Global Neuromorphic Computing Market Highlights
Global Neuromorphic Computing Market was valued at USD 42.08 Million in 2018 and is estimated to reach a market value of USD 648.40 Million by 2025 growing at a CAGR of 49.92% during the forecast period 2019–2025.
The Global Neuromorphic Computing Market is growing at a significant rate, and the trend is expected to continue during the forecast period. This is due to the decline in the growth rate of the processing power of traditional chips and the rising demand for AI-based applications. The key players operating in the global neuromorphic computing market are heavily investing to offer enhanced computing capabilities and lower the power consumption with the help of neuromorphic chips.
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Regional Analysis
Globally, the Neuromorphic Computing Market has been categorized into four different regions, namely North America, Europe, Asia-Pacific, and the rest of the world (the Middle East and Africa and South America).
North America accounted for the largest market share in 2018, with a market value of USD 36.39 Million; the market is expected to register the highest CAGR of 50.06% during the forecast period. Europe was the second-largest market in 2018, and it is projected to exhibit the highest CAGR of 49.92% during the forecast period.
North America accounted for the largest share for the neuromorphic computing market due to the presence of various companies such as IBM Corporation, Intel Corporation, Qualcomm Incorporated, and others which are developing various systems and processors used for neuromorphic computing. Moreover, there is an increasing demand for AI-based applications which is fuelling the development of this technology and driving the neuromorphic computing market in the region. The North American region, based on country, has been segmented into the US, Canada, and Mexico.
Europe is expected to register steady growth in the global neuromorphic computing market during the forecast period owing to the rising adoption of AI, machine learning, and IoT-based systems in various industries such as automotive, IT & telecom, aerospace and defense, and others. Moreover, increasing demand for better productivity and efficiency of the overall process is also driving the market in the region. The region by country has been segmented into the UK, Germany, France, Spain, Italy, and the rest of Europe.
The Asia-Pacific region accounted for a significant share in the neuromorphic computing market due to the increasing adoption of AI, data analytics, IoT, and other technologies and solutions; reduce human efforts; and increase the efficiency of the process. The increasing demand for these technologies has increased the requirement of fast processors and networks with high computing power resulting in the growing demand for neuromorphic computing. Based on the country, the region has been segmented as China, Japan, India, Australia, and the rest of Asia-Pacific.
The rest of the world accounted for the fourth position in 2018 in the global neuromorphic computing market. The market growth in this region is expected to remain stagnant due to the presence of emerging economies and limited infrastructure support. However, the market is expected to experience a growing trend in the future due to the increasing investments to boost the AL and IoT solutions. The region has been segmented into the Middle East and Africa and South America.
Global Neuromorphic Computing Market Segmentation
The Global Neuromorphic Computing Market has been segmented on the basis of Offering, Application, End-User. Based on offering, the global neuromorphic computing market has been segmented into hardware and software. Based on application, the Global Neuromorphic Computing Market has been segmented into image recognition, signal recognition, data mining, object detection, and others. By the end-user, the global neuromorphic computing market has been segmented into automotive, consumer electronics, aerospace and defense, IT and telecommunications, industrial and others.
Prominent Players
Some of the Prominent Players in the Global Neuromorphic Computing Market are IBM Corporation (US), Intel Corporation (US), Applied Brain Research (Canada), SAMSUNG (South Korea), BrainChip Holdings Ltd (Australia), Hewlett Packard Development LP (US), HRL Laboratories (US), Qualcomm Incorporated (US), General Vision(US), Vicarious (US), Numenta(US).
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