Neuromorphic Computing Market worth $550,593 thousand by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 4, 2021 /PRNewswire/ -- According to a research report "Neuromorphic Computing Market With Covid-19 Impact by Offering, Deployment, Application (Image Recognition, Signal Recognition, Data Mining), Vertical (Aerospace, Military, & Defense, Automotive, Medical) and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the Neuromorphic Computing Market is expected to be valued at USD 22,743 thousand in 2021 and is projected to reach USD 550,593 thousand by 2026; it is anticipated to grow at a CAGR of 89.1% during the forecast period (2021–2026).
Ask for PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227703024
The major factors driving the growth of the neuromorphic computing market are need for better performing ICs, increase in demand for artificial intelligence and machine learning, and increasing number of cross-industry partnerships and collaborations. However, several factors, such as lack of knowledge about neuromorphic computing and complex algorithms increasing complexity of designing hardware of neuromorphic chips are hindering the growth of neuromorphic computing market. Moreover, matching a human's flexibility and ability to learn from unstructured stimuli data can act as a key challenge in the market during the forecast period.
Software is projected to witness the highest CAGR for the forecast period
Hardware are expected to hold a major share during the forecast period. The emergence of neuromorphic chipsas a potential replacement for Von Neumann architecture, wherein they have separate units for storing information, and processing it sequentially limits memory usage, power consumption, and speed is expected to be the major driver for its growth during the initial years of commercialization. While the increasing adoption of software in industries such as aerospace & defense, IT & telecom, and medical would drive the growth of the market for neuromorphic computing software during the forecast period to register a higher CAGR.
Image Recognition to account for largest share of neuromorphic computing market during forecast period
Image Recognition is expected to witness rapid growth in the overall neuromorphic computing market. Aerospace, military & defense is the largest industrial user segment for image recognition, where it is used for surveillance and security, tracking, and targeting, and in drones. The growth of the image recognition segment is expected to be driven by the increasing adoption of drones and UAVs. Video monitoring and machine vision are the major uses driving the growth of the market for image recognition.
Edge Computing will have highest growth in coming years
The edge computing segment is expected to account for a 95% shae of the overall neuromorphic computing market by 2026. The high growth of edge computing is attributed to its increasing use in applications such as responsive voice control for vehicles, full-body gesture recognition for touchless interfaces, and on-board intelligence for assistive robotics. Neuromorphic computing at edge is also apt for low-power and low-latency applications, and on-device adaptation.
Aerospace, Military, & Defense vertical is expected to hold the largest share in 2026
Neuromorphic computing can process information faster than any other processor; this helps the military & defense industry in processing sensitive data such as battlefield data, including weapons and resources management. Increasing requirement for testing and transmitting signals to securely code and transmit data from one end to another to reduce the threat of security issues is another factor driving the growth of the neuromorphic computing market for the aerospace, military & defense industry.
Browse in-depth TOC on "Neuromorphic Computing Market"
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=227703024
APAC is attributed to grow at the highest CAGR in the neuromorphic computing market during the forecast period (2021-2026)
APAC is expected to hold the second-largest share of ~37% of the global neuromorphic computing market in 2021. Countries such as China, Japan, and South Korea are expected to be the major contributors to the neuromorphic computing market in APAC. China is the largest market for AI, followed by Japan, in APAC; this makes the country an attractive market for neuromorphic computing for machine learning and NLP applications. While North America is expected to hold the largest share of ~40% of the global neuromorphic computing market in 2021. Extensive awareness about the benefits of neuromorphic computing in industries such as aerospace, military & defense and medical is a major driver for the dominance of this region. The US, being the leading adopter of artificial intelligence for machine learning, natural language processing (NLP), image processing, and speech recognition across industries such as medical and automotive, is driving the growth of the neuromorphic computing market in North America.
Key Market Players:
The neuromorphic computing market was dominated by Intel Corp. (US), IBM Corporation (US), BrainChip Holdings Ltd. (US), Qualcomm (US) and HP Enterprise (US).
IoT Chip Market with COVID-19 Impact Analysis by Hardware (Processor, Connectivity IC, Sensor, Memory Device and Logic Device), Power Consumption, End-use Application (Wearable Devices, Consumer Electronics, Building Automation and Retail) and Region - Global Forecast to 2025
FPGA Market by Configuration (Low-End FPGA, Mid-Range FPGA, High-End FPGA), Technology (SRAM, Flash, Antifuse), Node Size (Less than 28 nm, 28-90 nm, More than 90 nm), Vertical (Telecommunications, Automotive), and Region - Global Forecast to 2025
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets' flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Great Customer Outcomes: A Balance Between Automation & Empathy
How SASE is Your Security Strategy?
The New World of Remote Work