Market Overview
Neuromorphic computing is an approach to computing that is inspired by the structure and function of the human brain 1. It involves building systems that emulate the neural circuitry of the brain, using artificial neurons and synapses to process information rather than traditional digital logic gates. Neuromorphic computing systems are designed to be more power-efficient and to better handle tasks such as pattern recognition, prediction, and decision-making.
Neuromorphic Computing Market Share is predicted to touch USD 8,351 Million at a whopping 21% CAGR between 2020- 2030
These systems are often classified as either analog or digital, with analog neuromorphic computing using continuous values to represent information and digital neuromorphic computing using digital values. Neuromorphic computing is considered a promising area of research, with potential applications in fields such as robotics, autonomous vehicles, and artificial intelligence.
Artificial neural networks are made of millions of artificial neurons. Neuromorphic computing systems have a rapid response system with better functionalities than conventional computers. Since the Neuromorphic computing system mimics the human brain and neural system, the complexity of this system is higher. It has very fast processes and creates accurate results. Since highly accurate results have scope in multiple businesses, the demand for neuromorphic computing has gone up in the last few years.
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The integration of AI and machine learning has also helped scale up the processes of Neuromorphic computing. There is a major scope of growth in the Neuromorphic computing market for existing and entering companies. An advantage of Neuromorphic computing is the systems are mobile and do not take up much space. The companies are investing in highly efficient and space-saving solutions from the sector. The expansion of Neuromorphic computing applications across industrial verticals like industrial automation, aerospace and defense, healthcare, automotive building etc., is an influential driver of the market.
The Neuromorphic computing market is set to grow at 21% CAGR in the forecast years. By the end of 2030, the sector will have a collective valuation of 8,351 Million. The nearly 50 percent CAGR over the forecast period is because of the use of Neuromorphic computing solutions over different industrial segments. The introduction of new product lines in the sector is going to sustain the growth of the sector over the next few years.
Market Segments
The Neuromorphic computing market is divided into multiple industrial segments based on different criteria. For example, the market segments emerge from end-user, offering and application. The market has segments of software and hardware on the basis of offering. On the other hand, the end-user segment has sub-segments of industrial, IT and telecommunication, automotive etc. From the segment of applications, the market has sub-segments of object detection, data mining, image recognition etc.
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Regional Analysis
The Neuromorphic computing market disperses over major regional markets like North America, Asia Pacific, Europe, Latin America, MEA. These regional markets contribute to the total global revenue of the sector. The study of regional markets helps understand key companies' presence and turnover in this sector. The North American market will clock in a higher CAGR than the overall CAGR in the period. The market will emerge as a leading market for Neuromorphic computing solutions. Apart from this region, the APAC region will also show great potential for growth in the coming years.
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