Global Neuromorphic Computing Market Insights Forecasts to 2030

• The Neuromorphic Computing Market Size was valued at USD 31.2 Million in 2021.
• The Market is Growing at a CAGR of 85.73% from 2021 to 2030
• The Worldwide Neuromorphic Computing Market Size is expected to reach USD 8,275.9 Million by 2030
• Europe is expected to grow the fastest during the forecast period

The Global Neuromorphic Computing Market Size is expected to reach USD 8,275.9 million by 2030, at a CAGR of 85.73% during the forecast period 2021 to 2030. Some important aspects fueling market revenue growth include the rising need for AI technologies for translations or chatterbots, computer vision & image processing, language processing, as well as nonlinear controls and automation. Furthermore, the use of neuromorphic computing for security reasons, as well as the research and development and deployment of neuromorphic chips for brain-based robotics and intelligent robotic systems will generate advantageous opportunities for market players throughout the projected timeframe.

Neuromorphic engineering is another term for neuromorphic computing. The engineering technique known as "neuromorphic computing" includes modeling computer components after human nerve and brain systems. The approach is used to create both the software and hardware computing systems. There are currently no real-world applications for neuromorphic computing. Universities, the US military, technical corporations like IBM and Intel Laboratories, and other organizations are all pursuing research in this field.

Neuromorphic computing technology is expected to be used in various applications such as deep learning applications, next-generation semiconductors, as well as, autonomous systems, such as robotics, drones, self-driving cars, and artificial intelligence. Other potential applications of this technology include smart home devices, driverless cars, robots, drones, data analytics, and many others. For instance, the second-generation neuromorphic research processor from Intel Laboratories, called Loihi 2, and Lava, an open-source software framework, will promote neuromorphic computing innovation and acceptance.

Driving Factors

Current advances in neuromorphic technology can be ascribed as a result of the implementation of the extensive and rising usage of AI, machine learning, neural networks, and deep neural network architectures in both consumer and commercial technologies. It can also be related to many IT specialists' perception of the end of Moore's law. The opportunity of neuromorphic computing to improve efficiency has piqued the interest of major computer manufacturers including such IBM and Intel, as well as the U. S. armed services. Furthermore, the growing use of neuromorphic chips in the automobile industry is likely to open up new opportunities for the neuromorphic computing market. The automotive sector is one of the most important and rapidly developing markets for neuromorphic transistors. Numerous automakers are focusing on the development to attain Level 5 vehicle automation. This is expected to drive a major demand increase for AI-powered neuromorphic transistors.   

Technological improvements in neuromorphic computing systems mainly concentrated on innovative hardware, such as microcombs. Microcombs are neuromorphic devices that produce or measure incredibly accurate color frequencies. Neuromorphic computers employing microcombs can reach 10 trillion operations per second, in accordance with a neuromorphic ongoing research at the Swinburne University of Technology. Microcomb-based neuromorphic devices could detect light from faraway solar systems and even diagnose diseases in their early stages by examining the composition of human breath.

Furthermore, with the assistance of AI and machine learning, neuromorphic computing significantly enhanced the information processing process and enabled computer systems to deal with higher and broader technologies. Additionally, market leaders participate in continuous development and research activities and produce unique solutions to progress in emerging research technologies. As a result, the neuromorphic computing market will continue to grow over the forecast period.

Restraining Factors

Many factors, including a lack of awareness of neuromorphic computing and complicated algorithms that increase the complexity of building neuromorphic chip technology, are limiting the growth of the neuromorphic computing market. Furthermore, the software for neuromorphic computing has not yet caught up with the hardware. The majority of neuromorphic research is being carried out using normal deep-learning software and techniques designed for von Neumann hardware. As a result, standard methodologies limit study findings, that neuromorphic computing aims to overcome.

Market Segmentation

Offering Insights

The hardware segment is dominating the market with the largest revenue share over the forecast period.

On the basis of offering, the global neuromorphic computing market is segmented into hardware, software, and services. Among these, the hardware segment is dominating the market with the largest revenue share of 75% over the forecast period. The increased adoption neuromorphic hardware to accelerate computing in hardware platforms, as well as the growing deployment and incorporation of machine learning algorithms on embedded devices, are driving market expansion in the hardware segment. Additionally, the market for neuromorphic computing is driven by government endeavors, direct investment, and other contributing factors.

Throughout the projected period, the software segment of the neuromorphic computing market is predicted to develop at the fastest rate after the hardware segment. The neuromorphic computing software is utilized in a variety of applications including real-time data broadcasting, data modeling, and prediction analysis, continuous e-learning, among others.

Application Insights

The image processing segment accounted the largest market share over the forecast period.

On the basis of application, the global neuromorphic computing market is segmented into signal processing, image processing, data processing, object detection, and others. Among these, the image processing segment is dominating the market and is going to continue its dominance over the forecast period. This can be attributed primarily to the growing utilization of computer vision in a variety of industries, including automotive, healthcare, media, and entertainment. In the projected period, advances in image sensors and other processing technologies are likely to drive revenue growth in the image processing industry. The advancement of neuromorphic image processing will significantly enhance computer system's ability to comprehend and analyze information. Furthermore, artificially developed neural network architectures are growing rapidly in image processing, where fast computing and parallel architectures are highly relevant.

End-Use Insights

The consumer electronics segment accounted the largest revenue share of more than 48% over the forecast period.

On the basis of end-use, the global neuromorphic computing market is segmented into industrial, medical, IT & telecommunication, aerospace, military & defense, automotive, consumer electronics, and others. Among these, the robotic vehicle is dominating the market with the largest revenue share of 48% over the forecast period. The consumer electronics industry's demand for neuromorphic chips is increasing as the market for various electronic devices, such as laptops, PCs, and tablets, rises. AI systems like Alexa and Siri, for example, utilize cloud computing and the internet to process and reply to spoken orders and inquiries. Wearable electronics are rapidly evolving technologies that will have a significant influence on individual well-being as well as the economy and the general public. Furthermore, the advancement in artificial intelligence expands the possibilities of smart wearable sensing devices. The rapid advancement in neuromorphic engineering demonstrates that hardware-spiking neural networks are regarded as an important future technology with significant promise in critical applications such as edge computing and wearable technologies.

Regional Insights

North America dominates the market with the largest market share over the forecast period.

North America is dominating the market with more than 42.5% market share over the forecast period. North America has been home to a number of the largest market giants, including IBM Corporation and Intel Corporation. The regional market for neuromorphic computing is expanding as a result of a number of variables like government efforts, portfolio investment, and several others. The rising number of nations in the region adopting AI and ML technologies, in addition to the growth and expansion of network infrastructure in a variety of metropolitan areas within the region, will boost the market during the forecast period. Furthermore, AI-based speech and voice recognition system is a prominent interest in the region. The integration enabled the company to fine-tune its speech processing algorithms in order to provide an improved voice interface.

Europe, on the contrary, is expected to grow the fastest during the forecast period. The domain of neuromorphic computing has the potential to make remarkable developments across a wide range of application industries in the European Union. Neuromorphic computing is primarily an interdisciplinary field that needs the integration of various fields and specialties, including computer engineering, neuroscience, physical sciences, electrical engineering, and nanotechnology. The concentration of European funding on joint interdisciplinary ventures is beneficial to neuromorphic computing. Such efforts must be maintained in order for neuromorphic computing to develop into a more prominent strategic topic in Europe.

List of Key Market Players

• BrainChip Holdings Ltd.
• General Vision Inc.
• Qualcomm Technologies, Inc.
• HP Enterprise
• Numenta
• IBM Corporation
• Intel Corporation
• Samsung Electronics Ltd.
• Applied Brain Research Inc.
• Vicarious FPC, Inc.
• CEA-Leti
• SK Hynix Inc.
• Hewlett Packard Company
• HRL Laboratories, LLC
• GrAI Matter Labs
• Innatera Nanosystems B.V.
• Halo Neuroscience
• Flow Neuroscience AB

Key Market Developments

• On January 2023, BrainChip Holdings Ltd., the first-ever global commercial production company of ultra-low power, fully digital, event-based, neuromorphic AI IP, announced that Teksun has joined its Essential AI Ecosystem. The collaboration will begin the process of incorporating BrainChip's neuromorphic technology into a wide range of AI-enabled devices that require efficient and cost-effective performance. The collaboration between the two companies will demonstrate and spread BrainChip technology via Teksun product development channels.

• On March 2023, CEA-Leti created a transistor inspired by human synapses, which is possibly the closest we've come to mimicking how neurons connect in the brain. This transistor shares many characteristics with human synapses, including how it operates, its ultra-low energy consumption, and a comparable level of miniaturization. It paves the way for more powerful circuits to meet the demands of artificial intelligence in the future. CEA-transistor Leti's is an analog device. Synapses serve as a link between brain neurons, which become active after their synapses record a certain number of electrical impulses. This behavior can be imitated by a transistor with several dozen states.

• In July 2022, GrAI Matter, a neuromorphic computing company, received $1 million in pre-orders for its GrAI VIP chip. GrAI VIP can handle MobileNetv1-SSD at 30fps for 184 mW, or around 20 inferences per second per Watt when compared to a comparable GPU, according to the company, adding that further sparsity and voltage scaling optimizations could improve this even more. To date, the startup has received interest from consumer Tier-1s, module manufacturers (including ADLink, Framos, and ERM), US and French government research, automotive Tier-1s and system integrators, white box suppliers, and distributors.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Neuromorphic Computing Market based on the below-mentioned segments:

Neuromorphic Computing Market, Offering Analysis

• Hardware
• Software
• Services

Neuromorphic Computing Market, Application Analysis

• Signal Processing
• Image Processing
• Data Processing
• Object Detection
• Others

Neuromorphic Computing Market, End-Use Analysis

• Industrial
• Medical
• IT & Telecommunication
• Aerospace
• Military & Defense
• Automotive
• Consumer Electronics
• Others

Neuromorphic Computing Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa