PUNE, India, September 21, 2016 /PRNewswire/ --
According to the new research report "Neuromorphic Computing Market by Offering (Hardware, Software), Application (Image Recognition, Signal Recognition, Data Mining), Industry (Aerospace & Defense, IT & Telecom, Automotive, Medical & Industrial) and Geography - Global Forecast to 2022", published by MarketsandMarkets, the 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.
Browse 70 market data Tables and 68 Figures spread through 163 Pages and in-depth TOC on "Neuromorphic Computing Market".
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The factors driving the market growth include increasing demand for artificial intelligence and machine learning, need for better performing ICs, and new ways of computation due to the end of Moore's law.
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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