Neuromorphic Computing Market Revenue and Growth Rate Research Report 2019

Market Highlights

Neuromorphic engineering is an emerging interdisciplinary field that involves designing sophisticated devices based on complex neural circuits of the brain. It uses principles of the nervous system for engineering applications to achieve a better understanding of computations occurring in actual biological circuits and utilize their unique properties of to design and implement efficient engineering products.

The main factors, which has driven research and development of neuromorphic chips, are tremendous demand for data and data analytics, miniaturization of sensors, ingress of Artificial Intelligence into software of almost all intelligent machines and high cost of further miniaturization of integrated circuits.

One of the key areas where such systems would need break-through research would be in design of algorithms since biological systems autonomously process information through deep learning whereas any human designed chip or system would be limited by human designed algorithms. The applications areas currently comprise sensors in military as well as medical fields.

Key Players:

Some of the key players in the market are IBM Corp. (U.S.), Hewlett Packard Enterprise (U.S.), Samsung Group (South Korea), Intel Corp. (U.S.), HRL Laboratories, LLC (U.S.), General Vision Inc. (U.S.), Applied Brain Research Inc. (U.S.), and BrainChip Holdings Ltd. (U.S.)  among others

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Industry Segments

The segmentation of the neuromorphic computing market is carried out on the basis of offering, application, end-user and region. On the basis of the offerings, the segment comprises of hardware and software. The wide range of applications of the neuromorphic computing market includes object detection, signal recognition, image recognition, data mining and many more. The regions included in the market are Asia Pacific, Europe, North America and rest of the world. The end-user segment of the market comprises of segments such as consumer electronics, automotive, defense, automotive, and healthcare. 

Detailed Regional Analysis:

The region wise segmentation of the market observes that the North America region is controlling the neuromorphic computing market globally. The nations such as the U.S., and Canada have a major share in the neuromorphic computing market globally. The key market in the North American region which contributes to the global market growth is the image recognition industry. The mounting demand for automation in nations such as China, South Korea, Brazil, and India is prompting the market growth in the Asia Pacific region. The European market is also achieving momentum due to the upsurge of opportunities for neuromorphic projects.

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Neuromorphic Computing Market: Size, Share, Forecast Report 2018-2022

Market Synopsis

Neuromorphic computing implements aspects of biological neural networks as analogue or digital copies on electronic circuits. The goal of neuromorphic computing is two-fold – One is offering a tool for neuroscience to understand the dynamic processes of learning and other is development in the brain and applying brain inspiration to generic cognitive computing. Key advantages of neuromorphic computing compared to traditional approaches are energy efficiency, execution speed, robustness against local failures and the ability to learn.

Neuromorphic computing is expected to gain huge momentum in the coming years due to the gaining familiarity of neuromorphic computing technology and rising demand for artificial intelligence. Artificial intelligence is used as applications in language processing, computer vision & image processing, translation & chatterbots, and non-linear controls & robotics.

Some applications will include neuromorphic sensors in smartphones, smart cars and robots or olfactory detection. The technology could integrate brain-like capabilities in devices and machines that are currently limited in speed and power. In effect, this could be the final step towards developing cognitive computing and systems that are able to learn, remember, reason or help humans make better decisions.

Lack of R&D investments and knowledge about neuromorphic computing among consumers are the major restraints of neuromorphic computing market.

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Segmentation

The market for neuromorphic computing market is segmented on the basis of application, offering, end-user and region. On the basis of offering, the segment is further classified into hardware and software. Neuromorphic computing has a wide range of applications such as image recognition, signal recognition, data mining, object detection and many more. By end-user, the market can be segregated into five segments: automotive, consumer electronics, automotive, defense, and healthcare. The consumer electronics is expected to hold the largest share in terms of end-use application of neuromorphic computing. The usage of neuromorphic computing in self-driven and smart vehicles is expected to bring a transition in transportation and furthermore propel the growth of automotive sector. The usage of neuromorphic chips in satellites for surveillance and aerial imagery is highly in demand in the defense sector.

Software is expected to hold the largest share of neuromorphic computing market, based on offering. Software has applications in video monitoring, machine vision, and voice identification. Increasing adoption of software in industries such as aerospace & defense, IT & telecom, and medical is driving the growth of the neuromorphic computing software market.

Adoption of speech recognition in industries such as medical and automotive & transportation is another major factor driving the market growth. For instance, speech recognition is used in the field of healthcare for radiologist scanning of hundreds of X-rays, ultra-sonograms, CT scans, and simultaneously dictating conclusions to a speech recognition system connected to the word processors.

Other industries are also increasingly representing growth opportunities for neuromorphic chips and are expected to help the market expand at a promising pace over the report’s forecast period. The vendor landscape has started becoming crowded and companies, with the aim of strengthening their hold on the market and making the most out of available opportunities, have started focusing on strategic collaborations.

The Global Neuromorphic Computing Market is expected to grow at 49% CAGR through the forecast period.

Regional Analysis

The region dominating the global neuromorphic computing market is North America. The countries such as the U.S., and Canada are holding a major share in the global neuromorphic computing market. The major market in the North American region contributing to the global market growth is the image recognition industry. The growing demand for automation in countries such as South Korea, China, Brazil, and India is triggering the global market growth in the Asia-Pacific region. The European market is also gaining momentum owing to the rise of opportunities for the neuromorphic projects.

Some of the key players in the market are IBM Corp. (U.S.), Hewlett Packard Enterprise (U.S.), Samsung Group (South Korea), Intel Corp. (U.S.), HRL Laboratories, LLC (U.S.), General Vision Inc. (U.S.), Applied Brain Research Inc. (U.S.), and BrainChip Holdings Ltd. (U.S.)  among others

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Intended Audience

• Government
• Semiconductor manufacturers
• Industries such as aerospace, automotive
• Research laboratories

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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