Neuromorphic Computing Market to Reach $8.58 Billion, Globally, By 2030 at 79.0% CAGR: Allied Market Research

Surge in demand for artificial intelligence and machine learning technology and high usage of software in neuromorphic computing drive the growth of the global neuromorphic computing market.

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Allied Market Research

Oct 18, 2021, 09:00 ET

PORTLAND, Ore., Oct. 18, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Neuromorphic Computing Market By Offering (Hardware and Software), Deployment (Edge Computing and Cloud Computing), Application (Image Recognition, Signal Recognition, Data Mining, and Others), Industry Vertical (Consumer Electronics, Automotive, IT & Telecom, Aerospace & Defense, Industrial, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global neuromorphic computing industry generated $26.32 million in 2020, and is anticipated to generate $8.58 billion by 2030, witnessing a CAGR of 79.0% from 2021 to 2030.

Prime Determinants of Growth

Surge in demand for artificial intelligence and machine learning technology, rise in demand for better performing integrated circuits (ICs), and high usage of software in neuromorphic computing drive the growth of the global neuromorphic computing market. However, increase in complexity of algorithms and backend operations hinder the market growth. On the other hand, rise in adoption of neuromorphic chip in automotive industry presents new opportunities in the coming years.

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COVID-19 Scenario:

The outbreak of the Covid-19 pandemic led to the global lockdown. This gave way to temporary closure of manufacturing facilities in almost every industry across the world. This, in turn, affected the neuromorphic computing market.
Moreover, the pandemic resulted in workforce & travel restrictions, supply chain disruptions, reduction in demand across many sectors, and decline in infrastructure development & installation projects, which sequentially hampered the market growth.
However, as vaccines roll out across the globe and the pandemic situation is controlled in a better manner especially in North America and Europe, the neuromorphic computing market is anticipated to witness growth during the forecast period.

The Hardware segment to maintain its leadership status throughout the forecast period

Based on offering, the hardware segment held the highest market share in 2020, accounting for more than two-thirds of the global neuromorphic computing market, and is estimated to maintain its leadership status throughout the forecast period. This is due to shift in the interest from high-performance computing (HPC) to increased parallelism in the form of multi-core architectures. However, software segment is projected to manifest the highest CAGR of 83.1% from 2021 to 2030, owing to increase in application and usage of software in neuromorphic computing.

The Edge Computing segment to maintain its lead position during the forecast period

Based on deployment, the edge computing segment accounted for the largest share in 2020, contributing to nearly 90% of the global neuromorphic computing market, and is projected to maintain its lead position during the forecast period. This is due to the increase in the number of internet of things (IoT) devices that have increased the need for data processing on the Edge. Moreover, the cloud computing segment is expected to portray the largest CAGR of 83.7% from 2021 to 2030, owing to numerous technological advantages such as a stop platform for secure storing and transporting huge amounts of data for any organization.

North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global neuromorphic computing market. Extensive awareness about the benefits of neuromorphic computing in industries such as aerospace, military & defense, and medical is a major driver for the dominance in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 80.8% from 2021 to 2030. This is due to growing demand for automation in emerging nations such as China and India.

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Leading Market Players

IBM Corporation
Intel Corporation
BrainChip Holdings Ltd.
Qualcomm Incorporated
Hewlett Packard Development LP
Samsung Electronics Ltd.
General Vision Inc.
Applied Brain Research Inc.
Numenta
Vicarious

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