Neuromorphic Sensing and Computing Market - Forecast (2022 - 2027)
The Market for Neuromorphic Sensing and Computing is forecast to reach $560.4 million by 2025, growing at a CAGR of 84.2% from 2020 to 2025. This is due to the decline in the rate of growth of traditional chip processing power and the increasing demand for AI-based applications. With the help of neuromorphic chips, the key players operating in the global neuromorphic sensing and computing market are investing heavily to offer enhanced computing capabilities and reduce the power consumption. The declining processing power of chipsets and rising demand for applications driven by emerging technologies such as artificial intelligence are some of the prime factors driving the market growth of neuromorphic sensing and computing.
Report Coverage
The report: “Neuromorphic Sensing and Computing Market– Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Neuromorphic Sensing and Computing Market.
By Offering – Hardware, Software.
By Application – Image Recognition, Signal Recognition, Data Mining, Object Detection, Others.
By End User – Automotive, Aerospcae and Defense, Healthcare, Industrial, IT & Telecom, Others.
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).
Neuromorphic Sensing and Computing Market Segment Analysis - By Application
The Neuromorphic Sensing and Computing Market is segmented by application into Image Recognition, Signal Recognition, Data Mining, and Object Detection among Others. The signal recognition market is expected to show significant growth estimated around 98.3% in the coming years owing to the rising demand for acoustics signal and processing of audio. The signal recognition technology is being used in a variety of applications, owing to the continuing advancements in computing power and the widespread adoption of mobile and cloud-based computer technology, which makes it the fastest growing application for neuromorphic sensing and computing.
Neuromorphic Sensing and Computing Market Segment Analysis - By End User
Of all the major neuromorphic sensing and computing applications, the aerospace and defense vertical held the largest market share accounting to around 38% in 2019. Neuromorphic chips have the advantage to process the information much faster than any other processors, which helps the military & defense industry in processing the battlefield data, including weapon and resource management. Increasing requirement for testing and transmitting signals in this industry, which helps to securely code and transmit data from one end to another to reduce the threat of security issues, is another factor driving the growth of the neuromorphic computing market for the aerospace & defense industry. Unprecedented data collection has severely strained the limited available bandwidth for military use. The data needs to be processed, as close to the sensor as possible before further transmission therefore sequential computational techniques with their large size and power requirements are not very efficient in this regardNeuromorphic sensing and computing can carry out this parallel task much more efficiently, thereby driving the market growth in defense vertical.
Neuromorphic Sensing and Computing Market Segment Analysis - Geography
North America is the largest and rapidly growing market for neuromorphic sensing and computing due to the initiatives taken by major chip designing companies such as IBM Corporation (U.S.), Intel (U.S.), and General Vision (U.S.) in this region to develop the chips to embed them for large-scale applications such as servers, data centers, and big data analytics, among others. Increasing awareness about benefits of neuromorphic sensing and computing in various industries such as aerospace, military & defense, and medical is driving the growth of the market in North America at a higher rate compared to other regions. Moreover, accumulation of the major nueromorphic chip manufactures in this region is one of the major driving factors of the neuromorphic sensing and computing market in this region.
Neuromorphic Sensing and Computing Market Drivers
Within the universe of AI-optimized chip architectures, what sets neuromorphic approaches apart is their ability to use intricately connected hardware circuits. Artificial intelligence is the foundation of self-driving cars, drones, robotics, and many other frontiers in the 21st century. Neuromorphic designs mimic the central nervous system’s information processing architecture. Neuromorphic hardware doesn’t replace GPUs, CPUs, ASICs, and other AI-accelerator chip architectures, neuromorphic architectures. Instead, they supplement other hardware platforms so that each can process the specialized AI workloads for which they were designed.
Neuromorphic Sensing and Computing Market Challenges
Lack of R&D and investments slowing down the development of real-world applications
Lack of R&D and investments slowing down the development of real-world applications, complex algorithms increase the complexity of designing hardware of neuromorphic chips, and lack of knowledge about neuromorphic computing are some of the major factors restraining the growth of the neuromorphic computing market. Moreover, one of the biggest current challenges in neuromorphic computing is defining the algorithms i.e. the structure and dynamics of the network, which s further hindering the market growth during the forecast period 2020 -2025.
Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Neuromorphic Sensing and Computing Market. Neuromorphic Sensing and Computing market is expected to be dominated by major companies such as IBM Corporation (US), Intel Corporation (US), Applied Brain Research (Canada), SAMSUNG (South Korea), BrainChip Holdings Ltd (Australia), Hewlett Packard Development LP (US), HRL Laboratories (US), Qualcomm Incorporated (US), General Vision(US), Vicarious (US), Numenta(US). Few startups such as Aspinity Inc (US), aiCTX AG (Switzerland), and invitation AG (Switzerland) among others.
Acquisitions/Technology Launches/Partnerships
Report Coverage
The report: “Neuromorphic Sensing and Computing Market– Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Neuromorphic Sensing and Computing Market.
By Offering – Hardware, Software.
By Application – Image Recognition, Signal Recognition, Data Mining, Object Detection, Others.
By End User – Automotive, Aerospcae and Defense, Healthcare, Industrial, IT & Telecom, Others.
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).
Key Takeaways
The Neuromorphic Sensing and Computing Market in North America held the major share due to presence of major neuromorpjhic chip manufacturers in this region.
The increasing use of neuromorphic sensing and computing in artificial intelligence based applications for processing complex algorithms is significantly contributing towards driving the market growth.
One of the major hindrances for the growth of the Neuromorphic sensing and computing market worldwide is the lack of R&D and investments which is slowing down the development of real-world applications.
The signal recognition market is expected to show significant growth estimated around 98.3% in the coming years owing to the rising demand for acoustics signal and processing of audio.
The increasing use of neuromorphic sensing and computing in artificial intelligence based applications for processing complex algorithms is significantly contributing towards driving the market growth.
One of the major hindrances for the growth of the Neuromorphic sensing and computing market worldwide is the lack of R&D and investments which is slowing down the development of real-world applications.
The signal recognition market is expected to show significant growth estimated around 98.3% in the coming years owing to the rising demand for acoustics signal and processing of audio.
Neuromorphic Sensing and Computing Market Segment Analysis - By Application
The Neuromorphic Sensing and Computing Market is segmented by application into Image Recognition, Signal Recognition, Data Mining, and Object Detection among Others. The signal recognition market is expected to show significant growth estimated around 98.3% in the coming years owing to the rising demand for acoustics signal and processing of audio. The signal recognition technology is being used in a variety of applications, owing to the continuing advancements in computing power and the widespread adoption of mobile and cloud-based computer technology, which makes it the fastest growing application for neuromorphic sensing and computing.
Neuromorphic Sensing and Computing Market Segment Analysis - By End User
Of all the major neuromorphic sensing and computing applications, the aerospace and defense vertical held the largest market share accounting to around 38% in 2019. Neuromorphic chips have the advantage to process the information much faster than any other processors, which helps the military & defense industry in processing the battlefield data, including weapon and resource management. Increasing requirement for testing and transmitting signals in this industry, which helps to securely code and transmit data from one end to another to reduce the threat of security issues, is another factor driving the growth of the neuromorphic computing market for the aerospace & defense industry. Unprecedented data collection has severely strained the limited available bandwidth for military use. The data needs to be processed, as close to the sensor as possible before further transmission therefore sequential computational techniques with their large size and power requirements are not very efficient in this regardNeuromorphic sensing and computing can carry out this parallel task much more efficiently, thereby driving the market growth in defense vertical.
Neuromorphic Sensing and Computing Market Segment Analysis - Geography
North America is the largest and rapidly growing market for neuromorphic sensing and computing due to the initiatives taken by major chip designing companies such as IBM Corporation (U.S.), Intel (U.S.), and General Vision (U.S.) in this region to develop the chips to embed them for large-scale applications such as servers, data centers, and big data analytics, among others. Increasing awareness about benefits of neuromorphic sensing and computing in various industries such as aerospace, military & defense, and medical is driving the growth of the market in North America at a higher rate compared to other regions. Moreover, accumulation of the major nueromorphic chip manufactures in this region is one of the major driving factors of the neuromorphic sensing and computing market in this region.
Neuromorphic Sensing and Computing Market Drivers
Increasing demand for AI – based applications
Within the universe of AI-optimized chip architectures, what sets neuromorphic approaches apart is their ability to use intricately connected hardware circuits. Artificial intelligence is the foundation of self-driving cars, drones, robotics, and many other frontiers in the 21st century. Neuromorphic designs mimic the central nervous system’s information processing architecture. Neuromorphic hardware doesn’t replace GPUs, CPUs, ASICs, and other AI-accelerator chip architectures, neuromorphic architectures. Instead, they supplement other hardware platforms so that each can process the specialized AI workloads for which they were designed.
Neuromorphic Sensing and Computing Market Challenges
Lack of R&D and investments slowing down the development of real-world applications
Lack of R&D and investments slowing down the development of real-world applications, complex algorithms increase the complexity of designing hardware of neuromorphic chips, and lack of knowledge about neuromorphic computing are some of the major factors restraining the growth of the neuromorphic computing market. Moreover, one of the biggest current challenges in neuromorphic computing is defining the algorithms i.e. the structure and dynamics of the network, which s further hindering the market growth during the forecast period 2020 -2025.
Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Neuromorphic Sensing and Computing Market. Neuromorphic Sensing and Computing market is expected to be dominated by major companies such as IBM Corporation (US), Intel Corporation (US), Applied Brain Research (Canada), SAMSUNG (South Korea), BrainChip Holdings Ltd (Australia), Hewlett Packard Development LP (US), HRL Laboratories (US), Qualcomm Incorporated (US), General Vision(US), Vicarious (US), Numenta(US). Few startups such as Aspinity Inc (US), aiCTX AG (Switzerland), and invitation AG (Switzerland) among others.
Acquisitions/Technology Launches/Partnerships
In September 2019, HPE announced that it has developed a supercomputer for MIT Lincoln supercomputing center named as TX-GAIA (Green AI Accelerator). The supercomputer combines the high-performance computing (HPC) and AI to support workloads that include modeling and simulation and also used for complex deep neural networks (DNN) and other machine learning applications.
In October 2019, BrainChip launched Akida Neuromorphic System-on-Chip at the Linley Fall Processor Conference held on October 23, 2019, and 24, 2019. Akida is an SNN processing chip, and licensable technology that can be integrated with other hardware and devices for commercial applications that include surveillance, advanced driver assistance systems (ADAS), autonomous vehicles (AV), vision-guided robotics, drones, augmented and virtual reality (AR/VR) and others.
In July 2019, Intel Corporation launched Pohoiki Beach, an 8 million-neuron neuromorphic system that includes 64 Loihi research chips developed for the research community. The neuromorphic system allows the researchers to experiment with brain-inspired research chip, Loihi to scale up the neural-inspired algorithms that include sparse coding, simultaneous localization and mapping (SLAM), and path planning.
In October 2019, BrainChip launched Akida Neuromorphic System-on-Chip at the Linley Fall Processor Conference held on October 23, 2019, and 24, 2019. Akida is an SNN processing chip, and licensable technology that can be integrated with other hardware and devices for commercial applications that include surveillance, advanced driver assistance systems (ADAS), autonomous vehicles (AV), vision-guided robotics, drones, augmented and virtual reality (AR/VR) and others.
In July 2019, Intel Corporation launched Pohoiki Beach, an 8 million-neuron neuromorphic system that includes 64 Loihi research chips developed for the research community. The neuromorphic system allows the researchers to experiment with brain-inspired research chip, Loihi to scale up the neural-inspired algorithms that include sparse coding, simultaneous localization and mapping (SLAM), and path planning.
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