Global Neuromorphic Computing Market

Neuromorphic Computing Market Size, Share, Growth Analysis, By Offering (Hardware, Software), By Deployment (Edge Computing, Cloud Computing), By Application (Image Recognition, Signal Recognition), By Region -Industry Forecast 2024-2031

Report ID: SQMIG45F2158 | Region: Global | Published Date: November, 2024
Pages: 173 | Tables: 88 | Figures: 71

Neuromorphic Computing Market News

  • In October 2024, Intel revealed the possible development of its ti e neuromorphic chip, so-called Loihi 2 - which offers even more energy efficiency and processing power for AI based applications. This chip focused on the imitation of human brain functions even more which will enhance the real-time decision-making processes in autonomous systems and robots.
  • In September 2024, IBM unveiled an advanced architecture called the “TrueNorth” platform for neuromorphic computing, which aims at improving the application of Artificial Intelligence in the fields of medicine and security. The architecture employs lightweight brain-like neural networks which help in performing complex tasks without wasting a lot of power in the system, unlike the current AI systems making it very efficient for edge computation.
  • In July 2024, BrainChip launched a new version of its Akida neuromorphic processor, focusing on real-time, edge AI applications. This development is set to improve processing speed and reduce latency in sectors like IoT and automotive. The processor’s low power consumption makes it ideal for portable, AI-powered devices.
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Global Neuromorphic Computing Market size was valued at USD 7.92 Billion in 2022 poised to grow from USD 15.02 Billion in 2023 to USD 2,519.51 Billion by 2031, growing at a CAGR of 89.7% in the forecast period (2024-2031).

The global neuromorphic computing market has been exhibiting fierce competition that is characterized by continuous developments and collaborations. Major players are concentrating on the innovation of neuromorphic hardware as well as software. Major companies in this market include, but are not limited to, Intel, IBM, Qualcomm, and BrainChip all of whom are actively engaged in the enhancement of neuromorphic technology for purposes of AI, robotics and autonomous systems. These companies are also committing huge resources to research and development aimed at improving the performance and reach of neuromorphic computing technology in order to establish a competitive edge in this fast-evolving technology market. 'Intel Corporation (USA)', 'IBM Corporation (USA)', 'Qualcomm Inc. (USA)', 'BrainChip Holdings Ltd. (Australia)', 'Samsung Electronics Co., Ltd. (South Korea)', 'General Vision (USA)', 'SpiNNaker (USA)', 'Dell Technologies (USA)', 'GrAI Matter Labs (France)', 'Numenta (USA)', 'SynSense (Switzerland)', 'Microsoft Corporation (USA)', 'Hewlett Packard Enterprise (USA)', 'Xilinx Inc. (USA)', 'EdgeCortex (China)'

The primary driver for the growth of the global neuromorphic computing market is the increasing need for energy efficient computing paradigms. Neuromorphic systems, which mimic the low-power processing associated with the brain, have been developed to resolve the energy limitations of mechanical intelligence solutions including robots and self-driving vehicles, since conventional hardware cannot afford the high-power consumption dynamics and real-time response of such AI technologies.

Rise of Edge Computing in Neuromorphic Systems: One of the pivotal trends driving the global neuromorphic computing industry is the increasing use of edge computing. More and more neuromorphic systems are being developed and established on the edge, facilitating rapid data processing and real-time decision making in applications such as the Internet of Things (IoT), autonomous cars, and robotics, lowering the response times and increasing the productivity.

North America leads the global neuromorphic computing market, driven by significant investments in AI research, advanced computing, and semiconductor development. In the United States, active participation from key stakeholders, such as major corporations and defense departments, in turn enhances the neuromorphic activity that promotes technological improvements. As a result, there is an uptick in the global neuromorphic computing market growth owing to the increased appetite in healthcare, automotive, and defense capabilities for advanced, low powered AI technology. Furthermore, the presence of policies and support for development of AI technology also makes North America a strategic center for the growth of neuromorphic technology. These factors, along with high availability of research centers and skilled labor, explain why America leads in the neuromorphic computing sector.

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Global Neuromorphic Computing Market

Report ID: SQMIG45F2158

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