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The need for better performing ICs, increase in demand for artificial intelligence and machine learning, and increasing number of cross-industry partnerships and collaborations are key factors driving the growth of the market.
Key Findings of the Global Neuromorphic Computing Market:
1. IBM launched an energy-efficient AI chip built with 7nm technology. The AI hardware accelerator chip supports a variety of model types while achieving leading-edge power efficiency.
2. The chip technology can be scaled and used for commercial applications to train large-scale models in the cloud to security and privacy efforts by bringing training closer to the edge and data closer to the source.
3. Intel announced a three-year agreement with Sandia National Laboratories (Sandia), US, to explore the value of neuromorphic computing for scaled-up computational problems.
What are the Driving Factors of Evolution of technologies and consolidation of Neuromorphic Computing Market?
The Neuromorphic computing market is expected to be valued at USD 22,743 thousand in 2021 and is expected to reach USD 550,593 thousand by 2026, at a CAGR of 89.1% by 2026.
Cloud computing segment to grow at the highest CAGR during forecast period.
Cloud computing involves decentralized applications running in data centers. It offers several advantages over edge computing. Cloud services are basically handled in a vendor-managed cloud or a collection of data centers and can be accessed from any device over the Internet. Moreover, COVID-19 pandemic has accelerated the deployment of cloud computing as people are working remotely. Hence, the cloud computing segment is expected to witness the highest growth during forecast period.
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Neuromorphic Computing Market by Top Companies Profiles:
New ways of computation possible due to end of Moore’s law
The size of an IC cannot be shrunk with transistor count also doubling, as this would result in reduced space between electron and holes, and lead to problems such as current leakage and overheating in ICs. These problems would lead to slower performance, high power consumption by ICs, and reduced durability. Thus, the need for finding an alternate way to increase the computational power of chips has fueled the development of neuromorphic chips.
The neuromorphic computing market was dominated by Intel Corp. (US), IBM Corporation (US), BrainChip Holdings Ltd. (US), Qualcomm (US) and HP Enterprise (US).
Regional Insight by MarketsandmarketsTM Research:
North America to register higher CAGR during the forecast period
North America is expected to hold the largest share in the neuromorphic computing market in 2021, with the US being the major contributor to the market in the region. The higher penetration of devices with unique voice and image identification capabilities in defense, wearables, IoT, and robotics technologies for interactive experience is driving the growth of the neuromorphic computing market in the region.
Regions & Countries Covered:
North America – (U.S., Canada, Mexico)
Europe – (U.K., France, Germany, Italy, Spain, Rest of Europe)
Asia Pacific – (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
Latin America – (Brazil, Argentina, Rest Of Latin America)
The Middle East & Africa – (GCC Countries, South Africa, Rest Of the Middle East & Africa)
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