Neuromorphic Computing Market Size to Reach USD 2,040.6 Million in 2031
The Neuromorphic Computing Market size was USD 78.5 Million in 2023 and is expected to register a revenue CAGR of 50.2% during the forecast period
December 23, 2024 – The global Neuromorphic Computing market size reached USD 78.5 Million in 2023 and is expected to register a revenue CAGR of 50.2% during the forecast period. Surge in demand for wearable devices is a key factor driving market revenue growth.
According to the Health Information National Trends survey, almost one-third of Americans use a wearable gadget, such as a smart watch or band, to monitor their health and fitness. It was also discovered that 38% of persons with cardiovascular disease use a wearable device on a regular basis, compared to almost half of all adults. Adults aged 18 to 49, with greater household incomes and college degrees, were likewise more likely to report using wearables. More than 80% of wearable gadget users would share information from their device with their doctor to help them monitor their health.
On November 2023, POLYN Technology has announced a relationship with Medicalps, a healthcare sector cluster in the French Alps that assists entrepreneurs in accelerating their path to worldwide markets and strengthening ties within the local healthcare ecosystem. Medicalps focuses on biotechnology, e-health, and medical devices, making it an ideal fit for POLYN, which is currently developing the second generation of its NeuroSense health monitoring product.
However, the revenue growth of neuromorphic computing market is facing lack of benchmarks and standards. Neuromorphic computing software falls behind its hardware counterparts. Current research is mostly based on standard deep learning software and techniques developed for von Neumann computing. Non-experts cannot use neuromorphic computers. Software developers have not built application programming interfaces, programming models, or languages to make neuromorphic computers more accessible.
Key Highlights:
- Hardware segment is expected to register the largest revenue growth rate over the forecast period. Neuromorphic hardware duplicates the structure and function of the brain, allowing for highly efficient, low-power computing. It uses memristors to simulate synaptic connections and spiking neural networks to model neuron communication. When combined with traditional computers, prominent platforms such as IBM’s TrueNorth and Intel’s Loihi enable research and hybrid systems. Applications include neuromorphic computing, brain-machine interfaces, and artificial intelligence. Commercialization initiatives are already underway, with potential uses including autonomous vehicles, healthcare, and natural language processing. Continued research and development in neuromorphic hardware holds the possibility of ground-breaking advances in artificial intelligence and cognitive computing.
- Consumer electronics segment is expected to account for the largest revenue share over the forecast period. The evolution of neuromorphic systems, which function as hardware abstractions of the brain, has become a focus of recent research on electronic materials and gadgets. While the traditional method to imitating the brain has focused on evaluating the algorithms used in brain processing, there is growing interest in gear that physically copies the brain itself. This trend is partially driven by the need to expedite the execution of artificial neural networks (ANN) algorithms.
- North America accounted for largest revenue share in the neuromorphic computing market in 2023 driven by increase in demand for artificial intelligence and technological advancements of neuromorphic computing. On May 2024, BrainChip Holdings Ltd, the world’s first commercial producer of ultra-low power, fully digital, event-based, neuromorphic AI IP, and Frontgrade Gaisler, a leading provider of space-grade system-on-chip solutions, have announced a partnership to investigate the integration of BrainChip’s Akida neuromorphic processor into Frontgrade Gaisler’s next generation fault-tolerant, radiation-hardened microprocessors. This partnership represents a significant milestone because it intends to offer the world’s first space-grade SoC with real artificial intelligence (AI) capabilities.
- Some major companies in the market report IBM Corporation, Intel Corporation, Samsung Electronics Co. Ltd, Applied Brain Research Inc., BrainChip Holdings Ltd., General Vision Inc., GrAI Matter Labs, Hewlett Packard Enterprise Development LP, Qualcomm Technologies Inc., SK HYNIX INC., SynSense, HRL Laboratories, LLC, Vicarious FPC Inc., and Nepes Corporation.
- On June 2023, BrainChip Holdings Ltd, have announced a partnership to investigate the integration of BrainChip’s Akida neuromorphic processor into Frontgrade Gaisler’s next generation fault-tolerant, radiation-hardened microprocessors. This partnership represents a significant milestone because it intends to offer the world’s first space-grade SoC with real artificial intelligence (AI) capabilities.
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Navistrat Analytics has segmented the neuromorphic computing market based on component, type, application, end-use, and region:
- Component Outlook (Revenue, USD Million; 2021-2031)
- Hardware
- Software
- Type Module Outlook (Revenue, USD Million; 2021-2031)
- Spiking Neural Network (SNN) Chips
- Analog Neuromorphic Chips
- Digital Neuromorphic Chips
- Memristor based Neuromorphic Chips
- Hybrid Neuromorphic Chips
- Application Outlook (Revenue, USD Million; 2021-2031)
- Image Recognition
- Signal Recognition
- Data Mining
- Process Optimization
- Others
- End-Use Outlook (Revenue, USD Million; 2021-2031)
- Aerospace & Defense
- Automotive
- Consumer Electronics
- Healthcare
- Industrial
- Others
- Regional Outlook (Revenue, USD Million; 2021-2031)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Nordic Countries
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Oceania
- ASEAN Countries
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- South Africa
- Israel
- Turkey
- Rest of MEA
- North America