Portland, OR , March 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global neural network market was estimated at $14.35 billion in 2020, and is projected to reach $152.61 billion by 2030, registering a CAGR of 26.7% from 2021 to 2030.
Significant advancement in the field of artificial intelligence (AI), surge in cloud disruption in the modern industry, and availability of advanced analytical tools and prediction solutions are expected to drive the growth of the growth of the global neural networks market. On the other hand, lack of skilled professionals hinders the growth to some extent. However, rise in digitization and growing internet penetration across the globe are expected to offer lucrative opportunities in the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a sharp decline on the growth of the neural network's market during the initial phase of the pandemic in 2020 due to the prevalence of lockdowns in various countries across the globe, in order to curb the spread of the virus.
- However, the neural network industry is expected to recoup post-pandemic with the rise in demand for spatial data & analytical tools and several cloud-based & prediction solutions.
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The global neural market is analyzed across component, industry vertical and region.
By component, the software segment generated the highest share in 2020, accounting for nearly two-thirds of the global market. The service segment, however, would cite the fastest CAGR of 27.7% during the forecast period.
By industry, the BFSI segment accounted for the major share in 2020, holding nearly one-fifths of the global neural network industry. The manufacturing segment, however, would exhibit the fastest CAGR of 30.7% during the forecast period.
By region, the region across North America held the lion’s share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 28.2% during the forecast period.
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The key market players analyzed in the global neural networks market include Afiniti, Alyuda Research, LLC, GMDH Inc., Starmind, SWIFTKEY (Microsoft Corporation), Ward Systems Group, Inc., Neural Technologies Limited, NeuralWare, nDimensional, OLSOFT 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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
