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

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).

Through enhanced information processing and due to the development of technology like artificial intelligence and machine learning, computing has also reached a higher level with respect to size and ability. One of the most paramount elements of neuromorphic computing is its mobile architecture. Unlike traditional computers, which once took up a huge space to use, neuromorphic computers are small and easy to carry around. In terms of space occupancy, they are very effective and don't take up much room. Therefore, the global neuromorphic computing market is expected to develop as a result of this. The size of the global market for neuromorphic computing is expected to increase significantly over the course of the projected period.

The global neuromorphic computing market is growing due to a few factors, including the increased need for machine learning and artificial intelligence technologies, the high software utilization in this field, and the growing need for better performing integrated circuits (ICs). In order to enhance efficiency and improve the quality of end products, companies need to incorporate AI and Machine Learning components in their processes. Due to factors such as increasing consumption of AI and ML in the different sectors such as media and entertainment, consumer electronics, aerospace, utilities, food & beverage, and military, the demand is rising. These sectors frequently face challenges that neuromorphic computing can effectively address.