Press Release

Neuromorphic Computing Market to Upscale with Surging Demand for High-performance Integrated Circuits (ICs) Fuels

The Global Neuromorphic Computing Market is projected to grow at a CAGR of around 81.1% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. In various industries, such as consumer electronics & automotive, there has been a growing preference for neuromorphic chips due to their superior processing power, enabling complex computations and enhanced data handling compared to traditional chips. The IT sector has also been seeking self-learning computing technologies, prompting market players to introduce chips with advanced processing capabilities. These processors emulate the human brain's structure & functionality, offering high performance for a range of AI applications at the network's edge. Thus, as the demand for high-performance integrated circuits, particularly in the IT and Telecom sectors, continues to rise, the future outlook for neuromorphic chips remains promising.

The rapid growth of the market can be primarily attributed to the increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies across diverse industries. As industrial & manufacturing facilities, particularly in countries like India, the UAE, and China, embrace automation, there has been a notable shift towards integrating AI & ML solutions into their operations. Managing & analyzing vast datasets generated by these industries necessitates energy-efficient & highly effective integrated chips, spurring the demand for neuromorphic computing software in recent years.

Furthermore, the healthcare sector has witnessed a substantial surge in the demand for neuromorphic computing technologies. This upswing can be linked to the growing reliance on AI & ML software in various healthcare segments, including cardiology and neurology. In recent times, the healthcare industry has increasingly turned to artificial intelligence for the diagnosis & monitoring of cardiac and neural disorders, enabling efficient processing and interpretation of the extensive data generated by diagnostic devices.

Consequently, as the demand for AI & ML software continues to rise within the healthcare domain, the need for advanced computing solutions like neuromorphic computing is expected to further amplify in the forthcoming years, further states the research report, “Global Neuromorphic Computing Market Analysis, 2023.”

Consumer Electronics Dominated the Global Neuromorphic Computing Market

Based on the End Users segment, the market is bifurcated into Consumer Electronics, IT & Telecommunication, Aerospace & Defense, Healthcare, Industrial Manufacturing, Automotive, and Others (BFSI, Education, etc.). The Consumer Electronics stands out as the prevailing force in the Global Neuromorphic Computing Market. This supremacy stems from the burgeoning consumer preference for AI-driven smart devices capable of mimicking human-like functions.

Consumers are increasingly gravitating towards gadgets equipped with image & speech recognition capabilities, eliminating the need for manual inputs. Therefore, consumer electronics have evolved to incorporate neuromorphic computing technologies in recent times. Further, as the pursuit of advanced processing technology intensifies to meet the demands of smart home devices, the consumer electronics segment is poised for substantial growth in the adoption of neuromorphic computing in the following years.

Asia-Pacific Leads the Way in the Global Neuromorphic Computing Market

Geographically, the Asia-Pacific region has firmly established its supremacy in the Global Neuromorphic Computing Market. This remarkable growth can be attributed to several key factors, including the strong presence of leading industry giants in countries such as China and Switzerland. Moreover, the region has witnessed a surge in the number of ambitious startups, like SynSense, among others, dedicating significant resources to the development & successful deployment of neuromorphic chips across various sectors, including consumer electronics & healthcare. Hence, as the region welcomes new entrants and witnesses a continuous influx of investments aimed at advancing the neuromorphic computing industry, the Asia-Pacific Neuromorphic Computing Market is poised for significant growth in the years to come.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including International Business Machines Corporation, Brain Corporation, Prophesee S.A., General Vision, inc, Hewlett Packard Company, Intel Corporation, Knowm Inc, Qualcomm Technologies, Inc, Samsung Electronics Co., Ltd, Silicon Storage Technology Inc., TECHiFAB GmbH, Applied Materials, Inc., Micron Technology and SK Hynix Inc. are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?