Neuromorphic Computing Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Data Processing, Image Processing, Signal Processing, Object Processing), By Industry (IT & Telecom, Aerospace & Defense, Healthcare, Automotive, Others), And By Geography - Forecasts From 2022 To 2027

The global neuromorphic computing market is projected to witness a compound annual growth rate of 50.45% to grow to US$81.029 billion by 2027, from US$4.644 billion in 2020. Neuromorphic computing refers to a computer engineering method modeled on the human brain and the nervous system. It has a wide range of applications in various industries like automotive, healthcare, and IT & Telecom among others. An increasing number of research projects coupled with innovation-driven collaborations among companies are projected to be the primary drivers in the market growth of neuromorphic computing. Additionally, the high energy efficiency attained while performing vast applicable operations of neuromorphic computing is also predicted to be a major contributor to the future market share increment.

Driver:

Energy efficiency, research projects & funding, and collaborations

The increasing number of research projects along with the funding and investments in technologies like artificial intelligence neuromorphic computing is anticipated to drive market growth in the future. The Human Brain Project, majorly funded by the European Union, is one of the major brain projects involved in the artificial computing of the human brain. As per the Human Brain Project, Specific Grant Agreement 3 (HBP SGA3) released by the European Commission, the EU contribution to the HBP SGA3 amounted to EUR 150 million. Also, the SGA3, which is the last of 4 phases, is expected to be completed by September 2023. Also, as per June 2022, a blog by Ericsson, the company and The Massachusetts Institute of Technology (MIT) have collaborated to research and unlock neuromorphic possibilities mainly in computational memory using lithionic memristive devices.

Key development:

• In September 2020, the DOE announced a sum of US$ 2 million for funding 5 projects in basic research to advanced neuromorphic computing.
• Also, as per the July 2021 announcement by Neuralink, which deals with human brain and computer technology integration, the company raised a sum of US$ 205 million in a Series C funding round, as mentioned on the official website. The start-up space also involving brain and computer technologies is also an anticipated contributor in the net market growth of the neuromorphic
• In March 2021, NaNose (Nano Artificial Nose) Medical and BrainChip launched a new system for electric breath diagnostics for COVID-19. the system uses Akida neuromorphic AI processor from BrainChip.

COVID-19 Impact on the Neuromorphic Computing Market

The COVID-19 pandemic had positively impacted the neuromorphic computing market. The robust outbreak of the virus and its exponential spread resulted in the implementation of a nationwide lockdown, hence surging digitalization and robotics across numerous industry verticals. This enhanced the scope of artificial intelligence, which resulted in demand for neuromorphic computing. Furthermore, social distance norms and other COVID-19 protocols supported the deployment of AI and robotics, which nudge significant growth. Hence, the COVID-19 pandemic boomed the market.

Neuromorphic Computing Market Scope:

Segmentation:

• By Application
  • Data Processing
  • Image Processing
  • Signal Processing
  • Object Processing
• By Industry
  • It & Telecom
  • Aerospace & Defense
  • Healthcare
  • Automotive
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain  
    • Others
  • The Middle East And Africa
    • Saudi Arabia
    • Uae
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others