The Neuromorphic Computing Market size was valued at USD 6.8 Billion in 2023 in ABS Market Growth Drivers: A Comprehensive Analysis

Revised: 04/01/2024 4:08 a.m.

  • March 31, 2024, 10 p.m.
  • |
  • Public

The neuromorphic computing market size was valued at USD 6.8 Billion in 2023 and is expected to reach a market size of USD 82.1 Billion by 2032 with a CAGR of 31.8%.

The neuromorphic computing market has been steadily expanding, driven by the demand for efficient and powerful computing solutions inspired by the human brain’s architecture. Neuromorphic computing mimics the parallel processing and energy efficiency of biological neural networks, offering promising capabilities for tasks like pattern recognition, sensor data processing, and machine learning. This technology has found applications in various fields, including robotics, healthcare, automotive, and cybersecurity.

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Recent developments in the neuromorphic computing market include:

Advancements in Hardware: Companies are continually developing neuromorphic chips with increased complexity and performance, enabling faster and more energy-efficient processing of neural networks.

Software Innovations: There’s a growing focus on developing specialized algorithms and software frameworks optimized for neuromorphic hardware, enhancing the usability and effectiveness of these systems.

Expansion of Applications: Neuromorphic computing is being applied to a broader range of use cases, including real-time data analysis, autonomous systems, and edge computing, driving its adoption across industries.

Research Collaborations: Academic institutions, research organizations, and industry players are collaborating to advance the understanding and implementation of neuromorphic computing, fostering innovation and knowledge exchange.

Market Growth and Investment: The neuromorphic computing market is experiencing significant growth, with increased investments from both established technology companies and startups, indicating growing confidence in its potential and future prospects.

Top Companies are:

· Intel Corporation

· SK Hynix Inc.

· IBM Corporation

· Samsung Electronics Co. Ltd

· GrAI Matter Labs

· HP Enterprise

· Nepes Corporation

· General Vision Inc.

· Qualcomm Technologies

· Gyrfalcon Technology Inc.

· BrainChip Holdings Ltd

· Vicarious FPC Inc.

Market Segmentations:

By Component (2024–2032)

· Hardware

· Software

· Services

By Deployment (2024–2032)

· Cloud Deployment

· Edge Deployment

By Application (2024–2032)

· Signal Processing

· Image Processing

· Data Processing

· Object Detection

· Others

By End-use (2024–2032)

· Military & Defense

· Automotive

· Consumer Electronics

· Industrial

· Medical

· IT & Telecommunication

· Others

Regional Analysis:

Neuromorphic Computing market in North America demonstrated a remarkable stronghold, attributed to the region’s robust adoption of artificial intelligence technologies and the presence of key industry players like General Vision Inc., IBM Corporation, Intel Corporation, and HRL Laboratories LLC. This dominance was further fueled by substantial government investments aimed at fostering research in neuromorphic computing.

Notably, in September 2022, the Department of Energy renewed its funding of USD 12.6 million to the University of California San Diego’s Quantum Materials for Energy Efficient Neuromorphic Computing center. This funding injection is geared towards advancing the development of materials crucial for enhancing neuromorphic computing capabilities, underscoring North America’s pivotal role in shaping the trajectory of this cutting-edge technology.

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Last updated April 01, 2024


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