Neuromorphic Computing: Revolutionizing Technology and Driving Market Growth

Neuromorphic Computing-Innovius Research

20-09-2024
By Innovius Research
Artificial Intelligence

Neuromorphic Computing: Revolutionizing Technology and Driving Market Growth

Neuromorphic computing is a computer engineering technique that involves modeling computer elements after systems found in the human brain and nervous system. This term encompasses the design of both hardware and software computing elements.

These systems are designed to be highly energy-efficient, as a human brain and use significantly less power than conventional supercomputers.

It can quickly process large amounts of data from numerous Internet of Things (IoT) devices, making it ideal for home automation, self-driving cars, and medical diagnostics applications.

Market Size and Forecast

In 2023, the Global Neuromorphic Computing market was valued at $5.19 billion.

The Global Neuromorphic Computing market is expected to grow and reach to $24.75 billion by 2030.

The global market is expected to grow at an approximate CAGR of 25% during the forecasted period 2024-2030.

Global Neuromorphic Computing Market During 2023-2030 ($Billion) - Innovius Research — ***Global Neuromorphic Computing Market During 2023-2030 ($Billion)***

In 2022, the global market shares for Neuromorphic Computing indicated North America leading at 53%, followed by Europe (23%), Asia Pacific (12%), Middle East and Africa (7%), and South America (5%).

***Global Neuromorphic Computing Market Share, By Region 2022 (%)***

Neuromorphic Computing Recent Trends and Developments

sYNSENSE-Neuromorphic Computing - Innovius Research

In 2024, SynSense collaborated with iniVation to develop neuromorphic technologies for stand-alone processors, vision sensors, and integrated compute-in-sensor devices in robotics, automobiles, consumer electronics, and aerospace.

Intel-Neuromorphic Computing - Innovius Research

In 2024, Intel built a large-scale neuromorphic system, code-named Hala Point, initially deployed at Sandia National Laboratories, utilizing Intel’s Loihi 2 processor, aimed at supporting research for future brain-inspired artificial intelligence.

Brainchip-Neuromorphic Computing - Innovius Research

In 2023, BrainChip Holdings Ltd. and Lorser Industries Inc. cooperated to use BrainChip’s Akida™ technology to deliver neuromorphic computing solutions for software-defined radio (SDR) devices.

Eindhoven University of Technology-Neuromorphic Computing - Innovius Research

In 2023, researchers from Eindhoven University of Technology and Northwestern University in the US developed a way for training neuromorphic chips to detect cystic fibrosis using a biosensor.

Cvedia-Neuromorphic Computing - Innovius Research

In 2023, CVEDIA partnered with BrainChip Holdings Ltd. for the integration of the CVEDIA-RT platform for video analytics running on BrainChip’s Akida™ neuromorphic IP for security and surveillance, transportation, ITS, and retail applications.

Tsinghua University-Neuromorphic Computing - Innovius Research

In 2022, researchers at China’s Tsinghua University Center for Brain-Inspired Computing Research developed a neuromorphic chip for AI applications with 50% lower power consumption than a standard NVIDIA chip.

Market User-based Statistics

As per a report of 2023, the largest segment in the end-user share of Neuromorphic Computing is Consumer Electronics at 48%, followed by Automotive (27%), Aerospace & Defense (11%), Healthcare (8%), and Others (6%).

Neuromorphic Computing Segments, By End-Use 2023 (%)-Innovius Research — ***Neuromorphic Computing Segments, By End-Use 2023 (%)***

As per a report of 2023, the larger segment in the share of Neuromorphic Computing by deployment is Edge deployment at 71.7% followed by Cloud deployment at 28.9% .

Edge deployment is popular due to its high real-time processing speeds, crucial for application such as autonomous vehicles and industrial automation.