According to the report by Expert Market Research (EMR), the global neuromorphic computing market size is projected to grow at a CAGR of 20% between 2024 and 2032. Aided by the advancements in artificial intelligence (AI) and machine learning (ML). Neuromorphic computing, the market is expected to grow significantly by 2032.
Neuromorphic computing represents a radical shift in computing architecture. It involves designing computer chips that operate more like human brains than traditional computer systems. These chips, known as neuromorphic processors, are capable of self-learning and decision-making, powered by artificial neurons and synapses. This technology has the potential to revolutionise how machines process information, making them more efficient and capable of complex, cognitive tasks.
The primary driver of the neuromorphic computing market growth is the escalating demand for AI and ML in various industries. As businesses increasingly seek to leverage AI for data analysis, predictive modelling, and automation, neuromorphic computing offers a powerful solution that significantly enhances processing efficiency and speed.
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In addition, the growing interest in edge computing, where data processing occurs closer to where it is needed, is propelling the neuromorphic market. Neuromorphic chips, with their low power consumption and high-speed processing capabilities, are ideal for edge devices like smartphones, sensors, and IoT devices.
Another factor contributing to the neuromorphic computing market growth is the ongoing research and development in the field of artificial intelligence. Leading tech companies and research institutions are investing heavily in developing advanced neuromorphic chips that could potentially outperform traditional processors in AI tasks.
Neuromorphic computing finds applications across various sectors. In the healthcare industry, these chips are used for real-time data analysis, aiding in diagnostics and patient monitoring. The automotive sector utilises neuromorphic computing for advanced driver-assistance systems (ADAS) and autonomous vehicles, where rapid data processing and decision-making are crucial.
According to the neuromorphic computing market analysis, in the realm of consumer electronics, neuromorphic chips are being integrated into smartphones and wearables to enhance user experience through personalised and adaptive features. Furthermore, the technology is also making inroads into sectors like robotics, aerospace, and defense, where AI and ML capabilities are increasingly in demand.
Neuromorphic Computing Market Segmentation
The market can be divided based on component, application, end use, and region.
Market Breakup by Component
- Hardware
- Software
Market Breakup by Application
- Signal Processing
- Image Processing
- Data Processing
- Object Detection
- Others
Market Breakup by End Use
- Consumer Electronics
- Automotive
- Healthcare
- Military and Defence
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Neuromorphic Computing Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global neuromorphic computing market. Some of the major players explored in the report by Expert Market Research are as follows:
- Intel Corporation
- BrainChip Holdings Ltd.
- General Vision Inc.
- IBM Corporation
- Others
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