The global neuromorphic computing market size is expected to reach USD 6.48 billion by 2024, according to a new study by Grand View Research, Inc., registering a 20.2% CAGR during the forecast period. Rising demand for artificial intelligence and cognitive and brain robots is acting as a major growth driving factor for the market.
Neuromorphic chips allow users to avail numerous advantages such as high speed, low power consumption, cognitive computing, and optimum usage of memory. In addition, these chips find high application in aerial surveillance, satellite imagery, and audio and signal processing. There has been considerable demand from a wide range of industrial verticals, such as consumer electronics, automotive, robotics, and military and defense.
Major industry players are focusing on development of neural processing units, which can be combined in a processor chip for reverse-engineering of the human brain. Companies increasingly making significant investments in R&D activities pertaining to development of neuroscience and computing before foraying into the industry.
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Further key findings from the study suggest:
- The consumer electronics end-use segment dominated the global neuromorphic computing market, accounting for a share of over 62.0% in 2016. This can be attributed to increasing utilization of brain computers and smart wearable devices
- North America dominated the market and acquired 34.0% of the total market in 2016. This can be majorly attributed to presence of key neuromorphic chip vendors in the region
- The signal processing application segment accounted for 30.0% of the global revenue in 2016, owing to increasing demand for processing acoustic and audio signals
- Key industry participants include Brain Corporation (U.S.); CEA Leti (France); General Vision, Inc. (U.S.); Hewlett Packard (U.S.); HRL Laboratories LLC (U.S.); IBM Corporation (U.S.); Intel Corporation (U.S.); Knowm Inc. (U.S.); Numenta, Inc. (U.S.); Qualcomm Inc. (U.S.); and Vicarious FPC, Inc. (U.S.)
- Industry vendors are emphasizing on product development for new applications and forming technology alliances to gain a competitive edge in the industry.