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 Overview

The global neuromorphic computing market size was valued at USD 4,237.7 million in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 21.2% from 2023 to 2030. The increasing use of neuromorphic technology in deep learning applications, transistors, accelerators, next-generation semiconductors, and autonomous systems, such as robotics, drones, self-driving cars, and artificial intelligence, propels the market growth. For instance, in August 2022, a multidisciplinary research team developed NeuRRAM, a new neuromorphic chip to manage various AI applications at higher accuracy and lower energy than other platforms.

Neuromorphic technology combined with artificial intelligence and machine learning can be used in defense systems to enhance processing power and gives analytical results to speed up wartime decision-making. Moreover, Neuromorphic technology is much more energy efficient and can improve the mobility, endurance, and portability of the technologies that soldiers can bring to the field. For instance,Intel Corporation planned to apply neuromorphic technology to drone cameras by installing a Loihi chip that will take biological-like signals from the camera and process them like a biological brain, making a drone much faster in sensing.

In neuromorphic computing, a complex algorithm can be designed that executed efficiently in a robot in terms of performance and energy consumption, and it would enable to build advanced robotic systems that operate efficiently.For instance, In September 2022, Intel Corporation collaborated with the Italian Institute of Technology and the Technical University of Munich to introduce a new neural network-oriented object learning method. This partnership aims to use neuromorphic computing through an interactive online object-learning approach to enable robots to learn new objects instance with better speed and accuracy after deployment.

Moreover, the key companies in market invest in continuous research and development processes and launch innovative products to advance in new research technology. For instance, In December 2022, Polyn Technology, an Israel-based Fabless semiconductor company, declared the accessibility of neuromorphic analog signal processing models for Edge Impulse, a machine learning development platform for edge devices addressing ultra-low power on sensor solutions for wearables and the Industrial Internet of Things.

Application Insights

The image processing segment dominates the market with a revenue share of more than 44.8% in 2022. This can be attributed to the rising employment of computer vision in numerous industries, including automotive, healthcare, and media & entertainment industry, among others. For example, medical imaging is one of the vital image processing applications. Advancements in image sensors and other processing technologies are expected to drive revenue growth in the image processing segment in the forecast period. The primary objective of image processing is to achieve the least possible amount of visual information to solve complex tasks, such as image recognition, which can make the entire vision process more efficient. The development of neuromorphic image processing will vastly improve computers' ability to interpret and analyze data. Moreover, artificial neural network models are gaining popularity in image processing, where speedy computation and parallel architectures are essential.

The signal-processing application segment accounted for 27.7% of the overall market share in 2022 and is predicted to grow remarkably over the forecast period. The increasing demand for processing audio & acoustics signals is significantly contributing to the growth of the signal-processing segment. With the rapidly increasing implementation of Artificial Intelligence and Machine Learning in the IT industry, the data processing segment is projected to expand during the forecast period. Automated machine learning is one of the most prominent AI trends among businesses.

End-Use Insights

The consumer electronics segment led the market with a revenue share of more than 57.9% in 2022. The growing demand for several electronic devices, including laptops, PCs, and tablets, is leading to a progressive increase in demand for neuromorphic chips from the consumer electronics industry.The consumer preference for smaller and less expensive products requires the miniaturization of integrated circuits, which is attributed to the growth of the consumer electronics segment in the global neuromorphic chip market.

Revenue from the automotive segment is predicted to grow significantly faster during the forecast period. Various industries need to automate their operations using Artificial Intelligence and Machine Learning to enhance the efficiency and quality of their end product. Moreover, the advancement of artificial intelligence and machine learning and the rise in demand for the technology due to its higher speed, low power consumption, and optimum memory usage further impact the automotive segment.

Deployment Insights

The edge segment led the market with a revenue share of 72.7% in 2022. The increasing application of edge computing in identifying all body gestures for touchless interfaces, automobiles with sensitive voice controls, and internal intelligence for assistant robots are attributing to the segment’s growth. The expansion of wireless networking sparked interest in the emerging computer paradigm of edge computing, which drives the development of the edge segment. Moreover, neuromorphic computing supports low-power applications and on-device adaptability in the edge computing sector, which is fueling market expansion worldwide.

Cloud computing is anticipated to exhibit the fastest CAGR over the forecast period due to its multiple technological advantages, such as a one-stop platform for securely storing and delivering massive volumes of data for any enterprise.There are several advantages to using neuromorphic computing in the cloud, including the ability to scale resources up or down as needed, reduced upfront costs for hardware and software, and the ability to access resources from anywhere with an internet connection. However, there are also some potential challenges to consider, such as the potential for latency and security concerns Neuromorphic computing systems have greater on-device processing power and operate independently without data centers which propel the growth of the cloud computing segment.

Component Insights

The Hardware segment led the market with a revenue share of 86.2% in 2022. The rising use of neuromorphic hardware to speed up the computation in embedded devices and the growing implementation and integration of machine learning algorithms on embedded devices are responsible for the growth of the hardware segment in the market. Furthermore, government initiatives, investment activity, and other factors drive the market for neuromorphic computing. For instance, in the U.S., the Department of Energy (DOE) offered USD 2 million in funding for five primary research initiatives to develop neuromorphic computing in September 2020. DOE's effort encourages the development of both hardware and software for brain-inspired neuromorphic computing.

There are several companies that offer neuromorphic computing solutions, which may include hardware, software, and consulting services. These services can be used by organizations and researchers to develop and test neuromorphic computing applications, and to explore the potential of this technology for a wide range of applications. Some examples of companies that offer neuromorphic computing services include IBM, Intel, and Qualcomm. The software segment is anticipated to grow with the highest CAGR from 2022-2030. This is attributed to the increasing software needs across multiple industries such as aerospace & defense, IT, and telecom, and medical. Furthermore, the software segment is predicted to have a more significant market share, driven by neuromorphic computing software applications such as real-time data streaming, data modeling and forecasts.

Regional Insights

North America dominated the market with a revenue share of more than 37.4% in 2022. Early adopters in the North American market, such as the U.S. and Canada, are the frontiers of neuromorphic computing system applications. One of the major trends in the region is AI based voice and speech recognition technology. The integration facilitated fine-tuning its speech recognition engines to provide a better voice experience.

Europe is also projected to witness notable growth during the forecast period. There are several initiatives and organizations in Europe that are focused on advancing the development and adoption of neuromorphic computing technologies. In addition, the increasing use of biometry in the European countries is catering to a whole new implementation area to the image processing applications of neuromorphic computing. Overall, Europe is a key player in the field of neuromorphic computing, and there are many opportunities for organizations and researchers to get involved in this exciting and rapidly evolving technology.

Key Companies & Market Share Insights

The market is characterized by intense competition with the presence of a few prominent global players holding a significant market share. Key players emphasize new product developments and alliances as options for higher profitability through improved client interactions. For instance, in March 2020, Intel Corporation, a U.S.-based multinational technology company, announced Pohoiki Springs, a neuromorphic research system with the processing capability of 100 million neurons and can be used by Intel Neuromorphic Research Community members, to extend their neuromorphic work to solve more complex problems. Some of the prominent players in global neuromorphic computing market include:

• Brain Corporation

• CEA-Leti

• General Vision, inc

• Hewlett Packard Company

• HRL Laboratories, LLC

• International Business Machines Corporation

• Intel Corporation

• Knowm Inc

• Qualcomm Technologies, Inc

• Samsung Electronics Co., Ltd

• Vicarious FPC, Inc.

Neuromorphic Computing Market Report Scope

Global Neuromorphic Computing Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the neuromorphic computing market report based on application, end-use, deployment, component, and region.

• Application Outlook (Revenue, USD Million; 2018 - 2030)

  • Signal Processing

  • Image Processing

  • Data Processing

  • Object Detection

  • Others

• End-Use Outlook (Revenue, USD Million; 2018 - 2030)

  • Consumer Electronics

  • Automotive

  • Healthcare

  • Military & Defense

  • Others

• Deployment Outlook (Revenue, USD Million; 2018 - 2030)

  • Edge

  • Cloud

• Component Outlook (Revenue, USD Million; 2018 - 2030)

  • Hardware

  • Software

  • Services

• Regional Outlook (Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • Middle East & Africa