Neuromorphic Computing Market by Offering (Hardware, Software), Application (Image Recognition, Signal Recognition, Data Mining), Industry (Aerospace & Defense, IT & Telecom, Automotive, Medical & Industrial) and Geography - Global Forecast to 2022
“Increasing adoption of software for various applications expected to drive the growth of the neuromorphic computing market”
The neuromorphic computing market is expected to grow from USD 6.6 million in 2016 to reach USD 272.9 million by 2022, at a CAGR of 86.0% during the forecast period. Increasing adoption of software, due to its applications such as continuous online learning, real-time data streaming, predictive analysis, and data modeling, in video monitoring, machine vision, and voice identification applications is expected to be a major driving factor for the growth of the market. Lack of R&D investments and lack of knowledge about neuromorphic computing among consumers are the major restraints of neuromorphic computing market.
“Image recognition application holds the largest share of the neuromorphic computing market for the aerospace & defense industry”
Image recognition application holds the largest share of the neuromorphic computing market for the aerospace. Various approaches to allow neuromorphic computing to learn algorithms are based on the image recognition technology. Aerospace & defense is the largest application area for image recognition since it is used for surveillance and security, tracking, and targeting and in drones. Growth in the market for image recognition is expected to be driven by the increasing adoption of drones and UAVs. Video monitoring and machine vision are the major factors driving the growth of the market for image recognition.
“Neuromorphic computing market in North America to grow at the highest rate in the coming years”
High awareness pertaining to the benefits of neuromorphic computing in various industries such as aerospace, military, & defense and medical is a major driver for the growth of the neuromorphic computing market in North America. The U.S. being the leading country in the adoption of artificial intelligence for machine learning, natural language processing (NLP), image processing, and speech recognition across industries such as healthcare and automotive & transportation is driving the growth of the neuromorphic computing market in North America.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants is given below:
By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
By Designation: C-Level Executives – 45%, Directors – 35%, and Managers – 20%
By Region: North America – 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Major players operating in the neuromorphic computing market include IBM Corp. (U.S.), HP Corp. (U.S.), Samsung Electronics Ltd. (South Korea), Intel Corp. (U.S.), HRL Laboratories, LLC (U.S.), General Vision Inc. (U.S.), Applied Brain Research Inc. (U.S.), and BrainChip Holdings Ltd. (U.S.).
Reasons to Buy the Report:
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the neuromorphic computing market comprehensively and provides the closest approximations of the market sizes for the overall market and subsegments across the different applications, industries and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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