The neuromorphic computing market is expected to grow from USD 6.6 Million in 2016 to USD 272.9 Million by 2022, at a CAGR of 86.0% during the forecast period. The forecast period considered for the study is between 2016 and 2022.
Seattle, WA -- (SBWIRE) -- 11/03/2016 -- The major factors driving the growth of the neuromorphic computing market include growth in the sensors market; rising demand for artificial intelligence and machine learning; increasing adoption of software in applications such as continuous online learning, real-time data streaming, predictive analysis, and data modelling; need for better performing ICs; growing demand for neuromorphic computing in applications such as video monitoring, machine vision, and voice identification; and the end of Moore's law leading to new ways of computing.
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Software to hold the largest share of the neuromorphic computing market during the forecast period
Software is expected to hold the largest share of 58.0% of the neuromorphic computing market, based on offering, in 2016. Software has applications in video monitoring, machine vision, and voice identification. Increasing adoption of software in industries such as aerospace & defense, IT & telecom, and medical is driving the growth of the neuromorphic computing software market.
Signal recognition applications to drive the growth of the neuromorphic computing market between 2016 and 2022
Adoption of speech recognition in industries such as medical and automotive & transportation is another major factor driving the market growth. For instance, speech recognition is used in the field of healthcare for radiologist scanning of hundreds of X-rays, ultra-sonograms, CT scans, and simultaneously dictating conclusions to a speech recognition system connected to the word processors.
North America to hold the major share of the neuromorphic computing market during the forecast period
North America, which comprises the U.S., Mexico, and Canada, is expected to hold the major share of the global neuromorphic computing market between 2016 and 2022. The market in this region is likely to grow at the highest rate during the forecast period since North America is one of the major markets for image recognition. Also, the higher penetration of devices with unique voice and image identification capabilities in defense, wearables, IoT, and robotics technology for interactive experience is driving the growth of the neuromorphic computing market in North America.
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The major players in the neuromorphic computing market include IBM Corporation (U.S.); HP Corp. (U.S.); Samsung Electronics Ltd. (South Korea); Intel Corp. (U.S.); Qualcomm Inc. (U.S.); HRL Laboratories, LLC (U.S.); General Vision Inc. (U.S.); Applied Brain Research, Inc. (U.S.); and BrainChip Holdings Ltd. (U.S.).
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