Neuromorphic Computing Market worth $ 3508.56 Million, Globally, by 2028 at 88.50 % CAGR: Verified Market Research™

Growing demand for the need of Artificial Intelligence and Machine Learning across various industries such as Media and Entertainment, Aerospace, Military, high demand for cognitive robots are the primary drivers of the growth of the market

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Verified Market Research

Jun 01, 2021, 09:15 ET

JERSEY CITY, N.J., June 1, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Neuromorphic Computing Market" By Deployment (Edge Computing & Cloud Computing), By Offering (Hardware & Software), By Application (Image Processing, Signal Processing, Data Processing, Object Detection & Others), By Vertical (Automotives, Consumer Electronics, Aerospace, Military and Defense, IT and Telecommunication, Industrial, Medical & Others), and By Geography. According to Verified Market Research, the Global Neuromorphic Computing Market was valued at USD 22.06 Million in 2020 and is projected to reach USD 3508.56 Million by 2028, growing at a CAGR of 88.50% from 2021 to 2028.

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Browse in-depth TOC on "Neuromorphic Computing Market"

202 - Pages
126 – Tables
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Global Neuromorphic Computing Market Overview

An important driver for growth of the Global Neuromorphic Computing market is the growing need for high performance Integrated Circuits. Neuromorphic chips can greatly reduce transportation times expended by a conventional CPU by processing and storing data in the same chip. The ability to integrate processing and storage greatly reduces the shuttling time which an otherwise normal CPU would have required for transporting the data between a block of memory and the processor which carries out the processing duties on these memories. Thus, a need for better performing ICs for the purpose of efficient computing is helping the market to expand.

A wide variety of industries are in need to automate their operations with the help of Artificial Intelligence and Machine Learning in a bid to improving efficiency and quality of their end product. AI finds extensive applications across industries such as medical, media, telecom, automobile, food and beverages amongst others. These industries regularly encounter problems which can be efficiently met with SNN, because of its ability to make flexible and agile decisions keeping not only the past experiences, but also the context of the situation into picture. Applications such as Fraud Detection, Credit Scoring, Speech Recognition, Self-driving automobiles, image classification and language translation, all can be made further efficient with a combination of AI and ML. A rising demand for cognitive and brain robots as a general-purpose humanoid robot further drives the growth of the market.

Key Developments in Neuromorphic Computing Market

Intel announced the completion of Pohoiki Springs, its latest and most powerful neuromorphic research system, with a computational capacity of 100 million neurons in March 2020.
Intel announced that an 8 million-neuron neuromorphic system comprising 64 Loihi research chips is available to the wider research community in June 2019.
Intel Federal LLC announced a three-year agreement with Sandia National Laboratories (Sandia) with an to explore the value of neuromorphic computing for scaled-up computational problems in October 2020.

The major players in the market are IBM Corporation, Intel Corporation, Brainchip Holdings Limited, Qualcomm Technologies, HP Enterprise, HRL Laboratories LLC, Flow Neuroscience AB, Innatera Nanosystems B.V., Aspinity, Inc., Samsung Electronics Limited among others.

Verified Market Research has segmented the Global Neuromorphic Computing Market On the basis of Deployment, Offering, Application, Vertical and Geography.

Neuromorphic Computing Market by Deployment

Edge Computing
Cloud Computing

Neuromorphic Computing Market by Offering

Hardware
Software

Neuromorphic Computing Market by Application

Image Processing
Signal Processing
Data Processing
Object Detection
Others

Neuromorphic Computing Market by Vertical

Automotives
Consumer Electronics
Aerospace, Military and Defense
IT and Telecommunicatio
Industrial
Medical
Others (Smart Infrastructure and Education)

Neuromorphic Computing Market by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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