Neuromorphic Sensing & Computing Market - Forecast(2024 - 2030)

Neuromorphic Sensing & Computing Market Overview

The Neuromorphic Sensing & Computing Market is forecast to reach $560.4 million by 2027, growing at a CAGR of 84.2% from 2022 to 2027. Future autonomous AI systems that demand energy efficiency and continual learning will be powered by neuromorphic computing's novel architectural approach. It has already been used in a variety of domains, including sensing, robotics, healthcare, and large-scale AI applications, and promises to open up intriguing new possibilities in computing. In neuromorphic computing, spiking neural networks (SNNs) are used to make choices in response to learnt patterns over time. SNNs are innovative models that imitate natural learning by dynamically re-mapping neural networks. These asynchronous, event-based SNNs are used in neuromorphic computers to deliver orders of magnitude power and performance advantages over traditional designs. The industry is growing as traditional chip processing power growth slows and demand for AI-based applications rises. The major players in the global Neuromorphic Sensing & Computing Market are heavily investing in neuromorphic chips in order to provide improved processing capabilities while consuming less power. The falling processing capacity of chipsets, rising demand for nonvolatile memory, shifting semiconductor paradigm, and increased demand for applications driven by new technologies such as artificial intelligence, machine learning, and others are some of the primary factors driving the market expansion of neuromorphic sensing & computing. Hence, these factors will drive Neuromorphic Sensing & Computing Market size in the forecast period 2022-2027.

Report Coverage

The report: “Neuromorphic Sensing & Computing Market – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Neuromorphic Sensing & Computing Market.

By Offering: Hardware, Software
By Class: Artificial Neural Networks, Biology Based Learning Models
By Type: Computing (In Memory Computing, Digital Hybrid Computing), Sensing
By Application: Image Recognition, Data Mining, Object Detection, Signal Recognition, Pattern Recognition, Others
By End-user-industry: Automotive, Aerospace, military and Defense, IT and Telecom, Industrial, Healthcare, Others
By Geography: North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), South America(Brazil, Argentina and others) and RoW (Middle east and Africa)

Key Takeaways

• North America dominated held the major market share in 2021. This is mainly attributed to rise in R&D investments, presence of key market players and others.
• The growing usage of neuromorphic sensing & computing in artificial intelligence-based applications for processing complicated algorithms is helping to propel the industry forward.
• Rising trend towards automation across different end user verticals benefits the market growth.

Neuromorphic Sensing & Computing Market share in %, by Geography, 2021

Neuromorphic Sensing & Computing Market Segment Analysis- By Offering

By offering type, Neuromorphic Sensing & Computing Market is segmented into hardware and software. Hardware segment held the highest market growth in 2021. This is due to a shift in focus away from high-performance computing (HPC) and towards increasing parallelism via multi-core designs. As the value of neuromorphic technology is recognised, more start-ups are entering this uncharted territory to prove their technological superiority. Innatera, for instance, delivers sensor edge next-generation neuromorphic intelligence. The company's ultra-efficient neuromorphic processors are designed to mirror the brain's sensory data processing systems. In order to transfer its brain-inspired processing technology to sensors and sensor-based products, the business raised 5 million Euros in 2020. Furthermore, software segment is estimated to hold the highest market share 83% among all the components during the forecast period 2022-2027. The market growth is owing to increase in application and usage of software in neuromorphic sensing & computing. For instance, in September 2020, The Department of Energy (DOE) has announced financing of $2 million for five fundamental research projects aimed at furthering neuromorphic computing. DOE's effort encourages the development of both hardware and software for neuromorphic computing inspired by the brain. Thus, above mentioned factors are analyzed to drive the market in the forecast period 2022-2027.

Neuromorphic Sensing & Computing Market Segment Analysis- By End user

This market is segmented into Automotive, Aerospace and Defense, IT and Telecom, Industrial, Healthcare, Others, on the basis of End user. Aerospace and Defense is anticipated to witness significant amount of growth with CAGR of 38% during the forecast period 2022-2027. Today's aerospace and defense industries are dealing with an exponential growth of data from a range of sensors. The little bandwidth available for military usage has been severely stressed by unprecedented data collecting. Before further transmission, the data must be processed as near to the sensor as feasible. As a result, sequential computing algorithms are inefficient in this aspect due to their huge size and power needs. This parallel task can be carried out significantly more effectively with NeuroSynaptic devices. Neuromorphic computing has the ability to process data quicker than any other processor, which aids the aerospace and military industries in processing sensitive data such as combat data, including weaponry and resource management. Another reason driving the growth of the neuromorphic computing market for the aerospace and military industry is the growing need for testing and transferring signals to securely code and transmit data from one end to another to lessen the possibility of security concerns.

Neuromorphic Sensing & Computing Market Segment Analysis- By Geography

North America dominated the market by a market share of approximately 30% in 2021. Growing applications in the field of automation have provided many market expansion potential. During the forecast period, the market is likely to be driven by the steady replacement of Von Neumann architecture with neuromorphic devices. These processors also have low power consumption, faster speeds, and optimal memory use. Some of the largest market players, such as Intel Corporation and IBM Corporation, are based in North America. Government efforts, investment activity, and other factors are driving the market for neuromorphic chips in the area. For instance, in September 2020, the Department of Energy (DOE) announced $2 million funding for five basic research projects to advance neuromorphic computing. The initiative by DOE supports the development of both hardware and software for brain-inspired neuromorphic computing. Big investments into research and development activities through partnerships are being witnessed in the region. For instance, in October 2020, Sandia National Laboratories, one of three National Nuclear Security Administration research and development laboratories in the United States, partnered with Intel to explore the value of neuromorphic computing for scaled-up computational problems. Hence, such factors together are analysed to drive the market in the forecast period 2022-2027.

Neuromorphic Sensing & Computing Market Drivers

Rise in demand for improved Integrated circuits (ICs) tends to drive the market growth for Neuromorphic Sensing & Computing:

As data and program instructions are stored in a block of memory that is distinct from the processor which executes the instructions, the central processing unit (CPU) must continually shuttle information back and forth from the memory store. As a result, data transit consumes a lot of power and slows down the processor's optimal performance, lowering the total processing speed. Neuromorphic chips, on the other hand, can process data in parallel and store data on the device. Data shuttling is avoided when processing and storage are combined, allowing for more efficient computing. During the projection period, the need for higher-performance ICs will thus be a major driving force in the Neuromorphic Sensing & Computing Market. GrAI Matter Labs secured US$14 million in investment in November 2020, which will be used to speed the design and market launch of its first GrAI full-stack AI system-on-chip platform, to meet customer demands at the edge, according to the firm.

Artificial intelligence (AI) applications are becoming increasingly popular which in turn is anticipated to positively impact the market growth

The expanding number of machine-to-machine connections and artificial intelligence penetration are pushing the demand for additional edge solutions employing neuromorphic computing. Medical, media, entertainment, telecom, utilities, aerospace, military, consumer products, food & drinks, and piping are just a few of the areas where artificial intelligence (AI) is being used. SolidRun and Gyrfalcon, for instance, released the Janux GS31 First Edge Optimized AI Inference Server in March 2020, which supports leading neural network frameworks. For increased inference performance for most complicated video AI models, it may be equipped with up to 128 Gyrfalcon Lightspeeur SPR2803 AI acceleration processors. Such developments further is anticipated to benefit the market growth.

Neuromorphic Sensing & Computing Market Challenges

The development of real-world applications is being slowed by a lack of R&D and investments which act as hindrance to the market growth for Neuromorphic Sensing & Computing:

Complex algorithms increase the difficulty of developing hardware for neuromorphic chips, and lack of information about neuromorphic computing are some of the primary problems limiting the growth of the neuromorphic computing business. Furthermore, defining the algorithms, that is, the structure and dynamics of the network, is one of the most significant current issues in neuromorphic computing, which is impeding market growth throughout the forecast period 2022-2027.

Neuromorphic Sensing & Computing Industry Outlook

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Neuromorphic Sensing & Computing Market. In 2021, the market of Neuromorphic Sensing & Computing industry outlook has been fragmented by several companies. Neuromorphic Sensing & Computing top 10 companies include

1. IBM Corporation
2. Intel Corporation
3. BrainChip Holdings Ltd.
4. Qualcomm Incorporated
5. Hewlett Packard Development LP
6. Samsung Electronics Ltd.
7. General Vision Inc.
8. Applied Brain Research Inc.
9. Numenta
10. Vicarious, among others.

Recent Developments

• In May 2021, CEA-Leti unveiled an EU initiative to create analogue spiking processors that replicate biological brain networks by developing algorithms, electronic devices, and circuits. The initiative started in 2020 with a group of academics from Leti, IMEC, IBM Zurich, and the China-backed Swiss firm SynSense AG.
• In March 2020, Intel has announced the availability of Pohoiki Springs, the company's newest and most powerful neuromorphic research facility. This system has a compute capacity of 100 million neurons and is 1,000 times quicker and 10,000 times more efficient than traditional processors.

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