumer Electronics           
  8.6.1 Consumer Drones         
  8.6.2 Smart Homes         
 8.7 Information Technology (IT) & Telecommunication            
  8.7.1 Enterprise Content Management         
  8.7.2 Intelligent Character Recognition         
 8.8 Smart Infrastructure           
 8.9 Education       
         
9 Global Neuromorphic Computing Market, By Geography        
 9.1 Introduction       
 9.2 North America       
  9.2.1 US      
  9.2.2 Canada      
  9.2.3 Mexico      
 9.3 Europe       
  9.3.1 Germany      
  9.3.2 UK      
  9.3.3 Italy      
  9.3.4 France      
  9.3.5 Spain      
  9.3.6 Rest of Europe      
 9.4 Asia Pacific       
  9.4.1 Japan      
  9.4.2 China      
  9.4.3 India      
  9.4.4 Australia      
  9.4.5 New Zealand      
  9.4.6 South Korea      
  9.4.7 Rest of Asia Pacific      
 9.5 South America       
  9.5.1 Argentina      
  9.5.2 Brazil      
  9.5.3 Chile      
  9.5.4 Rest of South America      
 9.6 Middle East & Africa       
  9.6.1 Saudi Arabia      
  9.6.2 UAE      
  9.6.3 Qatar      
  9.6.4 South Africa      
  9.6.5 Rest of Middle East & Africa      
          
10 Key Developments        
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures       
 10.2 Acquisitions & Mergers       
 10.3 New Product Launch       
 10.4 Expansions       
 10.5 Other Key Strategies       
         
11 Company Profiling        
 11.1 aiCTX AG           
 11.2 Applied Brain Research, Inc.           
 11.3 Aspinity Inc           
 11.4 Brainchip Holdings Ltd           
 11.5 General Vision Inc.           
 11.6 Hewlett Packard Enterprise           
 11.7 HRL Laboratories, LLC           
 11.8 IBM Corporation           
 11.9 Intel Corp.           
 11.10 Invitation AG           
 11.11 Numenta           
 11.12 Qualcomm Inc.           
 11.13 Samsung Electronics Limited            
 11.14 Sony            
 11.15 Vicarious       


List of Tables         
1 Global Neuromorphic Computing Market Outlook, By Region (2020-2028) ($MN)        
2 Global Neuromorphic Computing Market Outlook, By Deployment (2020-2028) ($MN)        
3 Global Neuromorphic Computing Market Outlook, By Cloud Computing (2020-2028) ($MN)        
4 Global Neuromorphic Computing Market Outlook, By Edge Computing (2020-2028) ($MN)        
5 Global Neuromorphic Computing Market Outlook, By Offering (2020-2028) ($MN)         
6 Global Neuromorphic Computing Market Outlook, By Software (2020-2028) ($MN)        
7 Global Neuromorphic Computing Market Outlook, By Hardware (2020-2028) ($MN)        
8 Global Neuromorphic Computing Market Outlook, By Memory (2020-2028) ($MN)        
9 Global Neuromorphic Computing Market Outlook, By Processor (2020-2028) ($MN)        
10 Global Neuromorphic Computing Market Outlook, By Application (2020-2028) ($MN)        
11 Global Neuromorphic Computing Market Outlook, By Data Mining (2020-2028) ($MN)        
12 Global Neuromorphic Computing Market Outlook, By Data Processing  (2020-2028) ($MN)        
13 Global Neuromorphic Computing Market Outlook, By Image Recognition (2020-2028) ($MN)        
14 Global Neuromorphic Computing Market Outlook, By Object Detection (2020-2028) ($MN)        
15 Global Neuromorphic Computing Market Outlook, By Price Prediction (2020-2028) ($MN)        
16 Global Neuromorphic Computing Market Outlook, By Signal Recognition (2020-2028) ($MN)        
17 Global Neuromorphic Computing Market Outlook, By Surveillance (2020-2028) ($MN)        
18 Global Neuromorphic Computing Market Outlook, By Trading Pattern Detection (2020-2028) ($MN)        
19 Global Neuromorphic Computing Market Outlook, By Vision Guided Robotic (2020-2028) ($MN)        
20 Global Neuromorphic Computing Market Outlook, By End User (2020-2028) ($MN)        
21 Global Neuromorphic Computing Market Outlook, By Aerospace, Military & Defense (2020-2028) ($MN)        
22 Global Neuromorphic Computing Market Outlook, By Medical (2020-2028) ($MN)        
23 Global Neuromorphic Computing Market Outlook, By Physical Simulation and Computation Biology (2020-2028) ($MN)        
24 Global Neuromorphic Computing Market Outlook, By Diagnostic Imaging (2020-2028) ($MN)        
25 Global Neuromorphic Computing Market Outlook, By Automotive (2020-2028) ($MN)        
26 Global Neuromorphic Computing Market Outlook, By Advanced Driver Assistance System (ADAS) (2020-2028) ($MN)        
27 Global Neuromorphic Computing Market Outlook, By Autonomous Vehicle (2020-2028) ($MN)        
28 Global Neuromorphic Computing Market Outlook, By Industrial (2020-2028) ($MN)        
29 Global Neuromorphic Computing Market Outlook, By Manufacturing & Utilities (2020-2028) ($MN)        
30 Global Neuromorphic Computing Market Outlook, By Machine Vision (2020-2028) ($MN)        
31 Global Neuromorphic Computing Market Outlook, By Consumer Electronics (2020-2028) ($MN)        
32 Global Neuromorphic Computing Market Outlook, By Consumer Drones (2020-2028) ($MN)        
33 Global Neuromorphic Computing Market Outlook, By Smart Homes (2020-2028) ($MN)        
34 Global Neuromorphic Computing Market Outlook, By Information Technology (IT) & Telecommunication (2020-2028) ($MN)        
35 Global Neuromorphic Computing Market Outlook, By Enterprise Content Management (2020-2028) ($MN)        
36 Global Neuromorphic Computing Market Outlook, By Intelligent Character Recognition (2020-2028) ($MN)        
37 Global Neuromorphic Computing Market Outlook, By Smart Infrastructure (2020-2028) ($MN)        
38 Global Neuromorphic Computing Market Outlook, By Education (2020-2028) ($MN)        
         
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.         

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