PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455689
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455689
Neuromorphic Sensing & Computing Market size was valued at USD 5,490.43 Million in 2023, expanding at a CAGR of 22.90% from 2024 to 2032.
Neuromorphic Sensing & Computing heralds a revolutionary shift in technology, drawing inspiration from the intricate mechanisms of the human brain to forge computing systems that are not only more efficient but also highly adaptable. By emulating the architecture of neural networks, these systems possess the unique ability to perceive and process information in manners that surpass the capabilities of traditional computing methods. This innovation holds the promise of substantial progress in crucial domains like artificial intelligence, robotics, and healthcare, where intricate data processing and decision-making are indispensable.
Neuromorphic Sensing & Computing Market- Market Dynamics
Evolution of artificial intelligence and machine learning algorithms increasingly necessitates specialized hardware accelerators to cope with the escalating computational demands of intricate tasks to propel market demand
The market growth of neuromorphic sensing and computing market is mainly driven by the advantages of neuromorphic sensing & computing. Energy efficiency stands out as a paramount concern across various sectors, and neuromorphic computing offers the enticing prospect of significant power conservation compared to conventional computing architectures, making it especially appealing for mobile and edge computing applications. Furthermore, the evolution of artificial intelligence and machine learning algorithms increasingly necessitates specialized hardware accelerators to cope with the escalating computational demands of intricate tasks. Neuromorphic computing, with its parallel processing capabilities and low-latency operation, proves to be an ideal candidate to meet these demands. Additionally, the proliferation of real-time data-intensive applications such as autonomous vehicles, robotics, and Internet of Things (IoT) devices underscores the necessity for efficient and responsive computing solutions, further fueling the demand for neuromorphic sensing and computing technologies. These converging factors create a fertile ground for innovation and market expansion within the realm of neuromorphic sensing and computing.
Neuromorphic Sensing & Computing Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 22.90% over the forecast period (2024-2032)
Based on Offering segmentation, hardware was predicted to show maximum growth rate in the year 2023
Based on Class segmentation, Artificial Neural Networks was the leading type in 2023
Based on end use segmentation, Aerospace & Defense was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Neuromorphic Sensing & Computing Market is segmented on the basis of Offering, Class, Feature type, Application, End User, and Region.
The market is divided into two categories based on Offering: hardware and software offerings. In 2023, the hardware segment experienced the highest market growth, attributed to a shift in focus away from high-performance computing (HPC) towards enhancing parallelism through multi-core designs. With the increasing recognition of the value of neuromorphic technology, numerous startups are venturing into this unexplored domain to demonstrate their technological prowess. One such example is Innatera, which specializes in delivering next-generation neuromorphic intelligence at the sensor edge. The businesses ultra-efficient neuromorphic processors are meticulously designed to mimic the sensory data processing systems of the brain. To advance its brain-inspired processing technology into sensors and sensor-based products, Innatera secured a funding of 5 million Euros in 2020.
The market is divided into six categories based on end user: Automotive, Aerospace & Defense, IT and Telecom, Industrial, Healthcare, and Others. Aerospace & Defense are projected to dominate the market throughout the forecast period. The aerospace and defense industries are currently grappling with an unprecedented influx of data from various sensors. The limited bandwidth available for military applications has been severely strained by this surge in data collection. To address this challenge, data must be processed as close to the sensor as possible before transmission. In this regard, traditional sequential computing algorithms prove inefficient due to their large size and power requirements. NeuroSynaptic devices excel in performing parallel tasks significantly more efficiently. Neuromorphic computing, with its unparalleled data processing speed, proves invaluable to the aerospace and military sectors in handling sensitive data such as combat data, including weaponry and resource management. Additionally, the growing need for secure signal testing and transmission to mitigate security risks further propels the growth of the neuromorphic computing market in the aerospace and military industries.
Neuromorphic Sensing & Computing Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Prominent players in the global Neuromorphic Sensing & Computing Market are making substantial investments in neuromorphic chips to offer enhanced processing capabilities with reduced power consumption. Factors such as the declining processing capacity of chipsets, growing demand for nonvolatile memory, evolving semiconductor landscape, and heightened need for applications driven by emerging technologies like artificial intelligence and machine learning are among the primary drivers fueling the market expansion of neuromorphic sensing & computing.
In May 2021, CEA-Leti unveiled a European Union initiative aimed at developing analogue spiking processors that mimic biological brain networks through the development of algorithms, electronic devices, and circuits. This initiative, which commenced in 2020, involves collaboration among academics from IMEC, Leti, IBM Zurich, as well as the China-backed Swiss firm SynSense AG.
GLOBAL NEUROMORPHIC SENSING & COMPUTING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
IBM Corporation
Intel Corporation
BrainChip Holdings Ltd.
Qualcomm Incorporated
Hewlett Packard Development LP
Samsung Electronics Ltd.
General Vision Inc.
Applied Brain Research Inc.
Numenta
Vicarious
Others