Global Neuromorphic Computing Market Market Size, Share, Revenue, Trends And Drivers For 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The neuromorphic computing market is set to expand from $1.15 billion in 2023 to $1.44 billion in 2024, reflecting a compound annual growth rate (CAGR) of 25.8%. This exponential growth can be attributed to advancements in artificial intelligence (AI), the rise of cognitive computing applications, collaborations within the industry, real-time processing requirements, and increased investment and funding. By 2028, the market is projected to reach $3.4 billion, with a CAGR of 23.9%, driven by the rise of edge computing, applications in autonomous vehicles, ongoing innovations in neuromorphic hardware, and growing demand for brain-inspired computing.

Rising Demand for Automated Systems in Industries Drives Market Growth
The increasing demand for automated systems in industries is expected to significantly boost the neuromorphic computing market. Automated systems leverage various technologies and control systems to operate and monitor industrial processes without human intervention. Neuromorphic computing technology enhances the capabilities of autonomous systems such as robotics, drones, self-driving cars, and AI, improving automation and efficiency in large-scale operations and factories. For instance, according to Eurostat, 28% of large EU enterprises used AI technologies in 2023, and 53% of EU enterprises implemented ready-to-use commercial AI software or systems in 2021. This rising demand for automated systems is driving the growth of the neuromorphic computing market.

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Key Players and Market Trends
Major companies in the neuromorphic computing market, such as Intel Corporation, IBM, Samsung Electronics, and Qualcomm Technologies Inc., are focusing on innovative technology to mimic the human brain. For example, in January 2022, BrainChip launched Akida, a neural networking processor designed to provide low-power AI for edge devices. The Akida Neural Processor SoC (System on Chip) uses a Spiking Neural Network (SNN) model, which mimics how neurons communicate in the brain, contributing to efficient event-based processing.

Segments:
The neuromorphic computing market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Deployment: Edge Computing, Cloud Computing
3) By Application: Signal Processing, Image Processing, Data Processing, Object Detection, Other Applications
4) By End Use: Consumer Electronics, Automotive, Healthcare, Military And Defense, Other End Uses

Geographical Insights: North America Leading the Market
North America was the largest region in the neuromorphic computing market in 2023. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The report provides detailed insights into regional dynamics, market trends, and growth opportunities across regions including Western Europe, Eastern Europe, South America, the Middle East, and Africa.

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Neuromorphic Computing Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Neuromorphic Computing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on neuromorphic computing market size, neuromorphic computing market drivers and trends, neuromorphic computing market major players, competitors' revenues, market positioning, and market growth across geographies. The neuromorphic computing market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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