CHICAGO, May 4, 2021 /PRNewswire/ — According to a research report “Neuromorphic Computing Market With Covid-19 Impact by Offering, Deployment, Application (Image Recognition, Signal Recognition, Data Mining), Vertical (Aerospace, Military, & Defense, Automotive, Medical) and Geography – Global Forecast to 2026”, published by MarketsandMarkets™, the Neuromorphic Computing Market is expected to be valued at USD 22,743 thousand in 2021 and is projected to reach USD 550,593 thousand by 2026; it is anticipated to grow at a CAGR of 89.1% during the forecast period (2021–2026).
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The major factors driving the growth of the neuromorphic computing market are need for better performing ICs, increase in demand for artificial intelligence and machine learning, and increasing number of cross-industry partnerships and collaborations. However, several factors, such as lack of knowledge about neuromorphic computing and complex algorithms increasing complexity of designing hardware of neuromorphic chips are hindering the growth of neuromorphic computing market. Moreover, matching a human’s flexibility and ability to learn from unstructured stimuli data can act as a key challenge in the market during the forecast period.
Software is projected to witness the highest CAGR for the forecast period
Hardware are expected to hold a major share during the forecast period. The emergence of neuromorphic…