Neuromorphic Computing Global Market Report 2023: Growing Demand for Artificial Intelligence Based Services Boosts Sector

Dublin, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The "Neuromorphic Computing Market Size, Share & Trends Analysis Report By Application, By End-Use, By Deployment, By Component, By Region, And Segment Forecasts, 2023 - 2030" report has been added to's offering.

The global neuromorphic computing Market size is expected to reach USD 20,272.1 million by 2030. The market is anticipated to expand at a CAGR of 21.2% from 2022 to 2030.

The rise in demand for artificial intelligence and machine learning technology increased software utilization in neuromorphic computing, and the growing demand to produce better-integrated circuits (ICs) is attributed to the growth of the Neuromorphic computing market.

AI-powered neuromorphic chips are in high demand in the automotive industry because of their constant requirement for developing AI algorithms for high throughput with low power demands.

Moreover, Neuromorphic chips are ideal for classification methods and could be used in various autonomous driving scenarios. For instance, in December 2020, Mercedes-Benz AG collaborated with the Intel Neuromorphic Research Community to investigate how neuromorphic chips could improve energy efficiency, speed, and accuracy for vehicle-related AI applications.

The increasing use of neuromorphic technology in healthcare applications is attributed to market growth. Moreover, Neuromorphic devices combined with artificial intelligence help detect health issues in individuals. For instance, in August 2022, Researchers from the University of Chicago's Pritzker School of Molecular Engineering in the U.S. developed a wearable neuromorphic computing chip. This chip is developed by fusing wearable technology with artificial intelligence and machine learning to analyze health data.

Neuromorphic computing, which uses observations from neuroscience to create chips that function like the biological brain, aims to improve energy efficiency, computation speed, and learning efficiency in various applications such as voice, vision, gesture recognition, robotics, and search retrieval. For instance, in October 2021, Intel Corporation released Loihi 2, its 2nd generation neuromorphic research chip, and Lava, an open-source software platform for creating neuro-inspired applications and computing.

Neuromorphic computing provides benefits such as fast parallel processing with minimum power requirement. It also eliminates the need for back-and-forth data movement between components in the von Neumann architecture; this is expected to drive its adoption for image and signal processing applications. Moreover, its expected adoption in consumer electronics, automotive, healthcare, and military & defense sectors will also be largely responsible for driving the market growth.

Market Dynamics

Market Drivers

  • Increasing Demand for High Performance ICs
  • Growing Demand for Artificial Intelligence Based Services
  • Radical Shift from Traditional Ics Towards Neuron Architecture
  • Integration of Neuromorphic Computing Impact in Space Operations

Market Restraints

  • Complex Hardware and Software

Neuromorphic Computing Market Report Highlights

  • The consumer electronics segment holds the maximum revenue share of 57.93% in 2022. This can be attributed to the dynamic growth in the electronics industry coupled with the integration of IoT and AI-based technologies in the consumer electronic equipment.
  • The Edge segment dominates the market with a revenue share of more than 74% due to the rising use of edge computing in applications such as responsive voice control for automobiles, full-body gesture detection for touchless interfaces, and onboard intelligence for assistive robotics.
  • The software segment is projected to grow with the highest CAGR of 26.9% during the forecasted period due to the increasing software needs across multiple industries such as aerospace & defense, IT, and telecom.
  • Asia Pacific is projected to grow with the highest CAGR of 22.7% from 2023 to 2030. The growth is attributable to the rapidly swift technological advancements, increasing consumption of smart electronic equipment, and the increasing prominence of social networking in developing economies, such as India and China.
Report AttributeDetails
No. of Pages145
Forecast Period2023 - 2030
Estimated Market Value (USD) in 2023$5277 Million
Forecasted Market Value (USD) by 2030$20272.1 Million
Compound Annual Growth Rate21.2%
Regions CoveredGlobal

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Neuromorphic Computing Market Variables, Trends & Scope

Chapter 4 Neuromorphic Computing Market: Application Estimates and Trend Analysis
4.1 Neuromorphic Computing Market: Application Movement Analysis
4.2 Neuromorphic Computing Market, by application
4.3 Signal Processing
4.4 Image Processing
4.5 Data Processing
4.6 Object Detection
4.7 Others

Chapter 5 Neuromorphic Computing Market: End-Use Estimates and Trend Analysis
5.1 Neuromorphic Computing Market: End-Use Movement Analysis
5.2 Neuromorphic Computing Market, by end-use
5.3 Consumer Electronics
5.4 Automotive
5.5 Healthcare
5.6 Military & Defense
5.7 Others

Chapter 6 Neuromorphic Computing Market: Deployment Estimates and Trend Analysis
6.1 Neuromorphic Computing Market: Deployment Movement Analysis
6.2 Neuromorphic Computing Market, by Deployment
6.3 Edge Computing
6.4 Cloud Computing

Chapter 7 Neuromorphic Computing Market: Component Estimates and Trend Analysis
7.1 Neuromorphic Computing Market: Component Movement Analysis
7.2 Neuromorphic Computing Market, by component
7.3 Hardware
7.4 Software
7.5 Services

Chapter 8 Neuromorphic Computing Market: Regional Estimates and Trend Analysis

Chapter 9 Competitive Landscape

Companies Mentioned

  • Brain Corporation
  • CEA-Leti
  • General Vision, Inc.
  • Hewlett-Packard
  • HRL Laboratories, LLC
  • International Business Machines Corporation
  • Intel Corporation
  • Knowm Inc.
  • Numenta
  • Qualcomm Technologies, Inc.
  • Samsung Electronics Co., Ltd.
  • Vicarious FPC, Inc.

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Global Neuromorphic Computing Market

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