The global neuromorphic computing market size was valued at USD 1,490.8 million in 2016.
Neuromorphic computing is anticipated to gain momentum owing to the increasing demand for artificial intelligence. Artificial intelligence is extensively used in nonlinear controls & robotics, language processing, translation & chatterbots, and computer vision & image processing, among others.
North America Neuromorphic Computing Market revenue by end-use, 2016 - 2024 (USD Million)
The industry is expected to gain momentum as the neuromorphic chips are steadily replacing the Von Neumann architecture. The low power consumption, optimum memory usage, and higher speed offered by these chips are instrumental in driving the industry growth. The increasing demand for brain-like computing in diverse industrial verticals, such as robotics and consumer electronics, is substantially energizing the industry growth prospects.
The emerging trend of combining neuroscience computation and embodied models has led to an upsurge in the demand for the designing and development of neuromorphic chips for the brain-based robots and cognitive robots. The rising need for machine learning tools has further contributed to industry expansion.
Industry vendors are increasingly leveraging on using effective marketing strategies for the commercialization of the chip, which subsequently shall help the companies in industry penetration and capturing a significant share in the industry.
The rise in the number of applications in the area of automation has presented the industry with several growth opportunities. However, the lack of R&D and substantial investments in the industry are anticipated to challenge the industry growth. Furthermore, the high complexity involved in the designing of these chips, owing to complex algorithms and software compatibility issues of the neural processing units, is projected to challenge the industry growth.
The neuromorphic computing industry, on the basis of applications, can be classified into five types, signal processing, image processing, data processing, object detection, and others. The image processing application segment accounted for over 41% of the overall market share in 2016 and is expected to emerge as the fastest-growing segment due to the rise in the demand for digital cameras and other imaging systems.
The signal processing application segment accounted for over 30% of the overall market share in 2016 and is predicted to grow remarkably over the next seven years. The increasing demand for processing audio & acoustics signals is significantly contributing to the growth of the signal processing segment.
The neuromorphic computing industry, on the basis of end-use, can be classified into five types, consumer electronics, automotive, healthcare, military & defense, and others. The consumer electronics end-use segment accounted for over 60% of the overall share in 2016 and is predicted to continue its dominance over the next seven years. The automotive industry is projected to witness a high demand, owing to the increasing demand for self-driving and smart vehicles. The military & defense segment is also expected to gain a considerable share by 2024 due to the increasing demand for the neuromorphic chip in satellites for aerial imagery and surveillance.
The North American region accounted for over 33% of the global share in 2016. The strong presence of the neuromorphic chip manufacturers in this region can be attributed as a major reason for the growth.
The industry is predicted to gain momentum in the Asia Pacific and South American regions, owing to the increasing demand for automation in countries such as China, India, South Korea, and Brazil.
The European region is expected to present significant opportunities for industry expansion as the expenses of neuromorphic projects and R&D activities are high. Additionally, the efforts made by the prominent universities, such as the University of Manchester and Heidelberg University, in the research activities of neuromorphic computing are remarkably contributing to the industry growth in the European region. The market accounted for 20% of the global share in 2016.
The key industry players offering the neuromorphic computing chip include IBM Corporation (U.S.), Hewlett-Packard (U.S.), Samsung Electronics Co. Ltd. (South Korea), Intel Corporation (U.S.), Qualcomm Inc. (U.S.), Brain Corporation (U.S.), General Vision Inc (U.S.), HRL Laboratories (U.S.), Vicarious (U.S.), CEA-Leti (France), Knowm Inc. (U.S.), and Numenta (U.S.), among others.
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