Market Overview
Neuromorphic Computing Market Size is predicted to touch USD 8,351 Million at a whopping 21% CAGR between 2020- 2030
Neuromorphic computing is a new type of computer architecture that emulates the structure and function of the human brain and nervous system using analogue or digital copies of biological neural networks on electronic circuits. These systems are designed to perform tasks that traditional computing architectures find challenging, such as pattern recognition, sensing, and response to external stimuli. Neuromorphic computing systems use a combination of hardware and software that can learn from experience, reconfigure themselves based on new data, and adapt to changing environments.
They are expected to be more energy-efficient than conventional computers, and therefore better suited for applications that require low-power consumption. Neuromorphic computing has the potential to revolutionize fields such as artificial intelligence and machine learning, as well as a wide variety of other applications in healthcare, robotics, and more.
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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.
Industry news
The Neuromorphic computing industry players are researching and developing new solutions for different industrial sectors, from portfolio expansion to mergers and acquisitions to create new revenue generation opportunities.
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