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The neuromorphic computing market is expected to witness market growth at a rate of 52.50% in the forecast period of 2022 to 2029, and is estimated to reach the value of USD 34.61 billion by 2029.
Definition
Neuromorphic computing, also called neuromorphic engineering, refers to the use of large integration systems consisting of various analog circuits. These systems allow the replication of neuro-biological behaviors existing in a human’s nervous system. The neuromorphic computing platform contains two vital systems based on the custom hardware architecture. Such systems are designed to program neural microcircuits by applying brain-like thought process in cognitive computing.
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Key Growth Drivers:
The rise in the number of applications in the area of automation across the globe acts as one of the major factors driving the growth of neuromorphic computing market. The increase in demand for artificial intelligence for translation and chatterbots, computer vision and image processing, language processing, and nonlinear controls and robotics accelerate the market growth. The advancement of disruptive technologies, such as artificial intelligence (AI) and machine learning (ML), and rise in demand for the technology owning to the low power consumption, higher speed, and optimum memory usage further influence the market. Additionally, urbanization and digitization, rise in biotechnology sector, expansion of end use industries and cross-industry partnerships and collaborations positively affect the neuromorphic computing market. Furthermore, adoption of neuromorphic computing for security purposes and design and development of neuromorphic chips for brain-based robots and cognitive robots extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
On the other hand, complex algorithms increasing complexity of designing hardware of neuromorphic chips and lack of knowledge about neuromorphic computing are expected to obstruct the market growth. Applications dependent on software compatibility of neural hardware are projected to challenge the neuromorphic computing market in the forecast period of 2022-2029.
The report emphasizes the participation of key entities, notably:
- Intel Corporation
- IBM
- BrainChip
- Qualcomm Technologies, Inc.
- Hewlett Packard Enterprise Development LP
- SAMSUNG
- HRL Laboratories, LLC
- General Vision Inc.
- Applied Brain Research
- Vicarious
- Numenta
- Aspinity analogML
- BrainCo, Inc.
- Bitbrain Technologies
- Halo Neuroscience
- Linux Kernel Organization, Inc.
- Nextmind SRL
- Cognixion, Inc.
- NeuroPace, Inc.
- MindMaze
- Innatera Nanosystems BV
Report Objective:
- Investigate the neuromorphic computing market, focusing on strategic movements like collaborations, agreements, mergers, and product launches.
- Explore market diversification avenues such as new products, unexplored regions, recent advancements, and investments in neuromorphic computing market.
- Streamline initial research efforts by identifying neuromorphic computing market growth, size, key players, and segments, saving valuable time.
- Highlight pivotal industry trends in the neuromorphic computing market to empower players in devising effective, sustainable strategies.
- Analyze micro markets for their individual growth trajectories, potential, and contributions to the overall market.
- Shape or refine business expansion strategies leveraging growth opportunities in both established and emerging markets.
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Key Market Segmentation
Offering (Hardware, Software), Deployment (Edge Computing, Cloud Computing), Applications (Image Recognition, Data Processing, Signal Recognition, Object Detection, Data Mining), End User (Aerospace and Defense, IT and Telecom, Medical, Automotive, Industrial, Others)
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