Surge in demand for machine learning tools and solution is expected to drive the global neuromorphic computing market in the forecast period.
Neuromorphic chips provide plethora of advantages including optimum use of memory, high speed, and lower power consumption. These chips are in high demand for different applications comprising of audio and signal processing, satellite imagery and aerial surveillance. Major market players are upgrading the existing infrastructure and inventing new way to develop neutral processing units which when combined with processing chip can be maneuvered to perform reverse engineering of human brain. High demand from automotive sector to achieve Level 5 of vehicle autonomy is driving the demand for AI powered neuromorphic chips. Application of neuromorphic chips in automotive industry include Advanced Driver Assistance System which comprises of image recognition and learning functionality.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected several countries adversely. Leading authorities imposed the lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. To provide effective treatment healthcare facilities are using neuromorphic computing in medical devices. Also, due to lockdown restrictions companies started the practicing the work from home policy which is increasing the supply and demand of IT peripherals which is further fueling the neuromorphic computing market growth for the forecast period.
However, presence of complex algorithms increases the complexity to design neuromorphic chips and hardware which may create hindrance in the global neuromorphic computing market growth.
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Global neuromorphic computing market is segmented into offering, deployment, application, vertical, regional distribution, and company. Based on vertical, market can be further divided into aerospace, military, defence, automotive, consumer electronics, industrial, medical, IT & telecommunication, and others. The consumer electronics vertical segment is expected to hold major market share for the forecast period, 2022-2026 due to presence of disposable income among the middle-class families which is increasing the expenditure capacity of consumers.
Increasing use of brain computers for faster results and high performance is boosting the demand of this segment. High demand for smart wearable devices for constant monitoring to produce better results and the ease and convenience of wearing these devices as they do not affect the daily activities is expected to bolster the demand for neuromorphic computing. Based on application, market can be fragmented into image recognition, signal recognition, and data mining. The signal recognition application segment is expected to dominate the market for the next five years due to growing demand for processing audio and acoustic signals.
IBM Corporation, The Hewlett-Packard Company, Samsung Electronics Co. Ltd, Intel Corporation, Qualcomm Inc., Brain Corporation, General Vision Inc., HRL Laboratories, Vicarious Systems Inc., Knowm Inc. are the leading players operating in global neuromorphic computing market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several neuromorphic computing manufacturers are coming up with their technologically advanced offerings.
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“High rate of adoption of advanced automated technology from several end user industries such as telecommunication, retail and logistics, manufacturing, among others is expected to boost the demand for neuromorphic computing for the forecast period. Also, the high demand for real-time analytics due to need for continuous monitoring and producing smart decisions coupled with increasing adoption of neuromorphic computing for security applications is expected to propel the neuromorphic computing market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Neuromorphic Computing Market By Offering (Hardware, Software) By Deployment (Edge Computing, Deploy Computing) By Application (Image Recognition, Signal Recognition, Data Mining) By Vertical (Aerospace, Military, Defense, Automotive, Consumer Electronics, Industrial, Medical, IT & Telecommunication, Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of global neuromorphic computing market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global neuromorphic computing market.
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