Dublin, June 04, 2021 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The neuromorphic computing market is expected to be valued at USD 22,743 thousand in 2021 and is expected to reach USD 550,593 thousand by 2026, at a CAGR of 89.1% between 2021 and 2026.
The need for better performing ICs, increase in demand for artificial intelligence and machine learning, and increasing number of cross-industry partnerships and collaborations are key factors driving the growth of the market. Artificial intelligence (AI) is being adopted in industries such as medical, media, entertainment, telecom, utility, aerospace, military, consumer devices, food & beverages, and piping.
A combination of AI systems and machine learning is set to revolutionize the business environment with smart decisions. However, lack of knowledge about neuromorphic computing and complex algorithms increasing complexity of designing hardware of neuromorphic chips can act as a major challenge in the market during the forecast period.
Edge Computing will have highest growth in coming years
The edge computing segment is expected to account for a 95% share of the overall neuromorphic computing market by 2026. The high growth of edge computing segment is attributed 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.
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.
The neuromorphic computing market was dominated by Intel Corp. (US), IBM Corporation (US), BrainChip Holdings Ltd. (US), Qualcomm (US) and HP Enterprise (US).
Market to Witness Significant Growth Between 2021 and 2026
Hardware is Expected to Dominate Market Between 2021 and 2026
Image Recognition Expected to Hold Largest Share of Market by 2026
Aerospace, Military & Defense to Hold Largest Share of Market by 2026
North America is Likely to Hold Largest Share of Market Between 2021 and 2026
Architectural Difference: Von Neumann Vs. Neural Network
Biological Inspiration of Neuromorphic Design by Carver Mead in 1990
New Ways of Computation Possible Due to End of Moore's Law
Cost Per Transistor for a Single IC Chip Has Increased After Launch of 28Nm Semiconductor Device Fabrication Technology
Need for Better-Performing ICs
Increase in Demand for Artificial Intelligence and Machine Learning
Cross-Industry Partnerships and Collaborations
Lack of R&D and Investments is Slowing Down Development of Real-World Applications
Complex Algorithms Increase Complexity of Designing Hardware of Neuromorphic Chips
Lack of Knowledge About Neuromorphic Computing
Emerging Applications Pertaining to Automation
Adoption of Neuromorphic Computing for Security Purposes
Growing Potential of Ai and Neuromorphic Computing in Medical Science and Medical Imaging
Applications Dependent on Software Compatibility of Neural Hardware
Matching a Human's Flexibility and Ability to Learn from Unstructured Stimuli Data
Value Chain Analysis
Porter's Five Forces Analysis of Neuromorphic Computing Market, 2021
Use Case Analysis
Intel's Pohoiki's Springs System Showed How a Neuromorphic Chip Can Pick Out Smells with a Small Training Sample
IBM Launched TrueNorth Synapse Neuromorphic Integrated Chip Having 256 Programmable Neurons
BrainChip Inc Developed a Hardware Version of Biological Neuron
Applied Brain Research Studied Energy-Efficiency of Nengo Deep Learning Toolkit
Neuromorphic Technology Used to Make Efficient Artificial Intelligence Onboard for Self-Driving and Self-Parking in Automobiles
BrainChip Holdings Ltd.
Hewlett Packard Enterprise
Samsung Electronics Limited
HRL Laboratories, LLC
General Vision Inc.
Applied Brain Research, Inc.
Natural Intelligence Systems
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