Portland, OR, April 02, 2020 (GLOBE NEWSWIRE) -- According to a report published by Allied Market Research, the global neural network market was valued at $7.03 billion in 2016, and is estimated to reach at $38.71 billion by 2023, growing at a CAGR of 28.0% from 2017 to 2023. The report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections, competitive landscape, and major segments.
The growth in demand for cloud-based solutions, increase in demand for spatial data & analytical tools, and rise in market prediction solutions drive the growth of the market. Furthermore, surged applications areas for deep neural networks are anticipated to create lucrative opportunities for neural network market growth. However, lack of trained professionals is expected to hamper the market growth during the forecast period.
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The global neural network market is segmented based on component, end-use industry, and region. Based on component, it is classified into software and services. The software segment dominated in 2016, with around 66% revenue share of the global market.
The end-use industry segment includes banking, financial services & insurance (BFSI), public sector, energy & utilities; retail, IT & telecom, manufacturing, aerospace & defense, healthcare, and others. The banking, financial services, and insurance (BFSI) segment dominated the global market with nearly 19% share in 2016. Whereas, the aerospace & defense segment is estimated to grow at the highest CAGR of 30.2% in between 2016-2023.
Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed for the highest revenue share in 2016, accounting for around 36% share in the neural network market. On the other hand, Asia-Pacific is projected to grow at the highest CAGR of 31.0% during the forecast period.
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Major Findings of the Market:
- The BFSI segment dominated the global neural network market in 2016, and the aerospace & defense segment is projected to grow at the highest CAGR during the forecast period from 2017 to 2023.
- The software segment is anticipated to provide lucrative growth opportunities to the key players.
- The neural network market in North America is projected to be dominant, in terms of market size. Whereas, Asia-Pacific is anticipated to witness remarkable growth rate, during the study period.
Key market players analyzed in the research include Afiniti, Ward Systems Group, Inc., Neural Technologies Limited, SwiftKey, NeuralWare, Starmind International AG, NeuroDimension, Inc., Alyuda Research, LLC., OLSOFT LLC, and GMDH LLC.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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