Enjoy complimentary customisation on priority with our Enterprise License!
The Neuromorphic Computing Market size is estimated to grow by USD 96.18 million at a CAGR of 24.13% between 2023 and 2028.
There is a growing demand for memory-intensive applications, including big data analytics, artificial intelligence, and the Internet of Things (IoT), which has fueled the growth of the neuromorphic computing market. Moreover, memristors are essentially non-volatile memory devices that provide high-density memory and fast processing speeds, making them an attractive solution for different applications including image recognition and data mining, among others. Furthermore, the growth of the market is fuelled by the increasing adoption of cloud computing, which requires large amounts of memory to store and process vast volumes of data. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Components, Type, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 to 2022, besides analyzing the current market scenario.
To learn more about this report, Request Free Sample
The hardware segment is estimated to witness significant growth during the forecast period. This segment comprises computer components modeling neurological or artificial neural networks. Some of the main factors that are significantly contributing to the growth of this segment include the growing adoption of neuromorphic computing chips among end-user industries, along with rising demand for high processing power devices and artificial intelligence (AI) and machine learning (ML).
Get a glance at the market contribution of various segments View a PDF Sample
The hardware segment was the largest segment and was valued at USD 14.01 million in 2018. In addition, the high volume of manufacturing also fuels the growth of this segment. Furthermore, manufacturers are developing technologically advanced devices, which will combine edge and quantum computing and robotics that can be synchronized with other devices due to the intense competition in developing neuromorphic computing AI chips. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
In this segment, the service is purchased and installed on the user's server, which the information technology specialists in the organization maintain due to several factors including the high cost involved with the implementation and up-gradation and fewer options for scalability. In addition, edge computing offers features such as workflow streamlining, control, speed, security, governance, and reporting. Moreover, features such as end-to-end quality control and data security capabilities significantly fuel the growth of this segment. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
For more insights about the market share of various regions View PDF Sample now!
North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. One of the main regions with significant markets for neuromorphic computing is North America due to the high rate of R&D investment by local businesses and the highly knowledgeable integrator base of neuromorphic computing chips in comparison with other regions such as APAC, Europe, South America, and MEA.
In addition, several key market participants are situated in the US, and the country has recently been one of the most significant contributors to the majority of memristor applications, such as neuromorphic computing. Moreover, there is an increasing demand for Advanced consumer electronics items such as smartphones, PCs, and other intelligent home gadgets in North America. Therefore, as the deployment of neuromorphic computing shifts toward the creation of strong and inexpensive distributed sensing and processing solutions, it is expected to drive the neuromorphic computing market in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global neuromorphic computing market witnessed a significant slowdown due to the temporary closure of various industries, including those manufacturing neuromorphic computing chips in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in end-user industries. Such factors are expected to drive the market during the forecast period.
Buy Now Full Report and Discover More
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 13 market companies, including:
Accenture Plc: The company offers neuromorphic computing solutions such as AI powered by brain-like computing architectures which are energy efficient, low latency, and rapid learning.
BrainChip Holdings Ltd, CEA, General Vision Inc., GrAI Matter Labs Inc., Hewlett Packard Enterprise Co., Intel Corp., International Business Machines Corp., Knowm Inc., Numenta Inc., Samsung Electronics Co. Ltd., SK hynix Co. Ltd., and The Boeing Co.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
A key factor shaping the neuromorphic computing market growth is the advent of Industry 4.0 in end-user industries. There is a significant transformation in the industrial world due to technology, with traditional manufacturing and industrial processes being integrated with advanced technology. Industry 4.0 can be referred to as the use of emerging digital technologies and smart automation in business and production processes.
Moreover, such integration helps in creating connected and smart systems, which eventually lead to strategic and operational advantages. Furthermore, the emergence, of advanced technologies such as the Industrial Internet of Things (IIoT), AI, augmented reality, virtual reality, and big data analytics has been a positive pointer to Industry 4.0. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Infrastructural and integration issues are one of the key challenges hindering the neuromorphic computing market growth. The effective implementation of neuromorphic computing essentially needs access to high-speed and high-bandwidth Internet. Therefore, any issues including the lack of connectivity, lack of electricity, or slow network, may lead to system downtime and hamper business productivity.
Moreover, there is a significant challenge involved in the effective implementation of advanced systems in the end-user industries, particularly in developing economies. Furthermore, several neuromorphic computing systems have their own configurations, resulting in integration issues in an exceedingly heterogeneous information technology environment. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
Buy Now Full Report and Discover More
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Neuromorphic Computing Market Customer Landscape
The neuromorphic computing market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Neuromorphic Computing Market Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 24.13% |
Market growth 2024-2028 |
USD 96.18 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
22.0 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Germany, UK, France, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, BrainChip Holdings Ltd, CEA, General Vision Inc., GrAI Matter Labs Inc., Hewlett Packard Enterprise Co., Intel Corp., International Business Machines Corp., Knowm Inc., Numenta Inc., Samsung Electronics Co. Ltd., SK hynix Co. Ltd., and The Boeing Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
View Sample PDF at your Fingertips
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.